Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net loss $ (3,405,823) $ 37,140
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, accretion and amortization, net 168,244 199,181
Provision on inventory reserve 0 1,000
Stock-based compensation 38,035 40,416
Goodwill impairment 3,693,198 0
(Gain) loss on sale of assets (1,081,049) 4,120
Provision for losses on accounts receivable 0 4,600
Non-cash interest expense 12,499 0
Changes in operating assets and liabilities, net of effects of acquisitions    
Accounts receivable 2,499,798 (1,496,737)
Unbilled revenue (297,133) (549,647)
Inventory, net (372,705) 33,782
Due from related party 9,405 0
Prepaid expenses and other current assets 6,317 (99,153)
Other non-current assets 78,999 19,681
Increase (decrease) in:    
Accounts payable (1,239,241) 855,949
Accrued expenses and other current liabilities 4,154 288,913
Deferred revenue (725,902) (64,122)
Interest payable, related party 0 12,575
Net cash used in operating activities (611,204) (712,302)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (24,788) (145,326)
Proceeds from sale of assets 5,000,000 3,606
Purchases of intangible assets (15,780) (83,856)
Cash acquired in asset acquisition 0 442,786
Payment of stock issuance costs (611) (553)
Distributions to noncontrolling interest 0 (23,338)
Net cash provided by investing activities 4,958,821 193,319
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on revolving line of credit, net (2,021,934) 0
Proceeds from the exercise of stock options 12,000 48,245
Net cash provided by (used in) financing activities (2,009,934) 48,245
Change in cash and cash equivalents 2,337,683 (470,738)
Cash and cash equivalents, beginning of the period 272,552 1,673,072
Cash and cash equivalents, end of the period 2,610,235 1,202,334
Non-cash investing and financing activities:    
Cash paid for interest 18,381 0
Cash paid for taxes $ 12,324 $ 0