Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (17,753,838) $ (1,131,449)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,443,314 236,598
Impairment of long-lived assets 3,762,915 0
Goodwill impairment 6,460,168 0
Stock-based compensation 1,967,927 1,868,897
Gain on forgiveness of note payable 0 (450,000)
Deferred income tax expense (benefit) (1,108,383) (1,070,854)
Amortization of right-of-use assets 183,070 621,491
Amortization of right-of-use assets (183,070) (621,491)
Accretion of deferred acquisition consideration 80,098 0
Change in fair value of contingent consideration (930,000) 0
Changes in operating assets and liabilities:    
Accounts receivable 35,303 388,840
Prepaid expenses and other current assets (15,455) (127,882)
Contract assets 0 210,688
Other assets (2,205) (12,138)
Accounts payable (76,710) (111,797)
Contract liabilities (4,079) (760,049)
Accrued payroll and related liabilities and other accrued liabilities 235,259 149,345
Operating lease liability (192,128) 653,653
Commissions payable (99,217) 42,624
Net cash used in operating activities (6,013,961) (735,015)
Cash flows from investing activities    
Acquisition of property and equipment (535,902) (69,754)
Net cash used in investing activities (535,902) (9,582,184)
Cash flows from financing activities    
Borrowing under revolving line of credit 425,000 602,306
Repayments under revolving line of credit 0 (602,306)
Borrowing under long-term note 0 1,000,000
Repayments of long-term note 0 (1,000,000)
Proceeds from issuance of stock 1,887,000 13,294,554
Proceeds from exercise of stock options 37,642 95,787
Net cash provided by financing activities 2,349,642 13,390,341
Net (decrease) increase in cash and cash equivalents (4,200,221) 3,073,142
Cash and cash equivalents, beginning of year 4,931,302 1,858,160
Cash and cash equivalents, end of year 731,081 4,931,302
Supplemental Cash Flow Information    
Interest paid (1,250) (35,202)
Non-cash investing and financing activities    
Forgiveness of note payable 0 450,000
Deferred and contingent consideration in connection with the acquisition of Gray Matters, Inc. 0 2,265,000
Tellenger, Inc. [Member]    
Cash flows from investing activities    
Acquisition of Gray Matters, net of cash acquired 0 (2,233,884)
Non-cash investing and financing activities    
Stock Issued 0 200,000
Gray Matters [Member]    
Adjustments to reconcile net loss to net cash used in operating activities:    
Goodwill impairment 6,460,168  
Cash flows from investing activities    
Acquisition of Gray Matters, net of cash acquired 0 (7,278,546)
Non-cash investing and financing activities    
Stock Issued 0 1,500,000
Common Stock Purchase Agreement [Member]    
Non-cash investing and financing activities    
Stock Issued $ 150,000 $ 0