Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.8.0.1
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net (loss) income $ (11,423) $ 1,765,202
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,766,541 1,698,033
Amortization of debt issuance costs and debt discount 291,500 217,350
Provision for bad debt expense 8,060 13,849
Inventory reserve 68,501 26,425
Loss on extinguishment of debt   515,037
Change in estimated fair value of warrant liability 409,717 126,897
Deferred income tax provision 136,409 69,280
Share-based compensation 813,480 145,732
Unrealized foreign exchange (gains) losses on cash and cash equivalents (120,582) 31,886
Changes in operating assets and liabilities:    
Restricted cash (10,485) 13,282
Accounts receivable (172,567) (322,423)
Inventory (448,319) (177,511)
Prepaid expenses and other current assets (76,435) (126,176)
Accounts payable 573,470 (959,936)
Income tax payable (266,820) 596,935
Accrued expenses (221,632) 258,537
Deferred revenue 68,908 297,041
Jackpot liabilities 32,481 (15,711)
Deferred rent (14,938) (6,198)
Net cash provided by operating activities 2,825,866 4,167,531
Cash flows from investing activities:    
Investment in intangible assets (43,917)  
Acquisition of property and equipment (56,700) (82,702)
Net cash used in investing activities (100,617) (82,702)
Cash flows from financing activities:    
Proceeds from stock option exercises 35,000  
Debt issuance costs (17,091) (637,995)
Proceeds received from long-term debt   10,500,000
Principal payments on capital lease obligations (31,006) (59,197)
Principal payments on long-term debt (1,651,348) (12,121,613)
Net cash used in financing activities (1,664,445) (2,318,805)
Effect of exchange rate changes on cash 120,582 (31,886)
Net increase in cash and cash equivalents 1,181,386 1,734,138
Cash and cash equivalents – beginning of period 2,304,761 570,623
Cash and cash equivalents – end of period 3,486,147 2,304,761
Supplemental cash flow information:    
Cash paid for interest 1,407,840 1,221,390
Inventory transferred to assets deployed at client locations 282,797 135,681
Cash paid for income taxes $ 671,615 71,700
Supplemental non-cash financing activities information:    
Issuance of warrants in conjunction with term loan   796,719
Assets acquired under note payable   $ 108,055