XML 26 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net loss $ (7,297,109) $ (2,061,983) [1]
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Bad debt expense (88,783) 425,155 [1]
Change in allowance for sales returns and volume rebate 407,655 53,031 [1]
Change in inventory reserve 134,200 13,610 [1]
Stock compensation expense 4,240,670 464,321 [1]
Depreciation and amortization 747,208 353,386 [1]
Loss on disposal of other assets 7,108 [1]
Amortization of debt discount 17,607 [1]
Debt extension fees through increased principal for Skyview Note 350,000 [1]
Gain on settlement of debt (276,026) [1]
Changes in operating assets and liabilities:    
Accounts receivable – trade (464,657) (909,466) [1]
Inventories (596,653) 2,654,058 [1]
Prepaid expenses and other current assets 78,679 324,807 [1]
Accounts payable and accrued expenses (985,986) (8,621) [1]
Accounts payable and accrued expenses – related parties 2,137,661 637,681 [1]
Deferred revenues 614,337 4,358 [1]
Other short-term liabilities (1,686) (8,346) [1]
Accrued interest on long-term debt – related parties 60,785 [1]
Net cash (used in) provided by operating activities (1,343,382) 2,370,383 [1]
Cash flows from investing activities:    
Cash acquired through the acquisition of Boxlight Group and Mimio 357,573 [1]
Payment made for purchase of intangible assets (10,001) [1]
Proceeds from sale of property and equipment and other assets 9,033 [1]
Net cash (used in) provided by investing activities (10,001) 366,606 [1]
Cash flows from financing activities:    
Proceeds from short-term debt 10,214,673 6,701,590 [1]
Proceeds from short-term debt – related parties 239,000 [1]
Principal payments on short-term debt (12,143,023) (10,580,414) [1]
Principal payments on short-term debt-related party (822,550) [1]
Principal payments on convertible debt – related party (60,000) [1]
Proceeds from subscriptions receivable 1,750 [1]
Distributions to the member of Mimio (814,625) [1]
Proceeds from issuance of common stock at IPO 5,678,609 1,218,907 [1]
Proceeds from issuance of common stock upon exercise of options 29 [1]
Net cash (used in) provided by financing activities 2,927,738 (3,293,792) [1]
Effect of currency exchange rates (20,532) 19,202 [1]
Net increase (decrease) in cash and cash equivalents 1,553,823 (537,601) [1]
Cash and cash equivalents, beginning of the year [1] 456,502 994,103
Cash and cash equivalents, end of the year 2,010,325 456,502 [1]
Supplemental cash flows disclosures:    
Cash paid for interest 518,106 748,261 [1]
Cash paid for income taxes [1]
Non-cash investing and financing activities:    
Decrease in additional paid-in capital due to the acquisitions of Mimio and Genesis under common control 5,425,100 [1]
Intangibles and goodwill acquired through acquisitions of Mimio and Boxlight Group 10,887,060 [1]
Issuance of note payable and long-term convertible note payable to acquire Mimio 5,425,000 [1]
Issuance of Series A Preferred stock for the acquisition of Genesis 25 [1]
Issuance of Series B Preferred Stock for the acquisition of Genesis 100 [1]
Issuance of Series C Preferred Stock for the acquisition of Boxlight Group 8,243,297 [1]
Issuance of note payable to settle accounts payable 2,547,538 [1]
Forgiveness of short-term debt – related parties 222,370 [1]
Conversion of Series B and C Preferred Stock to common stock upon IPO 127 [1]
Conversion of convertible note payable – related parties to common stock 4,140,127 [1]
Settlement of short-term debt through issuance of common stock 115,919 [1]
Settlement of accounts payable through issuance of common stock 1,787,119 120,910 [1]
Settlement of trademark liability $ 250,000 [1]
[1] Financial information has been retrospectively adjusted for the acquisitions of Mimio and Genesis