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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended
--- | ---
Mar. 31, 2014 | Mar. 31, 2013
Operating activities: |  |
Net income (loss) | $ 674,759 | $ (290,710)
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |
Depreciation and amortization | 454,473 | 1,252,633
Grant funds received for relocation costs | 0 | 1,137,913
Deferred income taxes | (75,698) | (83,000)
Corporate headquarters relocation costs | 0 | (1,182,388)
Amortization of financing fees | 4,167 | 0
Adjustment of European liabilities related to discontinued operations | 30,871 | 0
Provision for doubtful accounts | 17,000 | 0
Stock based compensation | 130,448 | 189,993
Other, net | (96,289) | 17,418
Change in operating assets and liabilities, net of acquisition: |  |
Accounts receivable and unbilled revenue | (327,790) | 75,776
Prepaid expenses and other assets | 98,940 | 55,881
Accounts payable | (541,985) | (1,529,891)
Accrued expenses and other liabilities | 11,173 | 1,031,206
Other, net | 0 | (21,438)
Net cash provided by operating activities | 380,069 | 653,393
Investing activities: |  |
Purchases of equipment and capitalized development costs | (178,423) | (517,127)
Acquisition of Vertro, Inc., net of stock issuance costs | 0 | 319,909
Net cash used in investing activities | (178,423) | (197,218)
Financing activities: |  |
Return to collateralize letter of credit | 0 | 301,158
Proceeds from revolving line of credit | 750,000 | 1,400,000
Refund of (Prepaid) financing fees | 0 | 36,340
Payments on revolving line of credit | (761,469) | (2,000,000)
Payments on term note payable and capital leases | (604,349) | (348,916)
Net cash used in financing activities | (615,818) | (611,418)
Effect of exchange rate changes | 0 | 3
Net change – cash | (414,172) | (155,240)
Cash, beginning of year | 3,137,153 | 3,381,018
Cash, end of year | 2,722,981 | 3,225,778
Supplemental information: |  |
Interest paid | $ 74,667 | $ 88,157

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