v3.19.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities:    
Net loss $ (3,629,486) $ (3,682,371)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on merger termination (3,766,667) 0
Depreciation and amortization 2,298,964 2,371,958
Depreciation-Right of Use Assets 131,104  
Stock based compensation 594,630 827,595
Derivative liability 460,800 0
Provision (recovery) of doubtful accounts 61,273 (40,062)
Amortization of financing fees 43,402 19,200
Amortization of OID interest expense 93,333 0
Change in operating assets and liabilities:    
Accounts receivable 572,297 5,183,579
Prepaid expenses and other current assets 11,374 74,634
Accrued expenses and other liabilities 1,450,574 (445,857)
Accounts payable (2,964,105) (4,592,798)
Net cash used in operating activities (4,642,507) (284,122)
Investing activities:    
Purchases of equipment and capitalized development costs (893,104) (1,300,179)
Net cash used in investing activities (893,104) (1,300,179)
Financing activities:    
Proceeds from sale of common stock 4,414,126 2,000,583
Net (payments) proceeds on revolving credit line 0 (75,000)
Proceeds from convertible promissory notes 1,200,000 0
Net proceeds from financed receivables 568,097 0
Shareholder Settlement 125,000 0
Payments on capital leases   (158,650)
Payments on financing leases (151,409)  
Prepaid financing fees (24,529) 0
Debt issuance cost (65,000) 0
Net taxes paid on RSU grants exercised (45,567) (77,044)
Net cash provided by financing activities 6,020,718 1,689,889
Net change – cash 485,107 105,588
Cash, beginning of year 228,956 4,084,686
Cash, end of period 714,063 4,190,274
Supplemental information:    
Interest paid 306,073 287,374
Non cash investing and financing activities:    
Adoption of ASC 842 1,437,526 0
ReTargeter Intangible Assets $ 2,575,000 $ 0

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