XML 20 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (4,133,912) $ (5,466,607)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Deferred income tax benefit (17,937) (12,305)
Depreciation expense 438,450 488,584
Provision for doubtful accounts 253,401 18,072
Amortization of intangibles 1,124,967 1,077,824
Amortization of deferred financing costs 0 10,304
Share-based compensation expense 310,989 299,337
Loss on disposal of equipment 0 1,259
Changes in assets and liabilities:    
Accounts receivable and unbilled receivables 4,380,778 (2,950,167)
Inventories (95,118) 8,494
Prepaid expenses and other current assets 27,110 (13,214)
Other assets 8,020 89,255
Accounts payable and accrued expenses 1,307,585 2,154,529
Income tax (payable) receivable (75,539) 49,080
Deferred revenue and other liabilities (817,154) 1,344,744
Net cash provided by (used in) operating activities 2,711,640 (2,900,811)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (274,659) (413,619)
Software development costs (332,894) (186,354)
Proceeds from the sale of property and equipment 1,107 0
Net cash used in investing activities (606,446) (599,973)
CASH FLOWS FROM FINANCING ACTIVITIES    
Advances on bank line of credit 18,254,362 21,995,057
Repayments of bank line of credit advances (18,254,362) (21,995,057)
Principal repayments of long term debt (818,414) (2,186,354)
Principal repayments under capital lease obligations (30,990) (68,088)
Restricted stock award tax liability payment (32,331) 0
Proceeds from exercise of stock options 0 701,705
Net cash used in financing activities (881,735) (1,552,737)
Net effect of exchange rate on cash and equivalents (30,264) (170,875)
NET INCREASE (DECREASE) IN CASH 1,193,195 (5,224,396)
CASH, beginning of period 7,930,303 13,154,699
CASH, end of period 9,123,498 7,930,303
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest 67,437 157,472
Cash received from income tax refunds 20,529 110,649
NONCASH INVESTING AND FINANCING ACTIVITIES    
Insurance policies financed by short term notes payable $ 177,260 $ 0