Cash Flow

v3.19.3
Condensed Consolidated Statement of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net loss $ (2,787,913) $ (3,065,487)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 8,697 3,227
Amortization of intangible assets 108,843 442,031
Bad debt expense (benefit) (54,000)
Interest income on short-term investment (4)
Stock-based compensation 482,139 282,416
Loss on asset disposal 52,039
Loss on equity affiliates 960
Changes in operating assets and liabilities:    
Accounts receivable 363,987 247,670
Costs and estimated earnings in excess of billings on uncompleted contracts 251,636 (46,514)
Prepaid expenses and other current assets 821,802 (17,922)
Accounts payable and accrued expenses (653,821) (160,480)
Billings in excess of costs and estimated earnings on uncompleted contracts (1,093,796) 408,692
Net cash used in operating activities (2,500,387) (1,905,411)
Cash flows from investing activities:    
Proceeds from short-term investment 30,037
Purchase of property, plant and equipment (2,070) (69,137)
Purchase of intangible asset (5,000)
Investment in and advances to equity affiliates (7,916)
Net cash used in investing activities (2,070) (52,016)
Cash flows from financing activities:    
Proceeds from public stock offering, net of issuance costs 1,136,015
Net cash provided by financing activities 1,136,015
Net decrease in cash and cash equivalents (1,366,442) (1,957,427)
Cash and cash equivalents - beginning of period 1,368,395 4,870,824
Cash and cash equivalents - end of period 1,953  
Supplemental disclosure of non-cash operating activities:    
Non cash conversion of accrued salary to restricted stock units $ 162,941

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