Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (269,078) $ (3,360,273)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Change in fair value of derivative liabilities (1,237)
Depreciation expense 134,213 137,658
Amortization of intangible asset 12,500 12,500
Preferred stock-based price protection expense 2,308,981
Stock based compensation 600,000
Amortization of prepaid expense in connection with the issuance of common stock issued for prepaid services 80,582
Imputed interest 110 436
Change in operating assets and liabilities:    
Accounts receivable 43,414 (115,846)
Inventory (103,240) (92,303)
Unbilled revenue 8,411 (33,989)
Prepaid expense 61,607 10,000
Other current assets (20,382) (55,256)
Accounts payable and accrued liabilities 84,602 389,017
Deferred revenue (200,087) 19,099
Net cash used in operating activities (247,930) (100,631)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (21,805) (16,964)
Net cash used in investing activities (21,805) (16,964)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments of note payable, related party, net (1,478) (7,019)
Proceeds from sale of preferred stock 500,000 500,000
Net cash provided by financing activities 498,522 492,981
Effect of exchange rate on cash (9,988) 11,570
Net increase in cash 218,719 386,956
Cash beginning of period 233,326 114,733
Cash end of period 452,125 501,689
Cash paid during the period for    
Interest
Income tax
NON CASH FINANCE AND INVESTING ACTIVITY    
Preferred stock issued for accounts payable $ 46,694