XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (3,500,810) $ (9,659,147)
Adjustments to reconcile loss from operations:    
Depreciation and amortization 1,179,162 727,873
Amortization of costs to acquire contracts 611,772 630,815
Non-cash stock compensation 1,138,521 849,900
Deferred income taxes (3,798) 0
Gain on disposal of property and equipment 0 (617)
Non-cash interest 0 139,372
Amortization of debt issuance costs and embedded derivative 0 2,903
Gain on embedded derivative 0 (214,350)
Loss on induced conversion 0 2,162,696
Unrealized foreign currency loss 120,802 43,470
Changes in assets and liabilities:    
Accounts receivable 64,969 (15,014)
Unbilled receivables (137,518) (189,008)
Right-of-use assets (3,274,388) 323,180
Other assets (740,686) (746,774)
Income taxes, net 33,639 (30,853)
Accounts payable 229,798 3,891
Lease liabilities 3,335,783 (280,643)
Other liabilities 27,772 (36,639)
Deferred revenue (297,384) 258,991
Net cash used in operating activities (1,212,366) (6,029,954)
Cash flows from investing activities    
Purchases of property and equipment (401,831) (483,330)
Proceeds from the sale of property and equipment 0 617
Capitalization of software development costs (562,922) (578,922)
Net cash used in investing activities (964,753) (1,061,635)
Cash flows used in financing activities:    
Proceeds from line of credit 1,900,000 0
Proceeds from note payable 3,399,500 0
Proceeds from exercise of stock options, net 190,880 926,350
Proceeds from issuance of common stock, net 0 10,649,005
Payments for taxes related to net share settlement of equity awards (33,822) 0
Net cash provided by financing activities 5,456,558 11,575,355
Effect of exchange rate on cash (142,781) (50,690)
Change in cash and cash equivalents 3,136,658 4,433,076
Cash and cash equivalents, beginning of period 11,881,949 9,320,866
Cash and cash equivalents, end of period 15,018,607 13,753,942
Cash paid (received) during the period for    
Interest, net 2,836 0
Income taxes, net (1,533,467) 11,013
Non-cash activities    
Right-of-use asset obtained for lease liability 3,758,014 5,715,510
Convertible notes liability relieved upon conversion 0 8,484,701
Embedded derivative liability relieved upon conversion $ 0 $ 189,776