v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating activities:    
Net loss $ (3,682,371) $ (4,061,596)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,371,958 2,239,498
Stock based compensation 827,595 923,072
Amortization of financing fees 19,200 19,200
(Recovery) Provision of doubtful accounts (40,062) 138,789
Adjustment of European liabilities related to discontinued operations 0 1,109
Change in operating assets and liabilities:    
Accounts receivable 5,183,579 (237,078)
Prepaid expenses and other liabilities 74,634 81,485
Accounts payable (4,592,798) (1,099,692)
Accrued expenses and other liabilities (445,857) (967,553)
Net cash used in operating activities (284,122) (2,962,766)
Investing activities:    
Purchases of equipment and capitalized development costs (1,300,179) (1,062,811)
Net cash received from 2017 asset acquisition 0 235,763
Net cash used in investing activities (1,300,179) (827,048)
Financing activities:    
Net proceeds from sale of common stock 2,000,583 0
Net (payments) proceeds on revolving credit line (75,000) 5,000,000
Net taxes paid on RSU grants exercised (77,044) (97,376)
Payments on capital leases (158,650) (97,300)
Treasury stock repurchase 0 (44,772)
Payoff of 2017 asset acquisition debt acquired 0 (2,015,577)
Net cash provided by financing activities 1,689,889 2,744,975
Net change – cash 105,588 (1,044,839)
Cash, beginning of year 4,084,686 3,946,804
Cash, end of period 4,190,274 2,901,965
Supplemental information:    
Interest paid 287,374 180,796
Non cash investing and financing activities:    
2017 asset acquisition stock issuance (See Note 13) 0 4,459,244
Purchase of property and equipment under capital lease 0 523,518
Write-down of domain names and corresponding contingent liability $ 0 $ 222,477

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