Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.2
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,926,661) $ (8,472,985)
Income from discontinued operations 0 (460,943)
Loss from continuing operations (2,926,661) (8,933,928)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 210,048 163,409
Amortization of debt discount 0 176,000
Loss of disposition of asset 3,641 0
Stock based compensation 638,119 1,647,802
Non-cash interest expense 0 696,013
Amortization of operating lease right-of-use asset 16,421 0
Changes in operating assets and liabilities:    
Accounts receivable (99,520) (102,789)
Prepaid expenses and other current assets (47,886) (503,690)
Accounts payable and accrued expenses (411,156) (79,850)
Lease liabilities (12,650) 0
Deferred income 50,544 (13,908)
NET CASH USED IN OPERATING ACTIVITIES - CONTINUING OPERATIONS (2,579,100) (6,950,941)
NET CASH USED IN OPERATING ACTIVITIES - DISCONTINUED OPERATIONS 0 (1,131,108)
NET CASH USED IN OPERATING ACTIVITIES (2,579,100) (8,082,049)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment 0 (43,108)
Capitalization of software costs (94,489) (208,143)
Proceeds from sale of fixed asset 275 0
NET CASH USED IN INVESTING ACTIVITIES - CONTINUING OPERATIONS (94,214) (251,251)
NET CASH PROVIDED BY INVESTING ACTIVITIES - DISCONTINUED OPERATIONS 0 3,997,483
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (94,214) 3,746,232
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the sale of common stock 1,985,001 300,000
Common stock reserved and retired in connection with excess tax benefits paid (183,333) 0
Proceeds from the sale of Series H-4 preferred stock 0 6,000,000
Financing costs from the sale of Series H-4 preferred stock and warrants 0 (101,661)
Proceeds from issuance of common stock in connection with exercise of K warrants 16,667 0
NET CASH PROVIDED BY FINANCING ACTIVITIES - CONTINUING OPERATIONS 1,818,335 6,198,339
NET CASH USED IN FINANCING ACTIVITIES - DISCONTINUED OPERATIONS 0 (22,424)
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,818,335 6,175,915
Net increase (decrease) in cash (854,979) 1,840,098
Cash, beginning of period 4,303,480 372,011
Cash, end of period 3,448,501 2,212,109
SUPPLEMENTAL CASH FLOW INFORMATION:    
Stock based compensation included in accounts payable and accrued expenses 106,137 0
Issuance of common stock for accrued stock based compensation 4,724 0
Assets acquired under operating leases 23,040 0
NON-CASH FINANCING ACTIVITIES:    
Stock issued to WPCS Shareholder in the merger, net of cash received of 4,947,023 0 4,845,200
Series H-4 offering cost paid in H-4 shares and warrants 0 568,648
Stock issued for convertible note payable 0 3,682,502
Stock issued for accrued interest on convertible note payable $ 0 $ 159,584