Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2020 |
Sep. 30, 2019 |
| Cash flows from operating activities: |
|
|
| Loss from continuing operations |
$ (4,115,705)
|
$ (2,707,614)
|
| Adjustments to reconcile net loss from continuing operations to net cash used in operating activities - continuing operations: |
|
|
| Depreciation and amortization |
138,139
|
651,161
|
| Deferred tax benefit |
(32,033)
|
(120,216)
|
| Amortization of right-of-use asset |
92,715
|
113,128
|
| Accretion of lease liability |
2,312
|
8,585
|
| Change in value of common stock to be issued |
|
(219,807)
|
| Share-based compensation expense |
508,990
|
183,916
|
| Litigation settlement reserve |
1,474,922
|
|
| Write-off of accounts payable |
|
(375,997)
|
| Write-off of property and equipment |
1,232
|
1,385
|
| Recovery of bad debt expense |
|
(4,495)
|
| Payment of lease obligations |
(106,859)
|
(118,552)
|
| Changes in operating assets and liabilities, net of effects of discontinued operations: |
|
|
| Accounts receivable |
(261,612)
|
395,685
|
| Prepaid expenses and other current assets |
(27,466)
|
34,771
|
| Incremental direct costs |
6,243
|
(10,477)
|
| Accounts payable |
(517,765)
|
(507,929)
|
| Accrued expenses |
288,479
|
8,209
|
| Deferred revenue |
(220,087)
|
(771,582)
|
| Net cash used in operating activities - continuing operations |
(2,768,495)
|
(3,439,829)
|
| Net cash used in operating actvities - discontinued operations |
(65,980)
|
(1,950,486)
|
| Net cash used in operating activities |
(2,834,475)
|
(5,390,315)
|
| Cash flows from investing activities: |
|
|
| Costs incurred to develop technology |
(3,700)
|
(2,499)
|
| Purchases of property and equipment |
(7,536)
|
|
| Payment of security deposit |
(66,341)
|
|
| Net cash used in investing activities - continuing operations |
(77,577)
|
(2,499)
|
| Net cash provided by investing actvities - discontinued operations |
|
1,688
|
| Net cash provided used in investing activities |
(77,577)
|
(811)
|
| Cash flows from financing activities: |
|
|
| Proceeds from the sale of common stock |
4,276,827
|
6,614,928
|
| Proceeds from short-term loan |
651,078
|
|
| Proceeds from short-term loan - related party |
|
400,000
|
| Repayment from short-term loan - related party |
|
(400,000)
|
| Proceeds from line of credit - related party |
|
292,882
|
| Repayment of line of credit - related party |
|
(292,882)
|
| Net cash provided by financing activities - continuing operations |
4,927,905
|
6,614,928
|
| Net cash provided by financing actvities - discontinued operations |
|
279,916
|
| Net cash provided by financing activities |
4,927,905
|
6,894,844
|
| Effect of exchange rate fluctuations on cash and cash equivalents |
35,983
|
(52,169)
|
| Net increase in cash and cash equivalents |
2,051,836
|
1,451,549
|
| Cash, cash equivalents, beginning of period |
633,615
|
105,670
|
| Cash and cash equivalents, end of period |
2,685,451
|
1,557,219
|
| Supplemental disclosures of other cash flow information: |
|
|
| Cash paid for income taxes |
3,100
|
8,594
|
| Cash paid for interest |
|
$ 18,819
|