Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.3
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,676,670) $ (11,801,758)
Income from discontinued operations 0 (377,207)
Loss from continuing operations (3,676,670) (12,178,965)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 307,020 257,440
Amortization of debt discount 0 176,000
Loss of disposition of asset 3,695 0
Stock based compensation 588,056 2,435,538
Non-cash interest expense 0 696,013
Amortization of operating lease right-of-use asset 19,268 0
Changes in operating assets and liabilities:    
Accounts receivable 119,298 (4,399)
Prepaid expenses and other current assets 7,615 (335,514)
Accounts payable and accrued expenses (805,038) 95,756
Lease liabilities (13,610) 0
Deferred income 51,483 (213,218)
NET CASH USED IN OPERATING ACTIVITIES - CONTINUING OPERATIONS (3,398,883) (9,071,349)
NET CASH USED IN OPERATING ACTIVITIES - DISCONTINUED OPERATIONS 0 (995,250)
NET CASH USED IN OPERATING ACTIVITIES (3,398,883) (10,066,599)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment 0 (43,108)
Capitalization of software costs (118,462) (340,608)
Proceeds from sale of fixed asset 275 0
NET CASH USED IN INVESTING ACTIVITIES - CONTINUING OPERATIONS (118,187) (383,716)
NET CASH PROVIDED BY INVESTING ACTIVITIES - DISCONTINUED OPERATIONS 0 3,875,529
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (118,187) 3,491,813
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the sale of common stock, net 1,985,001 300,000
Common stock reserved and retired in connection with excess tax benefits paid (193,190) 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 H-4 warrants 16,667 936,423
NET CASH PROVIDED BY FINANCING ACTIVITIES - CONTINUING OPERATIONS 1,808,478 7,134,762
NET CASH USED IN FINANCING ACTIVITIES - DISCONTINUED OPERATIONS 0 (36,329)
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,808,478 7,098,433
Net increase (decrease) in cash (1,708,592) 523,647
Cash, beginning of period 4,303,480 372,011
Cash, end of period 2,594,888 895,658
SUPPLEMENTAL CASH FLOW INFORMATION:    
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
Deemed dividends on warrant issuances $ 0 $ 1,335,872