v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating activities:    
Net loss $ (2,462,393) $ (1,408,024)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 823,765 791,644
Derivative liability 333,333 0
Stock based compensation 96,871 377,847
Amortization of financing fees 21,182 6,400
Change in operating assets and liabilities:    
Accrued expenses and other liabilities 592,293 (38,910)
Accounts receivable 557,332 3,300,989
Accounts payable (990,764) (2,498,865)
Prepaid expenses and other current assets (19,454) 98,015
Net cash (used in) provided by operating activities (1,047,835) 629,096
Investing activities:    
Purchases of equipment and capitalized development costs (310,221) (514,065)
Net cash used in investing activities (310,221) (514,065)
Financing activities:    
Proceeds from convertible promissory notes 1,200,000 0
Net proceeds from financed receivables 231,512 0
Payments on capital leases   (53,839)
Payments on capital leases (54,015)  
Net cash provided by (used in) financing activities 1,377,497 (53,839)
Net change – cash 19,441 61,192
Cash, beginning of year 228,956 4,084,686
Cash, end of period 248,397 4,145,878
Supplemental information:    
Interest paid 117,609 94,428
Non cash investing and financing activities:    
Adoption of ASC 842 $ 1,437,526 $ 0

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