Previous post wasn't complete..the complete report page is posted here. Apologies...
The Ashton Technology Group, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended September 30,
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1998 1999
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Net loss................................................................... $ (9,042,909) $ (7,468,111)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization............................................. 281,983 508,676
Non-cash compensation charges............................................. 4,626,136 ---
Common stock issued for consulting services............................... 289,062 285,208
Common stock issued in connection with termination agreement.............. --- 416,632
Changes in operating assets and liabilities
Increase in accounts receivable and prepayments........................... (183,095) (1,143,180)
Increase in notes receivable.............................................. (380,000) ---
Decrease in stock subscriptions receivable................................ 245,000 ---
Decrease in other assets.................................................. 6,456 99,164
(Decrease)/ increase in accounts payable and accrued expenses............. (1,517,330) 332,059
Increase in other liabilities............................................. 9,000 340,284
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Net cash used in operating activities................................. (5,665,697) (6,629,268)
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CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments available for sale................................ --- (9,968,771)
Purchase of fixed assets.................................................. (382,769) (1,460,312)
Cash received from notes receivable....................................... 50,399 45,753
Capitalized software development costs.................................... (61,375) ---
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Net cash used in investing activities................................. (393,745) (11,383,330)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Preferred stock dividends paid in cash.................................... (319,062) (156,655)
Issuance costs for common stock........................................... (150,000) (575,000)
Proceeds from issuance of common stock.................................... 1,500,000 5,750,000
Proceeds from exercise of stock options and warrants to purchase common
stock.................................................................... --- 2,158,713
Issuance costs for preferred stock........................................ (864,628) (682,563)
Proceeds from issuance of preferred stock................................. 6,275,000 20,000,000
Issuance costs for Gomez preferred stock.................................. --- (611,898)
Proceeds from issuance of Gomez preferred stock........................... --- 5,500,000
Proceeds from issuance of Gomez common stock.............................. --- 500
Issuance costs for UTTC(TM) preferred stock............................... --- (11,673)
Proceeds from issuance of UTTC(TM) preferred stock........................ --- 2,000,000
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Net cash provided by financing activities............................. 6,441,310 33,371,424
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NET INCREASE IN CASH AND CASH EQUIVALENTS.................................. $ 381,868 $ 15,358,826
Cash and cash equivalents, beginning of period............................. 815,680 2,667,347
Cash and cash equivalents, end of period................................... $ 1,197,548 $ 18,026,173 |
