Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net (loss) income $ (8,304,268) $ 218,445
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 1,083,266 111,123
Goodwill impairment 2,254,624 0
Stock-based compensation 1,455,835 220,455
Deferred income tax benefit (1,013,252) 0
Amortization of right-of-use assets 136,441 54,652
Non-cash interest expense 59,467 0
Change in fair value of contingent consideration (930,000) 0
Changes in operating assets and liabilities:    
Accounts receivable 132,688 (820,954)
Prepaid expenses and other current assets 84,842 (140,015)
Contract assets 0 210,688
Accounts payable (422,939) 508,408
Contract liabilities (149,149) (868,839)
Accrued payroll and related liabilities and other accrued liabilities 653,786 63,404
Operating lease liability (142,420) (37,989)
Commissions payable 846 54,812
Net cash used in operating activities (5,100,233) (425,810)
Cash flows from investing activities    
Acquisition of property and equipment (234,060) (56,010)
Acquisition of Tellenger, net of cash acquired 0 (2,233,884)
Net cash used in investing activities (234,060) (2,289,894)
Cash flows from financing activities    
Borrowing under revolving line of credit 0 502,306
Repayments under revolving line of credit 0 (100,000)
Borrowing under long-term note 0 1,000,000
Repayments of long-term note 0 (251,849)
Proceeds from issuance of stock 1,887,000 3,294,554
Proceeds from exercise of stock options 37,642 95,146
Net cash provided by financing activities 1,924,642 4,540,157
Net (decrease) increase in cash and cash equivalents (3,409,651) 1,824,453
Cash and cash equivalents, beginning of year 4,931,302 1,858,160
Cash and cash equivalents, end of year 1,521,651 3,682,613
Supplemental cash flow Information    
Interest paid (1,002) (32,197)
Tellenger, Inc. [Member]    
Non-cash investing and financing activities    
Stock Issued 0 200,000
Common Stock Purchase Agreement [Member]    
Non-cash investing and financing activities    
Stock Issued $ 112,500 $ 0