v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities:    
Net loss $ (4,417,386) $ (2,240,721)
Adjustments to reconcile net loss to net cash used in operating activities:    
Settlement of tax liability 0 0
Depreciation and amortization 1,548,678 1,577,060
Depreciation-ROU assets 291,676  
Stock based compensation 146,693 667,797
Provision (recovery) of doubtful accounts 36,273 (10,062)
Amortization of financing fees 27,247 12,800
Change in operating assets and liabilities:    
Accounts receivable 1,623,632 3,180,181
Accrued expenses and other liabilities 170,713 72,605
Prepaid expenses and other current assets 41,074 8,216
Accounts payable 25,483 (3,422,114)
Payments made on operating leases (203,929)  
Net cash used in operating activities (709,846) (154,238)
Investing activities:    
Purchases of equipment and capitalized development costs (581,839) (941,636)
Net cash used in investing activities (581,839) (941,636)
Financing activities:    
Proceeds from sale of common stock 0 2,134,162
Net (payments) proceeds on revolving credit line 0 (900,000)
Proceeds from convertible promissory notes 1,200,000 0
Net proceeds from financed receivables 996,575 0
Payments on capital leases   (105,586)
Payments on financing leases (104,805)  
Prepaid financing fees (24,529) 0
Net taxes paid on RSU grants exercised (9,045) 0
Net cash provided by financing activities 2,058,196 1,128,576
Net change – cash 766,511 32,702
Cash, beginning of year 228,956 4,084,686
Cash, end of period 995,467 4,117,388
Supplemental information:    
Interest paid 230,900 183,894
Non cash investing and financing activities:    
Adoption of ASC 842 $ 1,437,526 $ 0

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