v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net (loss) income $ (3,603,749) $ 313,972
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 726,085 55,973
Stock-based compensation 841,741 139,573
Income tax benefit (944,344) 0
Amortization of right-of-use assets 90,396 246,215
Non-cash interest expense 39,137 0
Change in fair value of contingent consideration (930,000) 0
Changes in operating assets and liabilities:    
Accounts receivable (1,918,274) (43,819)
Prepaid expenses and other current assets (21,189) 10,997
Contract assets 0 (266,580)
Accounts payable 896,446 359,906
Contract liabilities (20,992) (841,000)
Accrued payroll and related liabilities and other accrued liabilities 556,220 80,504
Operating lease liability (93,932) (246,319)
Commissions payable 25,977 74,448
Net cash used in operating activities (4,356,478) (116,130)
Cash flows from investing activities    
Acquisition of property and equipment (31,033) (22,454)
Acquisition of Tellenger, net of cash acquired 0 (2,233,884)
Net cash used in investing activities (31,033) (2,256,338)
Cash flows from financing activities    
Borrowing under revolving line of credit 0 402,306
Short-term borrowing - acquisition 0 150,000
Borrowing under long-term note 0 1,000,000
Repayments of long-term note 0 (83,333)
Proceeds from issuance of stock 0 494,554
Proceeds from exercise of stock options 35,191 83,545
Net cash provided by financing activities 35,191 2,047,072
Net decrease in cash and cash equivalents (4,352,320) (325,396)
Cash and cash equivalents, beginning of year 4,931,302 1,858,160
Cash and cash equivalents, end of year 578,982 1,532,764
Supplemental cash flow Information    
Interest paid (1,002) (11,422)
Non-cash investing and financing activities    
Value of common stock issued in connection with the acquisition of Tellenger $ 0 $ 200,000

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