XML 15 R5.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities:    
Net (loss) $ (2,348,500) $ (2,086,244)
Adjustments to reconcile net (loss) to net cash (used) by operating activities:    
Depreciation 483,542 415,939
Amortization 500,000 500,001
Provision for loss on note receivable 0 72,500
Non-cash stock based compensation 639,511 672,855
Issuance of stock to consultant for services 0 7,911
Amortization of warrant costs 17,970 0
Changes in current assets and current liabilities:    
Accounts receivable (354,550) 30,280
Prepaid expenses and other (99,853) (65,661)
Operating lease right-of-use assets (2,614,006)  
Other assets (6,023) (144,722)
Accounts payable and accrued expenses 136,772 (167,581)
Operating lease liabilities 2,766,034  
Merchant reserves (1,570,912) (195,163)
Deferred revenue 130,000 50,000
Deferred rent (79,748) 0
Net cash (used) by operating activities (2,399,763) (882,469)
Investing activities:    
Purchases of property and equipment (333,205) (431,815)
Net cash (used) by investing activities (333,205) (431,815)
Financing activities:    
Proceeds from public offering, net of expenses 1,793,905 0
Purchases of treasury stock (50,515) (959,076)
Net cash provided (used) by financing activities 1,743,390 (959,076)
Change in cash, cash equivalents and merchant reserves (989,578) (2,273,360)
Cash, cash equivalents and merchant reserves, beginning of period 15,340,980 19,778,022
Cash, cash equivalents and merchant reserves, end of period 14,351,402 17,504,662
Supplemental disclosure of cash flow information:    
Interest 0 0
Income taxes $ 72,081 $ 49,000