Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

v3.19.2
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (1,569,800) $ (1,778,400)
Income from discontinued operations   41,000
Net loss from continuing operations (1,569,800) (1,819,400)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 194,400 281,800
Stock-based compensation expense 900 59,500
Note receivable discount (9,900)  
Stock issued for services   71,000
Non-cash expense for interest, common stock issued for debt penalty   780,800
Amortization of note discount   (19,800)
Non-cash expense for interest, warrants - accretion of debt discount 8,300 4,000
Non-cash expense for interest 29,300  
Changes in operating assets and liabilities:    
Accounts receivable 550,000 (570,200)
Costs in Excess of billings on uncompleted contracts 222,000  
Prepaid expenses and other assets (135,400) 170,700
Accounts payable and accrued liabilities 90,300 610,200
Revenue contract liabilities (239,000) 322,800
Deferred revenue (175,100) (212,400)
Payroll taxes payable 16,500 24,200
Net cash used by operating activities (1,017,500) (296,800)
Cash flows from investing activities:    
Purchase of property and equipment (64,500)  
Proceeds (purchase) of intangibles   (100)
Proceeds from outside minority investment in new subsidiary 226,000  
Proceeds from notes receivable 552,800 224,000
Net cash provided by investing activities 714,300 223,900
Cash flows from financing activities:    
Payments of notes and capital lease obligations (205,500) (273,600)
Proceeds from short-term notes 500,000 350,000
Proceeds from the sale of common stock and warrants, net of expenses   120,000
Net cash provided by financing activities 294,500 196,400
Net cash flows from discontinued operations   41,000
Net (decrease) increase in cash (8,700) 164,500
Cash at the beginning of period 115,700 [1] 54,100
Cash at the end of period 107,000 218,600
Supplemental disclosures of cash flow information:    
Cash paid for interest 109,900 41,900
Financing of prepaid insurance premiums $ 330,200 $ 373,900
[1] These numbers were derived from the audited financial statements for the year ended December 31, 2018. See accompanying notes.