Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net income (loss) $ (1,131,449) $ 413,379
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation and amortization 236,598 12,062
Stock-based compensation 1,868,897 27,628
Gain on forgiveness of note payable (450,000) 0
Income tax benefit (1,070,854)
Changes in operating assets and liabilities:    
Accounts receivable 388,840 (773,519)
Prepaid expenses and other current assets (127,882) 357,393
Contract assets 210,688 (210,688)
Other assets 20,024 0
Accounts payable (111,797) (112,581)
Contract liabilities (760,049) 482,661
Accrued payroll and related liabilities and other accrued liabilities 149,345 153,362
Commissions payable 42,624 73,568
Net cash (used in) provided by operating activities (735,015) 423,265
Cash flows from investing activities    
Acquisition of property and equipment (69,754) (64,547)
Net cash used in investing activities (9,582,184) (64,547)
Cash flows from financing activities    
Borrowing under revolving line of credit 602,306 0
Repayments under revolving line of credit (602,306) 0
Borrowings under notes payable 1,000,000 450,000
Repayments of notes payable (1,000,000) 0
Net proceeds from issuance of stock 13,294,554 0
Proceeds from exercise of stock options 95,787 10,000
Net cash provided by financing activities 13,390,341 460,000
Net increase in cash and cash equivalents 3,073,142 818,718
Cash and cash equivalents, beginning of year 1,858,160 1,039,442
Cash and cash equivalents, end of year 4,931,302 1,858,160
Supplemental cash flow Information    
Interest paid (35,202) 0
Non-cash investing and financing activities    
Forgiveness of note payable 450,000 0
Deferred and contingent consideration in connection with the acquisition of Gray Matters, Inc. 2,265,000 0
Gray Matters [Member]    
Cash flows from investing activities    
Acquisition of business, net of cash acquired (7,278,546) 0
Non-cash investing and financing activities    
Value of common stock issued 1,500,000 0
Tellenger, Inc. [Member]    
Cash flows from investing activities    
Acquisition of business, net of cash acquired (2,233,884) 0
Non-cash investing and financing activities    
Value of common stock issued $ 200,000 $ 0