XML 45 R6.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 51,685 $ 503,543
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:    
Depreciation and impairment of lease merchandise 16,196,949 15,277,939
Other depreciation and amortization 554,359 584,968
Compensation expense related to issuance of stock options and warrants 215,814 36,729
Provision for doubtful accounts 7,682,927 7,344,944
Interest in kind added to promissory notes balance 141,038 167,119
Changes in operating assets and liabilities:    
Accounts receivable (7,870,539) (7,479,319)
Prepaid expenses and other (87,873) (17,624)
Lease merchandise (15,032,521) (11,095,183)
Security deposits 2,943 (60,000)
Accounts payable (1,406,398) (5,211,226)
Accrued payroll and related taxes (220,263) (197,565)
Accrued expenses 330,408 (320,979)
Net cash provided by (used in) operating activities 558,529 (466,654)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment, including capitalized software costs (646,414) (553,184)
Net cash used in investing activities (646,414) (553,184)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payment under finance lease obligation (1,515)
Refund of equity issuance related costs 13,147
Proceeds from exercise of warrants 131,250
Proceeds from promissory notes, net of fees 2,940,000
Proceeds from loan payable under credit agreement 1,900,000 1,241,328
Repayment of loan payable under credit agreement (3,353,000) (6,665,989)
Repayment of installment loan (2,802) (2,802)
Net cash used in financing activities (1,326,067) (2,474,316)
DECREASE IN CASH (1,413,952) (3,494,154)
CASH, beginning of period 6,868,472 6,141,210
CASH, end of period 5,454,520 2,647,056
Supplemental cash flow information:    
Interest paid 985,763 993,544
Deemed dividend from exchange offer of warrants 713,212
Conversion of preferred stock to common stock $ 341,070