v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net loss $ (3,753,618) $ (702,025)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, accretion and amortization, net 267,232 386,250
Gain on contract termination 0 (124,732)
Provision on inventory reserve 0 1,000
Stock-based compensation 77,933 78,478
Goodwill impairment 3,693,198 0
(Gain) loss on sale of assets (1,081,049) 0
(Gain) loss on sale of assets   13,343
Provision for losses on accounts receivable 29,849 4,395
Non-cash interest expense 12,087 0
Changes in operating assets and liabilities, net of effects of acquisitions    
Accounts receivable 2,517,901 (1,732,029)
Unbilled revenue (936,106) (345,324)
Inventory (695,835) (403,785)
Due from related party 9,405 585,492
Prepaid expenses and other current assets (15,282) (83,840)
Other non-current assets 59,683 74,424
Increase (decrease) in:    
Accounts payable (918,484) (1,017,610)
Accrued expenses and other current liabilities (380,351) 529,325
Deferred revenue (966,776) 247,669
Interest payable, related party 0 (52,265)
Net cash used in operating activities (2,080,213) (2,541,234)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (52,444) (149,453)
Proceeds from sale of assets 5,000,000 3,606
Purchases of intangible assets (22,738) (149,264)
Cash acquired in asset acquisition 0 442,786
Expenses associated with asset acquisition 0 (900)
Payment of stock issuance costs (1,011) 0
Distributions to noncontrolling interest (27,413) (34,300)
Net cash provided by investing activities 4,896,394 112,475
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on revolving line of credit, net 2,021,519 (2,702,828)
Payments for debt issuance costs 0 (145,011)
Proceeds from the exercise of stock options 20,756 63,305
Payment on loan due to related party 0 (850,000)
Net cash provided by (used in) financing activities (2,000,763) 1,771,122
Change in cash and cash equivalents 815,418 (657,637)
Cash and cash equivalents, beginning of the period 272,552 1,673,072
Cash and cash equivalents, end of the period 1,087,970 1,015,435
Non-cash investing and financing activities:    
Cash paid for interest 23,551 79,079
Cash paid for taxes $ 28,524 $ 38,864

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