v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities:    
Net loss $ (1,408,024) $ (1,693,054)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 791,644 693,175
Stock based compensation 377,847 292,334
Amortization of financing fees 6,400 6,400
Adjustment of European liabilities related to discontinued operations 0 1,109
Change in operating assets and liabilities:    
Accounts receivable 3,300,989 2,740,326
Prepaid expenses and other assets 98,015 109,577
Accounts payable (2,498,865) (2,844,928)
Accrued expenses and other liabilities (38,910) (989,738)
Net cash provided by (used in) operating activities 629,096 (1,684,799)
Investing activities:    
Net cash received from 2017 asset acquisition 0 235,763
Purchases of equipment and capitalized development costs (514,065) (151,424)
Net cash (used in) provided by investing activities (514,065) 84,339
Financing activities:    
Net proceeds on revolving credit line 0 3,600,000
Payoff of 2017 asset acquisition debt acquired 0 (2,015,577)
Payments on capital leases (53,839) (7,250)
Net cash (used in) provided by financing activities (53,839) 1,577,173
Net change – cash 61,192 (23,287)
Cash, beginning of year 4,084,686 3,946,804
Cash, end of period 4,145,878 3,923,517
Supplemental information:    
Interest paid 94,428 25,317
Non cash investing and financing activities:    
2017 asset acquisition stock issuance (See Note 13) 0 4,459,244
Write-down of domain names and corresponding contingent liability $ 0 $ 222,477

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