v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Operating activities:    
Net loss $ (5,890,832) $ (3,057,700)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 3,181,619 3,029,801
Stock based compensation 915,469 1,279,807
Amortization of financing fees 40,382 25,600
Deferred income taxes 7,931 (1,406,600)
(Recovery)/Provision for doubtful accounts (20,062) 60,789
Write-off of publisher payable 0 315,137
Adjustment of European liabilities related to discontinued operations 0 1,109
Change in operating assets and liabilities:    
Accounts receivable and unbilled revenue 4,058,591 (1,216,611)
Prepaid expenses and other assets 139,031 52,687
Accounts payable (4,114,512) 437,241
Accrued expenses and other liabilities (417,784) (669,541)
Net cash used in operating activities (2,100,167) (1,148,281)
Investing activities:    
Purchases of equipment and capitalized development costs (1,634,919) (1,558,693)
Net cash received from NetSeer asset acquisition 0 235,763
Net cash used in investing activities (1,634,919) (1,322,930)
Financing activities:    
Net proceeds from sale of common stock 2,000,583 0
Proceeds from financed receivables 1,859,853 0
Proceeds from convertible promissory note 1,000,000 0
Proceeds from note payable 250,000 0
Net proceeds on revolving line of credit (4,900,000) 4,900,000
Payments on capital leases (211,671) (158,782)
Net taxes paid on RSU grants exercised (77,044) (97,376)
Prepaid financing fees (42,365) 25,600
Payoff of NetSeer debt acquired 0 (2,015,577)
Treasury Stock Repurchase 0 (44,772)
Net cash (used in) provided by financing activities (120,644) 2,609,093
Net change – cash (3,855,730) 137,882
Cash, beginning of year 4,084,686 3,946,804
Cash, end of year 228,956 4,084,686
Supplemental information:    
Interest paid 388,757 268,960
Non-cash investing and financing activities:    
NetSeer asset acquisition (See Note 17) 0 4,459,244
Purchase of property and equipment under capital lease 0 530,407
Write-down of domain names due to settlement of contingent liability $ 0 $ 369,506

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