Cash Flow

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Loss from continuing operations $ (3,665,323) $ (14,838,301)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities-continuing operations:    
Depreciation and amortization 1,339,022 1,536,868
Deferred tax (374,730) (968,140)
Goodwill impairment charge 9,920,305
Stock-based compensation expense 465,810 585,262
Provision for bad debt 3,355 28,544
Write-off of security deposit 149,292
Write-off of property and equipment 51,804
Accounts receivable 480,018 140,492
Prepaid expenses and other current assets (221,623) 254,046
Incremental direct costs 110,945 90,243
Accounts payable 106,011 (784,608)
Accrued expenses (406,731) 266,064
Deferred revenue (1,195,745) (635,980)
Deferred rent (15,922) (2,888)
Customer deposits 182,883
Other liabilities (52,321) (28,416)
Net cash used in operating activities - continuing operations (3,226,139) (4,253,626)
Net cash used in operating activities – discontinued operations (82,418) (97,106)
Net cash used in operating activities (3,308,557) (4,350,732)
Cash flows from investing activities:    
Costs incurred to develop technology (57,814) (70,282)
Purchases of property and equipment (3,567) (53,497)
Security deposit (27) (6,699)
Net cash (used in) provided by investing activities - continuing operations (61,408) (130,478)
Net cash provided by investing activities - discontinued operations 200,000
Net cash provided by (used in) investing activities 138,592 (130,478)
Cash flows from financing activities:    
Proceeds from the sale of common stock 2,921,868 3,000,000
Payment of offering costs (144,000)
Merchant reserve 646,078
Net cash provided by financing activities 2,921,868 3,502,078
Effect of exchange rate fluctuations on cash and cash equivalents (11,159) 4,956
Net decrease in cash and cash equivalents (259,256) (974,176)
Cash and cash equivalents, beginning of period 2,926,088 5,855,471
Cash and cash equivalents, end of period 2,666,832 4,881,295
Supplemental disclosures of other cash flow information:    
Cash paid for income taxes $ 67,954 $ 1,487

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