XML 17 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net loss $ (2,531,955) $ (4,240,317)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation 301,651 339,272
Amortization of intangibles 2,207,840 2,787,236
Amortization of debt issuance costs 70,426 54,775
Provision for doubtful accounts 1,005,622 618,939
Stock-based compensation 593,521 1,540,817
Changes in operating assets and liabilities:    
Accounts receivable (1,895,297) 14,179,492
Prepaid expenses and other current assets 63,194 140,431
Security deposits and other assets 264,868 533,810
Accounts payable and accrued liabilities 2,253,156 (17,482,818)
Deferred revenue and other liabilities (220,098) (113,269)
Net cash provided by (used in) operating activities 2,112,928 (1,641,632)
Cash flows from investing activities:    
Purchase of property and equipment (43,371) (40,167)
Purchase of capitalized software development (159,930) (207,889)
Net cash used in investing activities (203,301) (248,056)
Cash flows from financing activities:    
Proceeds from credit facilities 74,818,231 81,939,205
Repayments of credit facilities (76,717,277) (79,991,362)
Debt issuance costs   (234,334)
Proceeds from shares issued for Employee Stock Purchase Plan 18,396 11,972
Repayments of capital lease obligations (36,001) (48,206)
Net cash provided by (used in) financing activities (1,916,651) 1,677,275
Net decrease in cash and cash equivalents (7,024) (212,413)
Cash and cash equivalents at beginning of period 1,055,281 1,328,174
Cash and cash equivalents at end of period 1,048,257 1,115,761
Supplemental cash flow information:    
Cash paid for interest 271,620 270,094
Supplemental non-cash activities:    
Sale of goodwill and intangible assets 246,585  
Investment in Earth Media Partners, LLC (246,585)  
Repayment of Regions line of credit   (9,250,000)
ABL Facility [Member]    
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Amortization of debt issuance costs $ 70,426  
Supplemental non-cash activities:    
Draw on Citizens ABL facility   9,250,000
Draw on Citizens ABL facility for repayment of capital lease obligation   212,609
Debt issuance costs financed with Citizens ABL facility   $ 235,173