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 ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating activities:    
Net loss $ (2,784,332) $ (2,005,397)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,670,550 1,070,077
Amortization of discounts on warrants 92,572 0
Deferred rent payable 873,700 1,030,652
Deferred taxes 46,664 (125,862)
Equity in income of investee companies 107,603 (313,788)
Derivative income 0 (100,000)
Stock-based compensation 544,419 379,928
Distributions from equity investees 676 184,450
Changes in operating assets and liabilities:    
Accounts receivable 443,371 (88,159)
Inventory (103,240) 7,390
Other current assets 66,666 759,479
Due from related parties, net 815,993 632,062
Security deposits (8,115) (47,712)
Other assets (49,302) 69,384
Accounts payable 2,387,088 687,881
Accrued expenses 565,220 802,317
Deferred revenue 204,366 378,198
Net cash provided by (used in) operating activities 4,873,899 3,320,900
Investing activities:    
Purchase of property and equipment (3,924,909) (6,018,596)
Net cash used in investing activities (3,924,909) (6,018,596)
Financing activities:    
Cash overdraft (59,033) (353,533)
Proceeds from promissory note 0 1,000,000
Proceeds from business loan and security agreement 1,000,000 0
Repayment of term loan (1,415,972) (1,080,833)
Repayment of equipment financing agreement (164,838) (95,151)
Repayment of business loan and security agreement (415,984) 0
Proceeds from rights offering 0 3,862,990
Distributions to noncontrolling interest (21,361) (59,085)
Net cash provided by financing activities (1,077,188) 3,274,388
Effect of exchange rate changes on cash and cash equivalents 71,352 (19,563)
Net increase (decrease) in cash and cash equivalents (56,846) 557,129
Cash and cash equivalents, beginning of period 1,597,782 1,841,872
Cash and cash equivalents, end of period 1,540,936 2,399,001
Supplemental disclosure of cash flow data:    
Interest paid 308,595 330,959
Income taxes paid 0 228,353
Noncash investing and financing activities:    
Noncash property and equipment additions 0 278,955
Noncash loan discount attributable to issuance of warrant $ 0 $ 125,000