Cash Flow

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ (2,034,413) $ (3,101,581)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 701,350 835,830
Deferred tax (284,086) (654,755)
Stock-based compensation expense 118,398 515,511
Provision for bad debt 14,459 145,891
Write off of property and equipment 51,804
Changes in operating assets and liabilities:    
Accounts receivable 602,537 (637,117)
Prepaid expenses and other current assets (86,061) 290,097
Incremental direct costs 77,493 4,228
Accounts payable (34,977) (981,376)
Accrued expenses (296,359) 297,457
Deferred revenue (617,548) (54,282)
Deferred rent (7,961) (1,443)
Other liabilities (26,161) (14,208)
Net cash used in operating activities (1,821,525) (3,355,748)
Cash flows from investing activities:    
Costs incurred to develop technology (28,031) (10,692)
Purchases of property and equipment (41,563)
Security deposit (46) 45,379
Net cash used in investing activities (28,077) (6,876)
Cash flows from financing activities:    
Proceeds from the sale of common stock 1,486,954 3,000,000
Payment of offering costs (144,000)
Net cash provided by financing activities 1,486,954 2,856,000
Effect of exchange rate fluctuations on cash and cash equivalents 86,906 (112)
Net decrease in cash and cash equivalents (275,742) (506,736)
Cash and cash equivalents, beginning of period 3,013,927 6,068,973
Cash and cash equivalents, end of period 2,738,185 5,562,237
Supplemental disclosures of other cash flow information:    
Cash paid for income taxes 65,689 300
Cash paid for interest

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