Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statement of Cash Flows (Unaudited)

v3.19.3
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net loss $ (2,085,800) $ (2,875,200)
Income from discontinued operations 41,000
Net loss from continuing operations (2,085,800) (2,916,200)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization [1] 275,700 395,300
Stock-based compensation expense 5,200 87,300
Note receivable discount (9,900)
Stock issued for services 115,000
Non-cash expense for interest, common stock issued for debt penalty 1,168,900
Amortization of note discount (29,600)
Non-cash expense for interest, warrants - accretion of debt discount 49,700 (35,500)
Non-cash expense for interest 51,300
Gain on disposition of assets 3,100
Gain on debt extinguishment (128,000)
Changes in operating assets and liabilities:    
Accounts receivable 597,000 (569,000)
Costs in Excess of billings on uncompleted contracts (60,000)
Prepaid expenses and other assets (41,700) 205,100
Accounts payable and accrued liabilities (600) 320,000
Revenue contract liabilities (250,800) 512,300
Deferred revenue (183,300) (216,100)
Payroll taxes payable 24,900 16,500
Net cash used by operating activities (1,625,200) (1,074,000)
Cash flows from investing activities:    
Purchase of property and equipment (70,100) (15,600)
Proceeds (purchase) of intangibles (100)
Proceeds from notes receivable 552,800 224,000
Net cash provided by investing activities 482,700 208,300
Cash flows from financing activities:    
Payments of notes and capital lease obligations (324,300) (761,200)
Proceeds from short-term notes 1,190,000 850,000
Proceeds from outside minority investment in new subsidiary 226,000 300,000
Proceeds from the sale of common stock and warrants, net of expenses 420,000
Net cash provided by financing activities 1,091,700 808,800
Net cash flows from discontinued operations 41,000
Net decrease in cash (50,800) (15,900)
Cash at the beginning of period 115,700 54,100
Cash at the end of period 64,900 38,200
Supplemental disclosures of cash flow information:    
Cash paid for interest 137,300 48,800
Financing of prepaid insurance premiums $ 330,200 $ 373,900
[1] Includes depreciation of property, equipment and leasehold improvement and amortization of intangibles