Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net loss $ (2,825,236) $ (2,462,393)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss on extinguishment of convertible debt 68,757 0
Depreciation and amortization 835,748 823,765
Depreciation-Right of Use Assets 105,678 0
Stock based compensation 208,897 96,871
Mark to market fair value of derivative 71,550 333,333
Amortization of financing fees 10,198 21,182
Amortization of debt discount 14,982 0
Amortization of OID interest expense 10,787 0
Change in operating assets and liabilities:    
Accounts receivable 1,737,568 557,332
Prepaid expenses, unbilled revenue and other current assets (120,360) (19,454)
Accrued expenses and other liabilities 108,172 592,293
Accounts payable 594,759 (990,764)
Net cash provided by/(used in) operating activities 821,500 (1,047,835)
Investing activities:    
Purchases of equipment and capitalized development costs (310,853) (310,221)
Net cash used in investing activities (310,853) (310,221)
Financing activities:    
Proceeds from sale of common stock, net 1,206,788 0
Proceeds from ValidClick licensing agreement 500,000 0
Proceeds from convertible promissory notes 0 1,200,000
Net proceeds from line of credit (1,878,217) 0
Net proceeds from financed receivables 0 231,512
Payments on finance lease obligations (220,216) (54,015)
Net taxes paid on RSU grants exercised (21,184) 0
Net cash (used in)/provided by financing activities (412,829) 1,377,497
Net change – cash 97,818 19,441
Cash, beginning of year   228,956
Cash, end of period 470,807 248,397
Supplemental information:    
Interest paid 126,236 117,609
Non cash investing and financing activities:    
Adoption of ASC 842 0 1,437,526
Conversion of Debt and derecognition of derivative and discounts to common stock 468,667 0
Assets purchased under finance lease obligations $ 364,545 $ 0