Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Loss from continuing operations $ (2,792,129) $ (13,167,081)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities- continuing operations:    
Depreciation and amortization 703,717 2,599,994
Deferred tax benefit (177,501) (1,182,991)
Amortization of right-of-use asset 151,520
Accretion of lease liability 10,765
Impairment charge 8,047,090
Stock-based compensation expense 224,706 799,741
(Recovery) provision for bad debt (102) 54,397
Write-off of security deposit 170,732
Write off of accounts payable (375,997)
Write-off of property and equipment 1,385 51,804
Payment of lease obligations (164,194)
Changes in operating assets and liabilities, net of effects of discontinued operations:    
Accounts receivable 96,050 (175,842)
Prepaid expenses and other current assets 54,170 76,005
Incremental direct costs (12,461) 124,495
Accounts payable (431,899) 693,321
Accrued expenses (14,196) (205,844)
Deferred revenue (563,570) (1,392,292)
Deferred rent (42,341)
Other liabilities (52,321)
Net cash used in operating activities- continuing operations (3,289,736) (3,601,133)
Net cash used in operating activities - discontinued operations (3,183,594) (104,271)
Net cash used in operating activities (6,473,330) (3,705,404)
Cash flows from investing activities:    
Costs incurred to develop technology (2,499) (119,924)
Purchases of property and equipment (550) (568)
Net cash used in investing activities- continuing operations (3,049) (120,492)
Net cash provided by investing activities - discontinued operations 57,846 192,631
Net cash provided by investing activities 54,797 72,139
Cash flows from financing activities:    
Proceeds from the sales of common stock 6,614,928 2,921,867
Proceeds from short-term loan - related party 400,000 500,000
Repayment of short-term loan - related party (400,000)
Proceeds from line of credit - related party 292,882
Repayment of line of credit - related party (292,882)
Net cash provided by financing activities - continuing operations 6,614,928 3,421,867
Net cash provided by financing activities - discontinued operations 288,632
Net cash provided by financing activities 6,903,560 3,421,867
Effect of exchange rate fluctuations on cash and cash equivalents 42,918 49,093
Net increase (decrease) in cash and cash equivalents 527,945 (162,305)
Cash and cash equivalents, beginning of period 105,670 267,975
Cash and cash equivalents, end of period 633,615 105,670
Supplemental disclosures of other cash flow information:    
Cash paid for income taxes 8,594 67,954
Cash paid for interest $ 18,819