XML 61 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Operating activities:    
Net income (loss) $ 674,759 $ (290,710)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 454,473 1,252,633
Grant funds received for relocation costs 0 1,137,913
Deferred income taxes (75,698) (83,000)
Corporate headquarters relocation costs 0 (1,182,388)
Amortization of financing fees 4,167 0
Adjustment of European liabilities related to discontinued operations 30,871 0
Provision for doubtful accounts 17,000 0
Stock based compensation 130,448 189,993
Other, net (96,289) 17,418
Change in operating assets and liabilities, net of acquisition:    
Accounts receivable and unbilled revenue (327,790) 75,776
Prepaid expenses and other assets 98,940 55,881
Accounts payable (541,985) (1,529,891)
Accrued expenses and other liabilities 11,173 1,031,206
Other, net 0 (21,438)
Net cash provided by operating activities 380,069 653,393
Investing activities:    
Purchases of equipment and capitalized development costs (178,423) (517,127)
Acquisition of Vertro, Inc., net of stock issuance costs 0 319,909
Net cash used in investing activities (178,423) (197,218)
Financing activities:    
Return to collateralize letter of credit 0 301,158
Proceeds from revolving line of credit 750,000 1,400,000
Refund of (Prepaid) financing fees 0 36,340
Payments on revolving line of credit (761,469) (2,000,000)
Payments on term note payable and capital leases (604,349) (348,916)
Net cash used in financing activities (615,818) (611,418)
Effect of exchange rate changes 0 3
Net change – cash (414,172) (155,240)
Cash, beginning of year 3,137,153 3,381,018
Cash, end of year 2,722,981 3,225,778
Supplemental information:    
Interest paid $ 74,667 $ 88,157