Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash Flows from Operating Activities:    
Net loss $ (350,821) $ (479,413)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 352,660 369,914
Amortization of debt discount 11,901 5,950
Non cash interest expense 63,185 24,795
Deferred compensation 4,913   
Net (Gain) loss attributable to joint venture (19,538) 2,243
Allowance for doubtful accounts    3,199
Stock based compensation 69,627 116,251
Changes in Assets and Liabilities:    
Accounts receivable (25,845) (53,223)
Other assets 1,146 (1,948)
Prepaid expenses and other current assets 133,567 105,071
Employee loan (10,370) (13,300)
Accounts payable and accrued expenses (159,990) 117,096
Deferred revenue (81,485) (112,265)
Deferred rent (5,187) (4,030)
Due to related party 21,864 23,241
Net Cash Provided by Operating Activities 5,627 134,477
Cash Flows from Investing Activities:    
Capital expenditures    (167,655)
Investment in joint venture    (15,800)
Net Cash Used in Investing Activities    (183,455)
Cash Flows from Financing Activities:    
Issuance of convertible debt    100,000
Repayments of capital lease obligations (5,477) (89,154)
Repayments of loan obligations      
Repayment of contingent consideration (6,204) (3,105)
Advances from officer 126,489 43,685
Net Cash Provided by Financing Activities 114,808 51,426
Increase in Cash and Cash Equivalents 120,435 2,448
Cash and Cash Equivalents, Beginning of Period 87,675 72,756
Cash and Cash Equivalents, End of Period 208,110 75,204
Cash paid for interest 13,071 4,559
Cash paid for income taxes      
Non cash investing and financing activities:    
Accrual of preferred stock dividend    12,500
Warrants issued with convertible debt    17,851
Acquisition of equipment under capital lease $ 30,270