v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (5,324,329) $ (3,487,641)
Adjustments to reconcile net loss to net cash flows from operating activities:    
Depreciation and amortization 1,096,417 1,070,993
Amortization of operating lease assets 931,722
Asset impairment charges 1,369,081 1,731,267
Write-off investment in HOA 435,000
Common stock and warrants issued for services 23,747 129,767
Stock based compensation 111,087
Loss on investments 29,239
Gain on tax settlements (204,162)
Amortization of debt discount and discount on preferred stock 17,391 591,830
Change in assets and liabilities:    
Accounts and other receivables (137,789) (241,772)
Prepaid and other assets (78,295) (412,423)
Inventory 41,205 60,093
Accounts payable and accrued liabilities 2,449,648 849,132
Change in amounts payable to related parties (48,318)
Deferred income taxes 43,150 (572,994)
Operating lease liabilities (941,131)
Deferred revenue (166,975)
Deferred rent (119,089)
Net cash flows from operating activities (353,312) (400,837)
Cash flows from investing activities:    
Purchase of property and equipment (518,619) (664,801)
Proceeds from tenant improvement allowances 141,860
Cash paid for acquisitions (30,000)
Proceeds from sale of assets 173,977
Net cash flows from investing activities (202,782) (694,801)
Cash flows from financing activities:    
Proceeds from sale of common stock and warrants 1,687,184
Loan proceeds 304,174
Loan repayments (347,680) (207,531)
Distributions to non-controlling interest (27,583) (42,603)
Contributions from non-controlling interest 575,000 750,000
Net cash flows from financing activities 503,911 2,187,050
Effect of exchange rate changes on cash 1,319 (17,763)
Net increase (decrease) in cash and restricted cash (50,864) 1,073,649
Cash and restricted cash, beginning of period 630,206 438,493
Cash and restricted cash, end of period 579,342 1,512,142
Supplemental cash flow information:    
Interest 312,438 272,784
Income taxes 92,576 73,112
Non-cash investing and financing activities:    
Convertible debt settled through issuance of common stock 200,000
Convertible debt and notes payable settled through subscriptions in the rights offering 3,075,000
Subscriptions receivable from rights offering, net 2,694,530
Preferred stock dividends paid through issuance of common stock $ 38,618 $ 38,622

Source