Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows

v3.19.1
Consolidated Statement of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash Flows From Operating Activities:    
Net loss $ (1,194,706) $ (3,939,309)
Adjustments to reconcile net loss to net cash used in operations    
Imputed interest 110 831
Amortization of intangible asset 25,000 25,000
Amortization of prepaid expense in connection with the issuance of common stock issued for prepaid services 161,164
Preferred stock-based price protection expense 2,308,981
Change in fair value of derivative liabilities (1,237)
Depreciation expense 263,864 259,386
Stock-based compensation 219,518 600,000
Changes in operating assets and liabilities:    
Accounts receivable 123,970 (197,737)
Inventory 63,872 2,372
Prepaid expenses 80,528 (72,454)
Unbilled revenue 2,435 (35,171)
Other current assets 4,500 (18,372)
Accounts payable and accrued expenses 18,777 365,475
Provision for income taxes (1,765) 12,461
Deferred revenue (196,288) 213,365
Net Cash Used In Operating Activities (590,185) (315,245)
Cash Flows From Investing Activities:    
Purchase of property and equipment (30,331) (33,193)
Net Cash Used In Investing Activities (30,331) (33,193)
Cash Flows From Financing Activities:    
Proceeds from issuance of preferred stock 500,000 500,000
Proceeds from (repayments to) related party, net 32,029 (60,455)
Net Cash Provided by Financing Activities 532,030 439,545
Effect of Exchange Rate on Cash (1,951) 27,486
Net (Decrease) Increase in Cash (90,438) 118,593
Cash at Beginning of Year 233,326 114,733
Cash at End of Year 142,888 233,326
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest
Cash paid for taxes 5,099 6,413
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