Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (51,518,840) $ (12,562,954)
Adjustment to reconcile net loss to net cash used in operating activities:    
Equity in losses of investment 7,564
Bad debt 112,475 150,294
Stock-based compensation expense, net 477,681 1,074,621
Loss on write off of fixed assets 1,045,180
Impairment of long-lived assets 39,600,587
Amortization of deferred contract cost 205,408 242,110
Non-cash interest expense 60,500 926,968
Depreciation and amortization 3,976,224 2,367,014
Foreign currency loss (gain) 14,689 (17,344)
Change in fair value of convertible notes 1,727,000 2,007,677
Change in fair value of derivative liability (51,896) 42,871
Changes in operating assets and liabilities:    
Accounts receivable (580,387) 286,118
Prepaid expenses and other current assets 23,530 (115,934)
Accounts payable and accrued liabilities 119,355 1,463,669
Deferred income tax liabilities (206,805)
Deferred revenue (1,146,966) (633,052)
Net cash used in operating activities (7,187,445) (3,715,198)
Cash flows from investing activities:    
Developed software additions (1,737,120) (2,004,609)
Fixed asset additions (27,383)
Cash returned from business combination working capital settlement 400,000
Net cash used in investing activities (1,364,503) (2,004,609)
Cash flows from financing activities:    
Value of shares withheld related to tax withholdings (13,167) (333,847)
Principal payments of convertible notes (1,515,000)
Proceeds received from stock offering, net 761,178
Net cash used in financing activities (766,989) (333,847)
Effect of exchange rate changes on cash and restricted cash 9,225 (124)
Net change in cash and restricted cash (9,309,712) (6,053,778)
Cash and restricted cash - beginning of period 14,442,526 18,340,640
Cash and restricted cash - end of period 5,132,814 12,286,862
Cash paid for interest 151,500 50,854
Cash paid for taxes 19,466 64,963
Supplemental Disclosure of non-cash investing and financing activity:    
Settlement of convertible notes in common stock 3,925,500 10,196,382
Conversion of exchangeable shares to common stock 138,419 12,453,853
Settlement of other liabilities in common stock 49,528 377,325
Stock-based compensation capitalized as software development 12,618
Vesting of restricted stock units 7
Capitalized software included in accrued expenses 1,045,299
Shares returned in connection with 365 Cannabis acquisition 940,000
365 Cannabis working capital reduction to accrued expenses $ 160,000