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UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 3 Months Ended
--- | ---
Mar. 31, 2018 | Mar. 31, 2017
Cash flows from operating activities |  |
Net loss attributable to Net Element, Inc. stockholders | $ (1,610,847) | $ (2,487,498)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities |  |
Noncontrolling interest | 27,553 | (50,701)
Share based compensation | 82,011 | 596,404
Depreciation and amortization | 703,538 | 657,363
Non cash interest | 16,759 | 46,135
Changes in assets and liabilities |  |
Accounts receivable | 1,032,930 | 510,498
Deferred revenue | (535,748) | (445,953)
Prepaid expenses and other assets | (308,648) | (231,755)
Accounts payable and accrued expenses | (545,306) | 449,284
Net cash used in operating activities | (1,137,758) | (956,223)
Cash flows from investing activities |  |
Purchase of portfolios and client acquisition costs | (401,980) | (403,585)
Purchase of fixed and changes in other assets | (2,393) | 355
Net cash used in investing activities | (404,373) | (403,230)
Cash flows from financing activities |  |
Proceeds from common stock |  | 1,437,132
Proceeds from indebtedness |  | 92,000
Repayment of indebtedness | (515,834) | (92,680)
Related party advances | (33,027) | 57,159
Net cash (used in) provided by financing activities | (548,861) | 1,493,611
Effect of exchange rate changes on cash | (3,720) | 57,288
Net decrease (increase) in cash | (2,094,712) | 191,446
Cash at beginning of period | 11,285,669 | 621,635
Cash at end of period | 9,190,957 | 813,081
Cash paid during the period for: |  |
Interest | 226,479 | 166,394
Taxes | $ 4,140 | $ 64,314

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- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.1) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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