Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash Flows from Operating Activities:    
Net loss $ (188,493) $ (925,723)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 614,449 221,622
Net gain on equity method investment (17,863)
Bad debt 22,157
Impairment of employee loans 85,800
Stock-based compensation 183,703 48,560
Changes in Assets and Liabilities:    
Accounts receivable 401,122 (254,934)
Other assets (20,832) 22,430
Prepaid expenses and other current assets 111,215 12
Employee loan (3,000)
Accounts payable and accrued expenses (266,270) 701,747
Deferred revenue (352,372) 152,683
Deferred rent (843) 653
Net Cash Provided by Operating Activities 478,679 57,144
Cash Flows from Investing Activities:    
Cash acquired in acquisition 241,583
Net Cash Provided by Investing Activities 241,583
Cash Flows from Financing Activities:    
Repayments of capital lease obligations (428,559) (200,663)
Repayments of credit line (50,412) (99,292)
Proceeds from related party loans 190,000
Repayments of related party loans (150,386)
Net Cash Used in Financing Activities (629,357) (109,955)
Increase (Decrease) in Cash and Cash Equivalents (150,678) 188,772
Cash and Cash Equivalents, Beginning of Year 255,817 67,045
Cash and Cash Equivalents, End of Year 105,139 255,817
Cash paid for interest 106,906 228,276
Cash paid for income taxes
Non-cash investing and financing activities:    
Acquisition of equipment under capital lease in connection with asset purchase agreement 25,292
Assets acquired by capital lease 1,836,714
Accrual of preferred stock dividend 114,536 106,065
Stock issued in connection with Asset Purchase Agreement 64,670
Stock issued in connection with convertible debt conversion $ 26,781