XML 36 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (3,023,277) $ (3,315,167)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 146,381 142,461
Amortization of intangibles 1,805,090 1,762,701
Amortization of debt discount and deferred financing costs   908,303
Provision for doubtful accounts 2,972 41,338
Stock-based compensation 625,508 580,573
Changes in operating assets and liabilities:    
Accounts receivable (2,275,592) (3,412,367)
Prepaid expenses and other current assets (468,443) (304,610)
Security deposits and other assets (7,991) (15,717)
Accounts payable and accrued liabilities (718,732) (501,335)
Deferred revenue and other current liabilities (32,493) 247,059
Other long-term liabilities 1,360  
Net cash used in operating activities (3,945,217) (3,866,761)
Cash flows from investing activities:    
Purchase of property and equipment (235,296) (52,554)
Purchase of capitalized software development (481,600) (437,840)
Net cash used in investing activities (716,896) (490,394)
Cash flows from financing activities:    
Proceeds from line of credit 2,000,000 2,500,000
Proceeds from the sale of capital stock 60,705 2,385,000
Repayments of capital lease obligations (11,334) (7,952)
Net cash provided by financing activities 2,049,371 4,877,048
Net increase (decrease) in cash and cash equivalents (2,612,742) 519,893
Cash and cash equivalents at beginning of period 3,154,540 2,676,984
Cash and cash equivalents at end of period 541,798 3,196,877
Supplemental cash flow information:    
Cash paid for interest 96,459 732,018
Supplemental non-cash flow activities:    
Common stock issued for services and loan fees   33,333
Warrant liability issued for services 34,857 26,826
Notes Payable [Member]    
Supplemental non-cash flow activities:    
Common stock issued for conversion of notes payable   $ 29,001
Restricted Stock Units [Member]    
Supplemental non-cash flow activities:    
Common stock issued $ 57