Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities    
Net loss $ (5,678,418) $ (7,912,512)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation: 401(k) stock 63,414 81,399
Stock-based compensation: Options and warrants 716,249 623,907
Gain on foreign currency translation (187,660)
Net realized and unrealized investment losses 18,561 16,287
Depreciation and amortization 171,749 193,065
Amortization of debt discount 259,709 12,217
Provision for uncollectible assets (163,613) 76,215
Write-down of inventory 61,000
Gain on sale of investment in subsidiary (199,200)
Decrease (increase) in assets:    
Accounts receivable 281,677 (246,917)
Inventory (191,973) (394,728)
Prepaid expenses and other current assets (255,240) (124,378)
Increase (decrease) in liabilities:    
Accounts payable and accrued expenses 724,014 (511,915)
Deferred revenue (185,147) 246,881
Other liabilities 80,745 3,380
Total Adjustments 1,332,485 (162,787)
Net Cash Used in Operating Activities (4,345,933) (8,075,299)
Cash Flows from Investing Activities    
Purchase of property and equipment (292,213) (930,368)
Proceeds from sale of investment in subsidiary 81,114
Net Cash Used in Investing Activities (292,213) (849,254)
Cash Flows from Financing Activities    
Proceeds from loans payable 580,386 519,157
Repayments of loans payable (199,910) (104,645)
Proceeds from convertible debt obligations 3,507,530 1,280,000
Repayments of debt obligations (162,500)
Dividends paid in cash (127,502) (60,515)
Proceeds from sale of Series B preferred stock 7,759,500
Proceeds from common stock offering, net of issuance costs 1,323,695 40,500
Net Cash Provided by Financing Activities 5,084,199 9,271,497
Effect of Exchange Rate Changes on Cash (745,868) (119,831)
Net (Decrease) Increase in Cash (299,815) 227,113
Cash - Beginning of Period 358,303 131,190
Cash - End of Period 58,488 358,303
Supplemental Disclosures of Cash Flow Information:    
Interest paid 358,114 185,364
Income taxes paid
Non-Cash Investing and Financing Activity    
Accrued stock based compensation converted to equity 81,399 73,868
Debt and interest converted to equity 809,875 1,267,324
Common stock returned to Company to satisfy receivable 32,285
Beneficial conversion feature 227,414
Dividends declared on Series B Convertible Redeemable Preferred Stock 474,719
Common stock issued to satisfy dividends payable 264,272
Common stock issued in satisfaction of deferred revenue 124,539
Land purchased in exchange for note payable $ 517,390