XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Cash flow from operating activities          
Net Income (Loss) $ (1,058,729) $ (83,445) $ (4,652,493) $ (3,411,351) $ (6,060,751)
Adjustment to reconcile comprehensive income/(loss) to net cash used in operating activities          
Depreciation and amortization 556,333 562,050 1,649,819 1,685,637  
Non-cash expenses     6,117  
Provision for Preference dividend     325,127 211,939  
Changes in fair value of warrants (1,857,889) (1,796,174)  
Stock, option, restricted stock unit and warrant expense     49,474 490,175  
Foreign exchange translation adjustment     (8,247) 573  
Provision for Income taxes ( net of deferred income taxes)     (8,940) (14,622)  
Loss on sale of fixed assets     21,611  
Increase (decrease) in:          
Accounts receivable     (1,179,303) (673,381)  
Other current assets     (117,845) (1,388)  
Increase (decrease) in:          
Accounts payable and accrued expenses     56,085 655,151  
Net cash provided by (used in) operating activities     (3,858,595) (1,474,156) (2,453,123)
Cash flow from investing activities          
Purchase of fixed assets     (46,136) (27,698)  
Acquisition consideration     (200,000)  
Net cash used in investing activities     (46,136) (227,698)  
Cash flow from financing activities          
Proceeds from bank loan and convertible notes, net     4,588,427 (191,762)  
Proceeds from issuance of common shares, net     1,725,000 2,123,425  
Net cash provided by financing activities     6,313,427 1,931,663  
Net increase (decrease) in cash and cash equivalents     2,408,697 229,809  
Cash and cash equivalents as at beginning of the period     431,400 1,371,331 1,371,331
Cash at the end of the period $ 2,840,097 $ 1,601,140 $ 2,840,097 $ 1,601,140 $ 431,400