v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net (loss) income $ (2,078,307) $ 270,815
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation and amortization 363,345 5,383
Stock-based compensation 312,176 27,711
Income tax benefit (726,006) 0
Amortization of right-of-use assets 44,919 25,494
Non-cash interest expense 19,319 0
Change in fair value of contingent consideration liability 12,609 0
Changes in operating assets and liabilities:    
Accounts receivable (7,210) 256,268
Prepaid expenses and other current assets (181,729) 36,476
Contract assets 0 (131,943)
Other assets 0 33,513
Accounts payable (348,176) 88,567
Contract liabilities (37,143) (491,388)
Accrued payroll and related liabilities and other accrued liabilities 699,898 (25,986)
Operating lease liability (46,615) (27,232)
Commissions payable 25,793 95,168
Net cash (used in) provided by operating activities (1,947,127) 162,846
Cash flows from investing activities    
Acquisition of property and equipment (11,773) (4,612)
Net cash used in investing activities (11,773) (4,612)
Cash flows from financing activities    
Borrowing under revolving line of credit 0 500,000
Proceeds from issuance of stock 0 495,999
Proceeds from exercise of stock options 26,799 3,550
Net cash provided by financing activities 26,799 999,549
Net (decrease) increase in cash and cash equivalents (1,932,101) 1,157,783
Cash and cash equivalents, beginning of year 4,931,302 1,858,160
Cash and cash equivalents, end of year 2,999,201 3,015,943
Supplemental cash flow Information    
Interest paid $ (1,002) $ 0

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