v3.19.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net (loss) income $ (8,176,343) $ (12,953,928)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 107,794 113,088
Loss on disposal and abandonment of assets 1,672
Compounded interest on long term debt 128,902
Stock compensation expense 178,179 261,235
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 (124,665) 12,860,320
Prepaid expenses and other assets 753,034 632,106
Accounts payable 414,250 (239,519)
Accrued and other liabilities 216,180 992,304
Deferred revenue (11,024) (10,037)
Net cash (used in) provided by operating activities (6,621,335) 6,402,787
Cash flows from investing activities:    
Purchases of available-for-sale securities (200,000)
Proceeds from sales of available-for-sale securities 400,000 200,000
Maturities of available-for-sale securities 400,000 1,000,000
Proceeds from disposal (payments for purchases) of equipment 28,382 (19,317)
Net cash provided by investing activities 828,382 980,683
Cash flows from financing activities:    
Proceeds from issuance of common stock 6,046,915 3,000,200
Payment of common stock issuance costs (572,271)
Payment of debt-related costs (7,153,000)
Principal payments on notes payable (316,074) (318,211)
Net cash provided by (used in) financing activities 5,158,570 (4,471,011)
Net (decrease) increase in cash and cash equivalents (634,383) 2,912,459
Cash and cash equivalents, beginning of period 3,475,881 2,795,006
Cash and cash equivalents, end of period $ 2,841,498 $ 5,707,465

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