Registration of securities issued in business combination transactions

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities        
Net loss $ (8,151,516) $ (53,822,928) $ (79,057,610) $ (31,328,711)
Adjustments to reconcile net loss to net cash used in operating activities:        
Equity in losses of investment     7,564
Loss on sale of investment     221,101
Bad debt expense     371,364 556,890
Gain on sale of discontinued operations, net (212,601)    
Credit loss expense 24,194 254,029    
Stock-based compensation expense 317,706 697,377 873,929 2,070,359
Loss on write off of fixed assets     1,045,179
Gain on forgiveness of PPP loan     (2,234,730)
Depreciation and amortization 771,473 6,094,963 7,834,712 5,735,150
Amortization of deferred contract cost 39,285 275,949 337,350 492,683
Non-cash interest expense 183,723 597,276 1,009,331
Foreign currency (gain) loss (22,139) 4,718 (14,553) (3,312)
Impairment of long-lived assets 892,103 39,600,587 61,778,605 14,383,310
Gain on extinguishment of debt     (186,177)
Change in fair value of convertible notes 863,457 2,840,000 2,884,273 1,365,904
Change in fair value of derivative liability (54,153) (63,178) (248,198)
Change in fair value of contingent consideration     (4,016,194)
Changes in operating assets and liabilities:        
Accounts receivable, net 113,797 (313,176) 197,647 849,785
Prepaid expenses and other current assets 388,312 (215,228) 257,555 (8,988)
Other assets     9,700
Accounts payable, accrued expenses and other current liabilities 109,687 1,356,709 (324,166) 1,610,470
Deferred income tax liabilities (243,838) (675,291) (2,274,295)
Deferred revenue (340,130) (1,413,665) (2,113,249) (1,010,118)
Net cash used in operating activities (5,206,372) (10,450,906) (10,900,729) (8,167,904)
Cash flows from investing activities        
Developed software additions (3,324,029) (4,345,260) (5,427,230)
Fixed asset additions (27,383) (31,884) (39,263)
Cash returned from business combination working capital settlement 400,000    
Proceeds from sale of discontinued operations 600,000    
Cash paid for business combinations and working capital settlement, net of cash acquired     400,000 (5,018,592)
Proceeds received from sale of investment     5,000
Net cash provided by (used in) investing activities 600,000 (2,951,412) (3,972,144) (10,485,085)
Cash flows from financing activities        
Value of shares withheld related to tax withholdings (49) (13,167) (9,926) (520,395)
Proceeds from unit and pre-funded unit offering, net     9,178,960
Proceeds from unit and pre-funded unit offerings and warrants, net   9,178,961 1
Proceeds from secured loan 1,000,000    
Proceeds from the ATM offering program, net 761,178 1,854,565 1,828,119
Proceeds from the issuance of convertible notes     18,000,000
Principal payments of convertible notes (4,917,356) (1,432,273) (1,432,273) (4,571,472)
Proceeds received from private placement offering 500,000    
Proceeds from the issuance of convertible redeemable preferred stock, net     4,294,500
Redemption of convertible redeemable preferred stock     (5,250,000)
Net cash used in financing activities (3,417,405) (8,494,699) 8,635,827 14,736,252
Effect of exchange rate changes on cash and restricted cash 50,099 (35,984) (22,225) 18,623
Net change in cash and restricted cash (7,973,678) (4,943,603) (6,259,271) (3,898,114)
Cash and restricted cash of continuing operations – beginning of period 7,877,755 13,087,627 13,087,627 18,286,481
Cash and restricted cash of discontinued operations – beginning of period 305,500 1,354,899 1,354,899 54,159
Cash and restricted cash – beginning of period 8,183,255 14,442,526 14,442,526 18,340,640
Cash and restricted cash of continuing operations – end of period 209,577 9,012,075 7,877,755 13,087,627
Cash and restricted cash of discontinued operations – end of period 486,848 305,500 1,354,899
Cash and restricted cash – end of period 209,577 9,498,923 8,183,255 14,442,526
Cash paid for income taxes, net of refunds received 12,200 15,684 10,570
Cash paid for interest, net 787,187 234,227 256,440 507,941
Supplemental disclosure of non-cash investing and financing activity:        
Vesting of restricted stock units 50,000 50,000 42
Fixed asset additions included in accounts payable 32,473    
Termination of contingent consideration obligation in connection with sale of discontinued operations 2,283,806    
Settlement of convertible notes in common stock 3,012,101 3,925,500 3,925,500 11,610,586
Stock-based compensation capitalized as software development 14,046 19,764 36,915
Capitalized software additions included in accounts payable     17,974 554,127
Conversion of exchangeable shares to common stock 277,450 138,419 180,647 18,038,944
Settlement of other liabilities in common stock 49,530 49,529 430,015
Shares returned in connection with acquisition (see Note 4) 940,000 940,000
Shares issued in connection with asset purchase     300,000
Reduction to accrued expenses from an acquisition-related working capital settlement $ 160,000 $ 160,000