Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (8,151,516) $ (53,822,928)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on sale of discontinued operations, net (212,601)
Credit loss expense 24,194 254,029
Stock-based compensation expense 317,706 697,377
Impairment of long-lived assets 892,103 39,600,587
Amortization of deferred contract cost 39,285 275,949
Non-cash interest expense 183,723
Depreciation and amortization 771,473 6,094,963
Foreign currency (gain) loss (22,139) 4,718
Change in fair value of convertible notes 863,457 2,840,000
Change in fair value of derivative liability (54,153)
Changes in operating assets and liabilities:    
Accounts receivable, net 113,797 (313,176)
Prepaid expenses and other current assets 388,312 (215,228)
Accounts payable, accrued expenses and other current liabilities 109,687 1,356,709
Deferred income tax liabilities (243,838)
Deferred revenue (340,130) (1,413,665)
Net cash used in operating activities (5,206,372) (10,450,906)
Cash flows from investing activities    
Developed software additions (3,324,029)
Fixed asset additions (27,383)
Cash returned from business combination working capital settlement 400,000
Proceeds from sale of discontinued operations 600,000
Net cash provided by (used in) investing activities 600,000 (2,951,412)
Cash flows from financing activities    
Value of shares withheld related to tax withholdings (49) (13,167)
Proceeds from unit and pre-funded unit offerings and warrants, net 9,178,961
Proceeds from secured loan 1,000,000
Principal payments of convertible notes (4,917,356) (1,432,273)
Proceeds received from private placement offering 500,000
Proceeds received from the ATM offering program, net 761,178
Net cash used in financing activities (3,417,405) (8,494,699)
Effect of exchange rate changes on cash and restricted cash 50,099 (35,984)
Net change in cash and restricted cash (7,973,678) (4,943,603)
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 209,577 9,012,075
Cash and restricted cash of discontinued operations - end of period 486,848
Cash and restricted cash - end of period 209,577 9,498,923
Cash paid for interest 787,187 234,227
Cash paid for income taxes, net of refunds received 12,200
Supplemental disclosures of non-cash investing and financing activities:    
Settlement of convertible notes in common stock 3,012,101 3,925,500
Conversion of exchangeable shares to common stock 277,450 138,419
Settlement of other liabilities in common stock 49,530
Stock-based compensation capitalized as software development 14,046
Vesting of restricted stock units 50,000
Capitalized software additions included in accounts payable 32,473
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
Reduction to accrued expenses from an acquisition-related working capital settlement $ 160,000