Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows from Operating Activities:    
Net income $ 5,662,435 $ 120,122
Less: Net income from discontinued operations (571,802) (610,772)
Gain on sale of discontinued operations (6,384,871) 0
Net loss from continuing operations (1,294,238) (490,650)
Adjustments to reconcile net loss from operations to cash used in operating activities of continuing operations:    
Stock-based compensation expense 314,686 3,751
Stock issued to directors as compensation 36,000 0
Amortization of deferred financing costs 0 4,737
Depreciation 9,909 7,977
Provision for doubtful accounts, net of recoveries 17,948 7,110
Changes in assets and liabilities:    
Accounts receivable (323,644) (316,963)
Inventories 88,484 175,669
Prepaid expenses and other current assets (171,854) (72,394)
Deposits and other long term assets (10,130) 0
Accounts payable 131,867 (174,712)
Accrued liabilities and expenses (74,142) 287,786
Deferred revenue 50,313 (30,871)
Related party payable (48,382) 0
Customer deposits 60,793 (18,316)
Income tax payable 139,884 0
Deferred lease liability (987) (606)
Net Cash Used In Operating Activities of Continuing Operations (1,073,493) (617,482)
Net Cash Provided By Operating Activities of Discontinued Operations 517,242 527,395
Net Cash Used In Operating Activities (556,251) (90,087)
Cash Flows From Investing Activities:    
Purchase of property and equipment 0 (2,743)
Net proceeds from sale of subsidiary 12,431,521 0
Change in restricted cash (900,000) 0
Net Cash Provided by (Used In) Investing Activities of Continuing Operations 11,531,521 (2,743)
Cash Flows From Financing Activities:    
Payments on notes payable 0 (53,594)
Net (payments) proceeds on line of credit (1,062,129) 160,000
Net Cash (Used in) Provided By Financing Activities of Continuing Operations (1,062,129) 106,406
Net increase in cash and cash equivalents 9,913,141 13,576
Cash and cash equivalents at the beginning of the period 791,858 951,249
Cash and cash equivalents at the end of the period 10,704,999 964,825
Cash transactions:    
Cash paid during the period for interest 10,484 11,684
Cash paid during the period for income taxes, net of refunds $ 0 $ 6,975