v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net loss $ (2,059,795) $ (4,318,006)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation, accretion and amortization, net 293,941 362,848
Stock-based compensation 132,312 120,604
Goodwill impairment 0 3,693,198
Gain on sale of assets 0 (1,081,049)
Provision for losses on accounts receivable   29,849
Unrealized loss on investment securities 98,403 19,680
Abandonment of intangible assets 179,944 0
Non-cash interest expense 51,190 36,252
Changes in operating assets and liabilities, net of effects of acquisitions    
Accounts receivable 5,683,941 1,097,220
Unbilled revenue 51,389 (763,604)
Inventory (737,570) (165,375)
Due from related party 0 9,405
Prepaid expenses and other current assets 117,109 (19,586)
Other non-current assets 692,484 (235,695)
Increase (decrease) in:    
Accounts payable (1,455,881) (665,587)
Accrued expenses and other current liabilities 145,848 (203,262)
Deferred revenue (1,619,696) (1,142,575)
Net cash provided by (used in) operating activities 1,573,619 (3,225,683)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (59,952) (73,642)
Proceeds from sale of assets 0 5,000,000
Purchases of intangible assets (123,252) (64,656)
Unrealized loss on investment securities 0 0
Payment of stock issuance costs (1,951) (1,011)
Distributions to noncontrolling interest (41,740) (48,127)
Net cash provided by (used in) investing activities (226,895) 4,812,564
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on revolving line of credit, net 2,452,329 1,105,111
Proceeds from note payable 1,874,200  
Proceeds from the exercise of stock options 1,200 26,418
Net cash used in financing activities (576,929) (1,078,693)
Change in cash and cash equivalents 769,795 508,188
Cash and cash equivalents, beginning of the period 877,676 272,552
Cash and cash equivalents, end of the period 1,647,471 780,740
Non-cash investing and financing activities:    
Cash paid for interest 62,007 24,729
Cash paid for taxes $ 27,791 $ 29,205

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