Cash Flow

v3.19.2
Condensed Consolidated Statement of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (1,462,444) $ (1,987,005)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 6,301 1,879
Amortization of intangible assets 72,562 294,632
Bad debt expense (benefit) (54,000)
Interest income on short-term investment (4)
Stock-based compensation 339,361 165,314
Changes in operating assets and liabilities:    
Accounts receivable 351,820 778,191
Cost and estimated earnings in excess of billings on uncompleted contracts 239,524 (70,217)
Prepaid expenses and other current assets 756,393 (52,436)
Accounts payable and accrued expenses (846,261) (159,237)
Billings in excess of costs and estimated earnings on uncompleted contracts (1,150,458) (847,580)
Net cash used in operating activities (1,747,202) (1,876,463)
Cash flows provided by investing activities:    
Proceeds from short-term investment 30,037
Purchase of property, plant and equipment (3,784)
Net cash used in investing activities 26,253
Cash flows from financing activities:    
Proceeds from public stock offering, net of issuance costs 552,709
Net cash provided by financing activities 552,709
Net decrease in cash and cash equivalents (1,194,493) (1,850,210)
Cash and cash equivalents - beginning of period 1,368,395 4,870,824
Cash and cash equivalents - end of period 173,902 3,020,614
Supplemental disclosure of non-cash investing and financing activities:    
Non cash conversion of salary liability to restricted stock units $ 108,629

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