Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Statement of Cash Flows [Abstract]    
Net loss $ (4,488,107) $ (5,890,832)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on merger termination (3,766,667) 0
Loss on extinguishment of convertible debt 193,179 0
Deferred income taxes (334,394) 0
Depreciation and amortization 3,245,192 3,181,619
Amortization of Right of Use Assets 177,193  
Mark to market fair value of derivative (78,913) 0
Stock based compensation 789,914 915,469
Amortization of financing fees 59,245 40,382
Deferred income taxes 0 7,931
(Recovery)/Provision for doubtful accounts 161,273 (20,062)
Amortization of OID interest expense 119,167 0
Amortization of debt discount 168,105 0
Change in operating assets and liabilities:    
Accounts receivable and unbilled revenue (973,522) 4,058,591
Prepaid expenses and other assets 20,893 139,031
Accounts payable (1,978,974) (4,114,512)
Accrued expenses and other liabilities 1,348,033 (417,784)
Net cash used in operating activities (5,338,383) (2,100,167)
Investing activities:    
Purchases of equipment and capitalized development costs (1,194,164) (1,634,919)
Net cash used in investing activities (1,194,164) (1,634,919)
Financing activities:    
Proceeds from sale of common stock, net of expenses 4,414,123 2,000,583
Proceeds from financed receivables 1,521,511 1,859,853
Proceeds from convertible promissory note 1,200,000 1,000,000
(Payments)/Proceeds on note payable (250,000)  
(Payments)/Proceeds on note payable   250,000
Net proceeds on revolving line of credit 0 (4,900,000)
Payments on finance/capital leases (198,960)  
Payments on finance/capital leases   (211,671)
Net taxes paid on RSU grants exercised (45,565) (77,044)
Payments of Loan Costs (24,529) (42,365)
Shareholder settlement 125,000 0
Debt issuance cost (65,000) 0
Net cash provided by (used in) financing activities 6,676,580 (120,644)
Net change – cash 144,033 (3,855,730)
Cash, beginning of year 228,956 4,084,686
Cash, end of year 372,989 228,956
Supplemental information:    
Interest paid 421,860 388,757
Debt conversion and related activities 837,170 0
Adoption of ASC 842-old capital leases 263,580  
Adoption of ASC 842 1,173,946  
ReTargeter assets 2,575,000 0
Debt conversion amount 765,000 0
Derecognition of derivative in exchange for common stock $ 72,170 $ 0