Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net loss $ (2,474,628) $ (21,952,893)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on sale of discontinued operations, net 212,601
Credit loss expense 62,524 174,794
Stock-based compensation expense 109,133 304,237
Impairment of long-lived assets 15,478,521
Amortization of deferred contract cost 24,014 113,251
Depreciation and amortization 316,303 1,993,391
Foreign currency (gain) loss (26,920) 5,596
Change in fair value of convertible notes 155,457 1,433,000
Change in fair value of derivative liability (18,051)
Changes in operating assets and liabilities:    
Accounts receivable, net (20,397) (1,335,939)
Prepaid expenses and other current assets 195,229 178,869
Accounts payable, accrued expenses and other current liabilities (409,119) 445,969
Deferred income tax liabilities (110,107)
Deferred revenue (256,630) (296,032)
Net cash used in operating activities (2,537,635) (3,585,394)
Cash flows from investing activities    
Developed software additions (647,022)
Proceeds from sale of discontinued operations 600,000
Net cash provided by (used in) investing activities 600,000 (647,022)
Cash flows from financing activities    
Value of shares withheld related to tax withholdings (49) (5,615)
Principal payments of convertible notes (4,917,356)
Net cash used in financing activities (4,917,405) (5,615)
Effect of exchange rate changes on cash and restricted cash 53,364 (8,544)
Net change in cash and restricted cash (6,801,676) (4,246,575)
Cash and restricted cash of continuing operations - beginning of period 7,877,755 13,087,627
Cash and restricted cash of discontinued operations - beginning of period 305,500 1,354,899
Cash and restricted cash - beginning of period 8,183,255 14,442,526
Cash and restricted cash of continuing operations - end of period 1,381,579 9,498,205
Cash and restricted cash of discontinued operations - end of period 697,746
Cash and restricted cash - end of period 1,381,579 10,195,951
Cash paid for interest 787,187
Cash paid for income taxes, net of refunds received 5,210
Supplemental disclosures of non-cash investing and financing activities:    
Settlement of convertible notes in common stock 1,397,101 3,300,000
Conversion of exchangeable shares to common stock 4,896 18,620
Settlement of other liabilities in common stock 45,065
Stock-based compensation capitalized as software development 12,618
Capitalized software additions included in accounts payable 1,114,108
Fixed asset additions included in accounts payable 24,614
Termination of contingent consideration obligation in connection with sale of discontinued operations 2,283,806
Shares of common stock returned in connection with acquisition 940,000
Acquisition-related working capital adjustment recorded in other current assets 400,000
Reduction to accrued expenses from an acquisition-related working capital settlement $ 160,000