XML 18 R6.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 income (loss) $ 4,951,010 $ (8,244,302)
Deduct: Income from discontinued operations, net of income taxes 10,666,985 1,377,632
Net loss from continuing operations (5,715,975) (9,621,934)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,519,257 1,598,032
Impairment of intangibles 1,459,541 1,310,386
Excess tax benefits from share-based payments (1,247)
Non-cash stock compensation 705,649 842,863
Deferred income taxes 167,757 842,688
Loss on disposal of property and equipment 128,978 2,491
Non-cash change in value of earn out liability 219,473 2,556,209
Non-cash gain from escrow claim (84,000)
Unearned foreign currency (gain) loss (185,414) 152,211
Changes in operating assets and liabilities:    
Accounts receivable (499,516) (428,764)
Other assets (210,715) (18,734)
Income taxes, net (5,706,659) (445,145)
Accounts payable (156,081) 238,957
Accrued expenses and other current liabilities 271,058 71,487
Deferred revenue (246,721) (91,703)
Net cash provided by (used in) operating activities - Continuing operations (8,333,368) (2,992,203)
Net cash provided by (used in) operating activities - Discontinued operations 1,265,364 1,493,756
Net cash used in operating activities (7,068,004) (1,498,447)
Cash flows from investing activities:    
Purchases of property and equipment (455,506) (456,512)
Acquisitions of customer assets from resellers (724,678)
Net cash provided by (used in) investing activities - Continuing operations (1,180,184) (456,512)
Net cash provided by (used in) investing activities - Discontinued operations 13,945,548 (169,219)
Net cash provided by (used in) investing activities 12,765,364 (625,731)
Cash flows from financing activities:    
Payment to reduce earn out liabilities (1,207,929) (2,000,000)
Proceeds from exercise of stock options 12,217 141,441
Proceeds from issuance of common stock 5,332,023
Excess tax benefits from share-based payments (422) 1,247
Net cash provided by (used in) financing activities - Continuing operations (1,196,134) 3,474,711
Net cash provided by (used in) financing activities - Discontinued operations
Net cash provided by (used in) financing activities (1,196,134) 3,474,711
Effect of exchange rate on cash (8,498) (17,407)
Change in cash and cash equivalents 4,492,728 1,333,126
Cash and cash equivalents, beginning of period 4,158,646 2,825,520
Cash and cash equivalents, end of period 8,651,374 4,158,646
Supplemental information on consolidated statements of cash flows:    
Cash paid for income taxes 3,643,858 130,292
Supplemental information on non-cash investing and financing activities:    
Receipt of common stock for escrow claim 84,000
Settlement of earn out liabilities with common stock (4,207,929) (3,000,000)
Other receivable created for sale of SMTP email relay business $ (1,000,000)