XML 19 R6.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (8,380,060) $ (3,797,217)
Less: Income (loss) from discontinued operations 562,625 (1,791,286)
Loss from continuing operations (8,942,685) (2,005,931)
Adjustments to reconcile net loss from continuing operations to net cash (used in) provided by operating activities of continuing operations:    
Depreciation of property and equipment 349,082 387,452
Amortization of intangible assets 256,332 1,599,721
Amortization of operating lease right-of-use assets 178,158
Reconciliation of shares issued in stock-based compensation arrangement 1
Surrender of common stock for tax withholding (100,000)
Stock-based compensation 1,385,118 1,592,121
Common stock issued for consulting services 29,015
Bad debt expense 8,552
Digital tokens received as payment for services (3,368,127)
Impairment loss on goodwill 6,760,222
Impairment loss on digital tokens 625,368 2,535,235
Realized gain from the sale of digital tokens (70,995)
Changes in operating assets and liabilities:    
Credit card holdback receivable 83,175 46,291
Accounts receivable 196,100 143,810
Operating lease liability (101,647)
Prepaid expense and other current assets 113,550 (60,425)
Other assets 29,891 32,770
Accounts payable, accrued expenses and other current liabilities (2,138,302) 800,993
Deferred subscription revenue 360,922 (467,845)
Deferred technology service revenue (3,379,435) 3,379,435
Net cash (used in) provided by continuing operating activities (4,266,131) 4,524,053
Net cash used in discontinued operating activities (199,232) (1,791,286)
Net cash (used in) provided by operating activities (4,465,363) 2,732,767
Cash flows from investing activities:    
Purchases of property and equipment (391,230) (342,651)
Proceeds from the sale of digital tokens 130,290
Net cash used in continuing investing activities (260,940) (342,651)
Net cash provided by discontinued investing activities 1,600,000
Net cash provided by (used in) investing activities 1,339,060 (342,651)
Cash flows from financing activities:    
Proceeds from issuance of common stock for stock option exercises 28,210
Purchase of treasury stock (2,015)
Net cash provided by (used in) continuing financing activities (2,015) 28,210
Net cash provided by discontinued financing activities
Net cash provided by (used in) financing activities (2,015) 28,210
Net increase (decrease) in cash and cash equivalents (3,128,318) 2,418,326
Balance of cash and cash equivalents at beginning of period 6,555,376 4,137,050
Balance of cash and cash equivalents at end of period 3,427,058 6,555,376
Non-cash investing and financing activities:    
Operating lease right-of-use asset and liability $ 630,776 $ 232,423