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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income (loss) $ 12,881,054 $ (19,865,554)
Adjustments to reconcile net income (loss) to net cash used in operating activities    
Share-based compensation expense 6,474,227 3,372,447
Depreciation and amortization 1,420,480 314,737
Non-cash interest expense 2,265,921 0
Equity in losses of equity method investees 606,390 44,316
Digital currency received as payment for services (40,700,000) 0
Gain on disposal of subsidiaries (1,057,363) 0
Impairment of property and equipment 2,298,887 0
Loss on remeasurement of DBOT investment 3,178,702 0
Change in operating assets and liabilities, net of effects of businesses acquired:    
Accounts receivable (2,814,198) (78,572,438)
Prepaid expenses and other assets 2,446,822 (3,332,696)
Accounts payable 1,024,370 6,560,434
Deferred revenue 149,723 366,474
Amount due to related parties (104,323) 71,939,834
Accrued expenses, salary and other current liabilities 3,217,279 1,530,544
Net cash used in operating activities (8,712,029) (17,641,902)
Cash flows from investing activities:    
Acquisition of property and equipment (1,809,092) (167,891)
Proceeds from disposal of subsidiaries 694,282 0
Acquisition of subsidiaries, net of cash acquired 246,929 (2,840,219)
Payments for long term investments (870,000) (2,035,190)
Net cash used in investing activities (1,737,881) (5,043,300)
Cash flows from financing activities:    
Proceeds from issuance of convertible note 4,802,300 12,000,000
Proceeds from issuance of shares and warrant 2,500,000 19,186,771
Borrowings from related parties 1,764,992 0
Net cash provided by financing activities 9,067,292 31,186,771
Effect of exchange rate changes on cash (37,030) (48,638)
Net (decrease)/increase in cash and restricted cash (1,419,648) 8,452,931
Cash and cash equivalents at the beginning of the period 3,106,244 7,577,317
Cash and cash equivalents at the end of the period 1,686,596 16,030,248
Supplemental disclosure of cash flow information:    
Disposal of assets in exchange of GTB 20,218,920 0
Service Revenue received in GTB 40,700,000 0
Issuance of shares for acquisition of intangible assets $ 10,005,000 $ 0