Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net loss $ (7,199,267) $ (7,166,235)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,163,585 2,282,801
Asset impairment charge 1,959,510 2,395,616
Loss on debt refinancing 95,310
Loss on investments 68,101
Common stock and warrants issued for services 154,768 280,669
Common stock and warrants issued for interest
Amortization of debt discount 1,195,918 788,187
Change in assets and liabilities:    
Accounts and other receivables 91,798 35,154
Prepaid and other assets 116,154 22,157
Inventory 8,885 23,062
Accounts payable and accrued liabilities 2,626,504 1,039,179
Change in amounts payable to related parties (6,124) (2,500)
Deferred income taxes (702,594) (706,195)
Deferred revenue (42,840)
Deferred rent 140,820 188,363
Net cash provided by (used in) operating activities 575,218 (724,432)
Cash flows from investing activities:    
Purchase of property and equipment (2,392,864) (1,625,460)
Cash paid for acquisitions (50,000)
Proceeds from sale of property 461,158
Net cash used in investing activities (2,442,864) (1,164,302)
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 1,667,729 939,712
Proceeds from sale of redeemable preferred stock, net of offerring costs of $243,480 348,171
Loan proceeds 100,000 6,578,090
Payment of deferred financing costs (293,294)
Loan repayments (455,242) (6,187,738)
Payments on capital leases (28,405)
Distributions to non-controlling interest (142,225)
Contributions from non-controlling interest 900,000 725,000
Net cash provided by financing activities 2,070,262 2,081,536
Effect of exchange rate changes on cash (10,903) (22,884)
Net increase in cash and restricted cash 191,713 169,918
Cash and restricted cash, beginning of year 438,493 268,575
Cash and restricted cash, end of year 630,206 438,493
Supplemental cash flow information:    
Interest 553,898 839,816
Income taxes 40,589 27,631
Non-cash investing and financing activities:    
Convertible debt settled through issuance of common stock 200,000 625,000
Accrued interest settled through issuance of convertible debt 43,345 74,763
Preferred stock dividends paid through issuance of common stock 77,452 54,002
Commons stock issued in connection with working capital adjustment $ 27,018
Debt issued to fund acquisitions 196,366
Fixed asset additions included in accounts payable and accrued expenses at year end $ 510,788
Default interest liability paid in connection with warrants issued as part of debt modification $ 1,494,999