v3.19.3
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net loss $ (4,318,006) $ (1,277,682)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, accretion and amortization, net 362,848 586,188
Gain on contract termination 0 (124,732)
Provision on inventory reserve 0 1,000
Stock-based compensation 120,604 133,808
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 36,252 0
Changes in operating assets and liabilities, net of effects of acquisitions    
Accounts receivable 1,097,220 (1,840,150)
Unbilled revenue (165,375) (245,892)
Inventory (763,604) (853,262)
Due from related party 9,405 585,492
Prepaid expenses and other current assets (19,586) (43,743)
Other non-current assets (216,015) 54,741
Increase (decrease) in:    
Accounts payable (665,587) (262,925)
Accrued expenses and other current liabilities (203,262) 779,945
Deferred revenue (1,142,575) 185,059
Interest payable, related party 0 (52,265)
Net cash used in operating activities (3,225,683) (2,356,680)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (73,642) (273,814)
Proceeds from sale of assets 5,000,000 3,606
Purchases of intangible assets (64,656) (203,648)
Cash acquired in asset acquisition 0 442,746
Expenses associated with asset acquisition 0 (900)
Payment of stock issuance costs (1,011) (908)
Distributions to noncontrolling interest (48,127) (68,950)
Net cash provided by (used in) investing activities 4,812,564 (101,868)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds (payments) on revolving line of credit, net 1,105,111 (1,853,899)
Payments for debt issuance costs 0 (145,011)
Proceeds from the exercise of stock options 26,418 63,305
Payment on loan due to related party 0 (850,000)
Net cash provided by (used in) financing activities (1,078,693) 922,193
Change in cash and cash equivalents 508,188 (1,536,355)
Cash and cash equivalents, beginning of the period 272,552 1,673,072
Cash and cash equivalents, end of the period 780,740 136,717
Non-cash investing and financing activities:    
Cash paid for interest 24,729 112,460
Cash paid for taxes $ 29,205 $ 44,864

Source