Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating activities:    
Net loss $ (561,780) $ (1,197,359)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 522,639 420,123
Deferred rent payable 206,711 1,170,450
Deferred taxes 341,503 (1,604)
Equity in income of investee companies (82,585) (168,970)
Derivative (income) expense (100,000) 614,000
Stock-based compensation 143,967 178,000
Changes in operating assets and liabilities:    
Accounts receivable (10,932) 263,324
Inventory 41,909 195,902
Prepaid expenses and other current assets (23,041) (1,477,974)
Due from related parties (105,276) (209,745)
Security deposits (3,225) 13,588
Other assets (259,455) 40,372
Accounts payable 154,037 (1,620,085)
Accrued expenses (773,854) 864,853
Deferred revenue 129,019 (25,104)
Net cash used in operating activities (380,363) (940,229)
Investing activities:    
Purchase of property and equipment (3,703,329) (2,402,045)
Distributions from equity investees 105,401 174,328
Net cash used in investing activities (3,597,928) (2,227,717)
Financing activities:    
Cash overdraft (7,948) 362,000
Repayment of term loan (373,750) (373,750)
Repayment of equipment financing agreement (49,341) 0
Proceeds from rights offering 3,862,990 0
Distributions to members (59,085) (67,865)
Net cash provided by (used in) financing activities 3,372,866 (79,615)
Effect of exchange rate changes on cash (22,782) (136,649)
Net decrease in cash (628,207) (3,384,210)
Cash and cash equivalents, beginning of period 1,841,872 7,905,004
Cash and cash equivalents, end of period 1,213,665 4,520,794
Supplemental disclosure of cash flow data:    
Interest paid 175,014 68,088
Income taxes paid 108,624 447,904
Noncash investing and financing activities:    
Noncash property, fixtures and equipment additions $ 278,955 $ 0