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 $ (53,822,928) $ (14,116,401)
Adjustment to reconcile net loss to net cash used in operating activities:    
Equity in losses of investee   7,564
Change in fair value of contingent consideration (3,000,000)
Bad debt expense 271,474 254,029
Stock-based compensation expense 697,377 1,584,751
Loss on write off of fixed assets 1,045,179
Gain on forgiveness of PPP loan (2,234,730)
Impairment of long-lived assets 39,600,587
Amortization of deferred contract cost 275,949 356,528
Non-cash interest expense 183,723 1,161,393
Depreciation and amortization 6,094,963 3,605,435
Foreign currency loss 4,718 21,496
Change in fair value of convertible notes 2,840,000 2,030,904
Change in fair value of derivative liability (54,153) (151,175)
Changes in operating assets and liabilities:    
Accounts receivable, net (313,176) 462,482
Prepaid expenses and other current and noncurrent assets (215,228) 66,246
Accounts payable, accrued expenses and other accrued liabilities (1,356,709) 1,756,671
Deferred income tax liabilities (243,838)
Deferred revenue (1,413,665) (927,916)
Net cash used in operating activities (10,450,906) (5,077,544)
Cash flows from investing activities    
Developed software additions (3,324,029) (3,354,453)
Fixed asset additions (27,383) (11,535)
Cash returned from business combination working capital settlement 400,000
Net cash used in investing activities (2,951,412) (3,365,988)
Cash flows from financing activities    
Value of shares withheld related to tax withholdings (13,167) (437,554)
Proceeds from unit and pre-funded unit offering, net 9,178,960
Proceeds from exercise of pre-funded warrants 1
Principal payments of convertible notes (1,432,273) (1,164,706)
Proceeds from the ATM offering program, net 761,178 1,828,116
Net cash provided by financing activities 8,494,699 225,856
Effect of exchange rate changes on cash and restricted cash (35,984) (5,915)
Net change in cash and restricted cash (4,943,603) (8,223,591)
Cash and restricted cash - beginning of period 14,442,526 18,340,640
Cash and restricted cash - end of period 9,498,923 10,117,049
Cash paid for interest 234,227 105,882
Cash paid for income taxes, net of refunds received 12,200 10,570
Supplemental disclosures of non-cash investing and financing activities:    
Settlement of convertible notes in common stock 3,925,500 10,448,932
Conversion of exchangeable shares to common stock 138,419 17,452,497
Settlement of other liabilities in common stock 49,530 377,315
Stock-based compensation capitalized as software development 14,046
Vesting of restricted stock units 50,000
Capitalized software included in accrued expenses 32,473
Shares returned in connection with 365 Cannabis acquisition 940,000
365 Cannabis working capital reduction to accrued expenses $ 160,000

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