• Filing Date: 2018-11-13
  • Form Type: 10-Q
  • Description: Quarterly report
v3.10.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (3,618,967) $ (1,913,460)
Adjustments to reconcile net loss income to net cash used in operating activities:    
Depreciation 259,139 77,023
Provision for losses on accounts receivable 0 24,000
Deferred taxes 0 (964,377)
Share-based compensation 295,684 227,470
Amortization of financing costs 68,829 0
Deferred rent (11,213) (18,588)
Warrant expense 0 67,491
Change in fair value of derivative liability (77,377) 0
Amortization of intangibles 772,833 327,120
Changes in operating assets and liabilities    
Accounts receivable (103,496) (870,426)
Inventory 30,985 (1,460)
Deposits 0 (105)
Prepaid expenses and other current assets 283,742 (50,909)
Accounts payable 801,095 (196,460)
Accrued expenses and other current liabiltities 219,423 987,522
Deferred revenue (20,333) 50,007
Note receivable 0 51,000
Net cash used in operating activities (1,099,656) (2,204,152)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of note receivable 1,475,000 0
Capital expenditures (955,730) (52,985)
Net cash provided by (used in) investing activities 519,270 (52,985)
CASH FLOWS FROM FINANCING ACTIVITIES    
Deferred stock offering costs 0 75,655
Repayments of short-term borrowings (1,571,984) 0
Proceeds from notes payable 2,000,000 47,341
Acquisition of Firestorm - net of cash acquired 0 (417,704)
Acquisition of Brekford - net of cash acquired 0 1,943,777
Net proceeds from exercise of options 23,450 0
Net proceeds from issuance of preferred stock 0 1,745,347
Payment of preferred dividends (344,724) (163,601)
Net cash provided by financing activities 106,742 3,230,815
Net increase (decrease) in cash and cash equivalents (473,644) 973,678
Cash and cash equivalents at beginning of year 1,957,212 2,788,587
Cash and cash equivalents at end of period $ 1,483,568 $ 3,762,265