Epazz Inc (EPAZ)

[surfkast]

We had total current liabilities of $3,720,799 as of December 31, 2014, consisting of $419,206 of accounts payable, $88,026 of accrued expenses, $469,937 of deferred revenues, current portion of outstanding balances on lines of credit of $80,239, current portion of capitalized leases in the amount of $5,890, notes payable, related parties of $1,221,323, current maturities on convertible debentures of $88,739, net of discounts of $131,774, and current maturities on long term debts in the amount of $1,219,669.

We had negative working capital of $3,453,062 and a total accumulated deficit of $15,169,401 as of December 31, 2014.

We had total liabilities of $5,005,501 as of December 31, 2014, which included total current liabilities of $3,720,799, and the long-term portion of debts of $1,284,702.

We had net cash used in operating activities of $678,907 for the year ended December 31, 2014, which was primarily due to our net loss of $7,667,407 after adjustments for non-cash expenses, a decrease of $1,130 in accounts receivable and an increase of $56,247 of other current assets, an increase of $161,043 in accounts payable, and increase of $141,757 in accrued expenses and $43,661 in deferred revenues.