Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows Used in Operating Activities    
Net loss $ (29,214,000) $ (33,982,000)
Adjustment to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 826,000 1,123,000
Amortization of intangible assets 2,545,000 3,633,000
Amortization of right of use asset 490,000 398,000
Stock based compensation 1,194,000 3,489,000
Amortization of technology 0 66,000
Loss on exchange of debt for equity 210,000 294,000
Amortization of debt discount 2,594,000 2,221,000
Accrued interest income, related party (32,000) 0
Provision for doubtful accounts 956,000 558,000
Provision for inventory obsolescence 138,000 0
Provision for the valuation allowance held for sale loan 2,370,000 10,627,000
Provision for the valuation allowance related party receivable 648,000 0
Income tax benefit (87,000) (584,000)
Other expenses (6,000) (223,000)
Changes in operating assets and liabilities:    
Accounts receivable and other receivables (964,000) 46,000
Inventory (117,000) 171,000
Prepaid expenses and other current assets (563,000) 156,000
Other assets (248,000) (412,000)
Accounts payable (1,815,000) 1,189,000
Accrued liabilities 269,000 521,000
Deferred revenue 242,000 (507,000)
Operating lease obligation (490,000) 0
Other liabilities 453,000 551,000
Total Adjustments 8,613,000 23,317,000
Net Cash Used in Operating Activities (20,601,000) (10,665,000)
Cash Flows Used in Investing Activities    
Purchase of property and equipment (972,000) (89,000)
Investment in capitalized software (862,000) (927,000)
Investment in short term investment (7,998,000) 0
Investment in Systat Licensing Agreement (2,200,000) 0
Investment in Ten Degrees (1,500,000) 0
Investment in Nanotron (7,786,000) 0
Investment in long term investment (2,500,000) 0
Cash paid for the acquisition of GTX 0 (250,000)
Cash paid for the acquisition of Locality 0 (204,000)
Cash paid for the acquisition of Jibestream 0 (3,714,000)
Cash acquired in the Locality acquisition 0 70,000
Cash acquired in the Jibestream acquisition 0 6,000
Cash acquired in the Nanotron acquisition 311,000 0
Net Cash Flows Used in Investing Activities (23,507,000) (5,108,000)
Net Cash Provided by (Used in) Financing Activities [Abstract]    
Net (repayments) proceeds to bank facility (150,000) 127,000
Net proceeds from issuance of common stock, preferred stock and warrants 55,352,000 20,725,000
Repayment of notes payable (74,065) (70,000)
Loans to related party (2,569,000) (10,276,000)
Repayments from related party 200,000 1,832,000
Advances to related party 0 (31,000)
Loan to Jibestream 0 (141,000)
Loan to GTX 0 (50,000)
Net proceeds from promissory notes 5,000,000 7,500,000
Repayment of acquisition liability to Locality shareholders (500,000) (210,000)
Net Cash Provided By Financing Activities 57,259,000 19,406,000
Effect of Foreign Exchange Rate on Changes on Cash (4,000) 68,000
Net Increase in Cash, Cash Equivalents and Restricted Cash 13,147,000 3,701,000
Cash, Cash Equivalents and Restricted Cash - Beginning of period 4,849,000 1,148,000
Cash, Cash Equivalents and Restricted Cash - End of period 17,996,000 4,849,000
Cash paid for:    
Interest 4,000 20,000
Income Taxes 0 0
Non-cash investing and financing activities    
Common shares issued for extinguishment of liability 200,000 1,130,000
Common shares issued for extinguishment of debt 9,936,000 7,302,000
Right of use asset obtained in exchange for lease liability 557,000 1,675,000
Common shares issued for GTX acquisition 0 650,000
Common shares issued for Locality acquisition 0 513,000
Common shares issued for Jibestream acquisition 0 1,349,000
Common shares issued for Ten Degrees acquisition $ 600,000 $ 0