Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.19.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (5,102,240) $ (9,132,019)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 73,505 75,498
Compounded interest on long term debt 84,576
Stock compensation expense 128,137 217,147
Loss on extinguishment of debt 4,265,434
Value of stock issued to employees 316,902
Value of stock issued to 401(k) plan for employer matching contributions 19,588 35,980
Changes in operating assets and liabilities:    
Accounts and other receivables (185,712) 12,573,372
Prepaid expenses and other assets (35,643) 371,538
Accounts payable 248,303 (401,323)
Accrued and other liabilities 91,593 (112,274)
Deferred revenue 483,976 (5,037)
Net cash (used in) provided by operating activities (4,278,493) 8,289,794
Cash flows from investing activities:    
Proceeds from sales of available-for-sale securities 400,000 200,000
Maturities of available-for-sale securities 200,000 800,000
Proceeds from return (payments for purchases) of equipment 26,875 (3,165)
Net cash provided by investing activities 626,875 996,835
Cash flows from financing activities:    
Proceeds from issuance of common stock 6,046,915 200
Payment of common stock issuance costs (572,271)
Payment of debt-related costs (7,153,000)
Principal payments on notes payable (236,050) (237,862)
Net cash provided by (used in) financing activities 5,238,594 (7,390,662)
Net increase in cash and cash equivalents 1,586,976 1,895,967
Cash and cash equivalents, beginning of period 3,475,881 2,795,006
Cash and cash equivalents, end of period $ 5,062,857 $ 4,690,973