Registration of securities issued in business combination transactions

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net Income (loss) $ (1,265,099) $ (8,304,268)
Adjustments to reconcile net loss to net cash used in operating activities:    
Loss from discontinued operations 335,993 3,052,648
Depreciation and amortization 164,471 165,770
Stock-based compensation 557,147 1,187,552
Deferred income tax expense 0 775,257
Amortization of right-of-use assets 96,972 136,441
Accretion of deferred acquisition consideration 27,370 59,467
Gain on litigation settlement (1,442,468) 0
Gain on sale of equity investment and settlement of contingent consideration receivable (382,525) 0
Equity in loss of affiliate 245,525 0
Changes in operating assets and liabilities:    
Accounts receivable 149,779 132,688
Prepaid expenses and other current assets 61,925 84,842
Other assets 58,682 0
Accounts payable (77,894) (422,939)
Contract liabilities (156,730) (149,149)
Accrued payroll and related liabilities and other accrued liabilities (139,106) 653,786
Operating lease liability (153,635) (142,420)
Commissions payable (100,737) 846
Cash used in operating activities of continuing operations (2,020,330) (2,769,479)
Cash used in operating activities of discontinued operations (693,106) (2,330,754)
Net cash used in operating activities (2,713,436) (5,100,233)
Cash flows from investing activities    
Acquisition of property and equipment 0 (234,060)
Proceeds from sale of equity investment and settlement of contingent consideration receivable 1,400,000 0
Proceeds from disposal of business 935,974 0
Net cash provided by (used in) investing activities 2,335,974 (234,060)
Cash flows from financing activities    
Borrowings under revolving line of credit 575,000 0
Repayments under revolving line of credit (500,000) 0
Premium financing borrowings 305,759 0
Premium financing repayments (211,688) 0
Proceeds from issuance of stock 347,108 1,887,000
Proceeds from exercise of stock options 7,400 37,642
Net cash provided by financing activities 523,579 1,924,642
Net increase (decrease) in cash and cash equivalents 146,117 (3,409,651)
Cash and cash equivalents, beginning of period 731,081 4,931,302
Cash and cash equivalents, end of period 877,198 1,521,651
Supplemental cash flow Information    
Interest paid 18,356 1,002
Non-cash investing and financing activities:    
Non-cash proceeds on disposal of business 1,263,000 0
Value of common stock issued in connection with common stock purchase agreement $ 0 $ 112,500