Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities:    
Net loss $ (599,518) $ (561,780)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 865,870 522,639
Amortization of discounts on warrants 47,312 0
Deferred rent payable (35,050) 206,711
Deferred taxes 0 341,503
Equity in income of investee companies (45,311) (82,585)
Derivative income 0 (100,000)
Stock-based compensation 153,339 143,967
Changes in operating assets and liabilities:    
Accounts receivable (386,185) (10,932)
Inventory (78,114) 41,909
Other current assets (506,444) (23,041)
Due from related parties, net (292,638) (105,276)
Security deposits (6,509) (3,225)
Other assets 32,018 (259,455)
Accounts payable 2,393,846 154,037
Accrued expenses (1,278,312) (773,854)
Deferred revenue 583,376 129,019
Net cash provided by (used in) operating activities 847,680 (380,363)
Investing activities:    
Purchase of property and equipment (1,353,441) (3,703,329)
Distributions from equity investees 0 105,401
Net cash used in investing activities (1,353,441) (3,597,928)
Financing activities:    
Cash overdraft 636,177 (7,948)
Proceeds from promissory note 1,000,000 0
Repayment of term loan (799,674) (373,750)
Repayment of equipment financing agreement (82,419) (49,341)
Proceeds from rights offering 0 3,862,990
Distributions to noncontrolling interest (23,300) (59,085)
Net cash provided by financing activities 730,784 3,372,866
Effect of exchange rate changes on cash and cash equivalents (34,955) (22,782)
Net increase (decrease) in cash and cash equivalents 190,068 (628,207)
Cash and cash equivalents, beginning of period 1,597,782 1,841,872
Cash and cash equivalents, end of period 1,787,850 1,213,665
Supplemental disclosure of cash flow data:    
Interest paid 137,513 175,014
Income taxes paid 0 108,624
Noncash investing and financing activities:    
Noncash property and equipment additions $ 0 $ 278,955