Cash Flow

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net loss $ (3,065,487) $ (3,439,303)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 3,227 2,083
Amortization of discount on convertible debentures 330,388
Amortization of intangible assets 442,031 440,507
Interest income on short-term investment (4) (12)
Loss on conversion of convertible debentures 1,018,475
Change in fair value of financial instruments (96,327)
Stock-based compensation 282,416 649,204
Loss on equity affiliates 960
Changes in operating assets and liabilities:    
Accounts receivable 247,670 (122,679)
Costs and estimated earnings in excess of billings on uncompleted contracts (46,514) (25,875)
Prepaid expenses and other current assets (17,922) (4,453)
Inventory 9,445
Intangible assets (28,820)
Accounts payable and accrued expenses (160,480) 576,952
Billings in excess of costs and estimated earnings on uncompleted contracts 408,692 754,437
Deferred revenue (72,788)
Net cash used in operating activities (1,905,411) (8,766)
Cash flows from investing activities:    
Purchase of property, plant and equipment (69,137) (4,192)
Purchase of intangible asset (5,000)
Proceeds from short-term investment 30,037
Investment in and advances to equity affiliates (7,916)  
Net cash used in investing activities (52,016) (4,192)
Cash flows from financing activities:    
Proceeds from public stock offering, net of offering costs 7,062,194
Payments on convertible debentures (1,500,000)
Net cash provided by financing activities 5,562,194
Net increase (decrease) in cash and cash equivalents (1,957,427) 5,549,236
Cash and cash equivalents - beginning of period 4,870,824 549,100
Cash and cash equivalents - end of period 2,913,397 6,098,336
Supplemental disclosure of non-cash financing activities:    
Conversion of convertible debentures to common stock 2,583,334
Conversion of preferred stock to common stock $ 1,801,670

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