Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (6,359,323) $ (5,213,883)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 7,437,757 5,948,153
Loss on disposal of property and equipment 92,050 72,818
Stock-based compensation 441,852 378,548
Stock issued for services rendered or in settlement of liabilities 164,450 79,948
Amortization of debt discount and deferred financing fees 419,762 318,125
Gain in the change in fair value of derivative liability (73,335) (228,043)
Changes in operating assets and liabilities:    
Accounts receivable 426,301 (124,925)
Prepaid expenses and other current assets (991,509) (1,230,504)
Other assets 16,590 (249,687)
Accounts payable and accrued expenses 953,879 (691,178)
Net cash provided by (used in) operating activities 2,528,474 (940,628)
Cash flows from investing activities:    
Purchase of property and equipment (2,341,272) (2,325,210)
Proceeds from the sale of property and equipment 73,962 23,961
(Payment) for acquisitions, net of cash acquired (558,329) 16,895
Escrow refund - PingTone acquisition 0 318,409
Return of security deposits 18,074 25,615
Net cash used in investing activities (2,807,565) (1,940,330)
Cash flows from financing activities:    
Proceeds from the exercise of common stock purchase warrants 780,951 0
Repayments of term loan (1,625,000) (501,222)
Repayments of revolving debt, net (3,000,000) 0
Payments for obligations under asset purchase agreements (216,668) 0
Payments on equipment financing obligations (474,785) (497,422)
Net cash used in financing activities (4,535,502) (998,644)
Net change in cash and cash equivalents (4,814,593) (3,879,602)
Cash and cash equivalents, including restricted cash, beginning of period 7,249,063 7,705,666
Cash and cash equivalents, including restricted cash, end of period $ 2,434,470 $ 3,826,064