Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows

v3.8.0.1
Consolidated Statement of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash Flows From Operating Activities:    
Net loss $ (3,939,309) $ (2,589,923)
Adjustments to reconcile net loss to net cash used in operations    
Imputed interest 831 1,133
Amortization of intangible asset 25,000 25,000
Amortization of convertible notes payable discount, net 602,515
Amortization of prepaid expense in connection with the issuance of common stock issued for prepaid services 161,164 262,500
Preferred stock-based price protection expense 2,308,981 679,778
Change in fair value of derivative liabilities (1,237) (426,093)
Depreciation expense 259,386 266,803
Stock-based compensation 600,000 190,000
Changes in operating assets and liabilities:    
Accounts receivable (197,737) 19,960
Inventory 2,372 (83,749)
Prepaid expenses (72,454) 47,981
Unbilled revenue (35,171) 11,419
Other current assets (18,372) 13,504
Accounts payable and accrued expenses 365,475 (50,827)
Provision for income taxes 12,461
Deferred revenue 213,365 (14,037)
Net Cash Used In Operating Activities (315,245) (1,044,036)
Cash Flows From Investing Activities:    
Purchase of property and equipment (33,193) (26,448)
Net Cash Used In Investing Activities (33,193) (26,448)
Cash Flows From Financing Activities:    
Proceeds from issuance of preferred stock 500,000 350,000
Repayments of convertible debt (100,834)
Repayments (to) from related party, net (60,455) (6,598)
Net Cash Provided by Financing Activities 439,545 242,568
Effect of exchange rate on cash 27,486 (20,678)
Net decrease in Cash 118,593 (848,596)
Cash at Beginning of Year 114,733 963,329
Cash at End of Year 233,326 114,733
Supplemental disclosure of cash flow information:    
Cash paid for interest
Cash paid for taxes 6,413 3,898
Non Cash Financing and Investing Activity    
Issuance of preferred stock for price protection expense 2,308,981
Issuance of common stock for prepaid services 100,000
Issuance of common and preferred stock for accounts payable 46,694 22,500
Issuance of preferred stock for conversion of debt $ 650,670