XML 16 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net loss attributable to Net Element, Inc. stockholders $ (2,487,498) $ (1,847,719)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities    
Non controlling interest (50,701) (37,876)
Share based compensation 596,404 360,984
Deferred revenue (445,953) (171,908)
Gain on Change in fair value and settlement of beneficial conversion derivative 0 0
Depreciation and amortization 657,363 888,118
Non cash interest 46,135 0
Amortization of debt discount 0 0
(Recovery of ) provision for loan losses 0 0
Gain on disposal of fixed asset 0 0
Gain on debt extinguishment 0 0
Changes in assets and liabilities    
Accounts receivable 510,498 436,453
Prepaid expenses and other assets (231,755) 334,291
Accounts payable and accrued expenses 449,284 (909,344)
Net cash used in operating activities (956,223) (947,001)
Cash flows from investing activities    
Purchase of portfolio and client acquistion costs (403,585) (396,819)
Purchase of fixed, intangible and other assets 355 0
Net cash used in investing activities (403,230) (396,819)
Cash flows from financing activities    
Proceeds from Common stock 1,437,132 0
Proceeds from indebtedness 92,000 75,000
Repayment of indebtedness (92,680) 0
Related party advances 57,159 910,045
Net cash provided by financing activities 1,493,611 985,045
Effect of exchange rate changes on cash 57,288 57,537
Net increase (decrease) in cash 191,446 (301,238)
Cash at beginning of period 621,635 503,343
Cash at end of period 813,081 202,105
Cash paid during the period for:    
Interest 166,394 150,438
Taxes $ 64,314 $ 86,770