v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities:    
Net loss $ (4,184,524) $ (4,417,386)
Adjustments to reconcile net loss to net cash used in operating activities:    
Contract Cancellation (1,260,978) 0
Depreciation and amortization 1,650,785 1,548,678
Depreciation-Right of Use Assets 215,847 291,676
Amortization of financing fees 11,092 27,247
Amortization of debt discount 18,286 0
Amortization of original issue discount on convertible promissory notes 13,167 0
Stock based compensation 402,185 146,693
Mark to market fair value of derivative 102,664 0
Loss on extinguishment of convertible debt 65,700 0
Provision of doubtful accounts 44,000 36,273
Change in operating assets and liabilities:    
Accounts receivable 4,229,088 1,623,632
Prepaid expenses, unbilled revenue and other current assets (5,402) 41,074
Accrued expenses and other liabilities (1,053,047) 170,713
Accounts payable (2,584,892) (178,446)
Net cash used in operating activities (2,336,029) (709,846)
Investing activities:    
Purchases of equipment and capitalized development costs (557,818) (581,839)
Net cash used in investing activities (557,818) (581,839)
Financing activities:    
Proceeds from sale of common stock, net 6,500,695 0
Prepaid financing fees 0 (24,529)
Proceeds from ValidClick licensing agreement 500,000 0
Proceeds from convertible promissory notes 0 1,200,000
Net payments on line of credit (1,222,921) 0
Net proceeds from financed receivables 0 996,575
Payments on finance lease obligations (313,418) (104,805)
Proceeds from PPP and SBA loans 1,258,900 0
Net taxes paid on restricted stock unit grants exercised (21,184) (9,045)
Net cash provided by financing activities 6,702,072 2,058,196
Net change – cash 3,808,225 766,511
Cash, beginning of year 372,989 228,956
Cash, end of period 4,181,214 995,467
Supplemental information:    
Interest paid 178,938 230,900
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 923,810 0
Assets purchased under finance lease obligations $ 495,071 $ 0

Source

PDF HTML
10-Q Filing
ZIP XLS HTML
XBRL