Transition report pursuant to Rule 13a-10 or 15d-10

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended 12 Months Ended
Dec. 31, 2020
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities      
Net loss $ (16,966,149) $ (16,384,104) $ (12,403,215)
Adjustment to reconcile net loss to net cash used in operating activities      
Bad debt expense 72,832 1,094,507 345,941
Stock-based compensation expense 1,197,589 1,166,130 3,884,111
Depreciation and amortization 2,007,237 1,315,898
Amortization of deferred contract costs 228,766
Non-cash interest expense 32,727
Impairment of long-lived assets 6,887,000
Equity in losses of investee 12,643 3,692
Loss on sale of fixed asset 84,835
Debt issuance costs classified as financing 1,177,390
Change in fair value of convertible notes 961,273 (766,000)
Change in fair value of contingent consideration (993,000) (998,000)
Changes in operating assets and liabilities:      
Accounts receivable 1,008,775 (1,621,262) (1,572,889)
Prepaid expenses and other current assets (689,729) (592,807) (351,144)
Other assets 41,925 (58,925)
Accounts payable, accrued expenses and other current liabilities (2,498,374) 1,602,751 893,845
Deferred revenue (94,088) (286,922) 154,756
Net cash used in operating activities (8,705,738) (14,347,652) (9,048,595)
Cash flows from investing activities      
Developed software additions (1,847,710) (3,102,728)
Furniture, fixtures, and equipment additions (12,203) (156,636)
Cash paid for business combinations, net of cash acquired (5,279,134) (88,720)
Investment in equity method investee (250,000)
Cash received in connection with the reverse merger 18,843,483
Net cash used in investing activities (7,139,047) (3,598,084) 18,843,483
Cash flows from financing activities      
Proceeds from the issuance of long term debt 17,164,600
Payments on debt (1,500,000)
Cash paid for debt issuance costs (1,177,390)
Proceeds from the exercise of warrants 4,247,065
Proceeds from the issuance of common stock 12,000,000 10,000,000
Offering costs from the issuance of common stock (967,620)
Net cash provided by financing activities 9,532,380 20,234,275 10,000,000
Effect of exchange rate changes on cash and restricted cash (2,783)
Net (decrease) increase in cash and restricted cash (6,315,188) 2,288,539 19,794,888
Cash and restricted cash - beginning of period 24,655,828 22,367,289 2,572,401
Cash and restricted cash - end of period 18,340,640 24,655,828 22,367,289
Cash paid for taxes
Cash paid for interest 150,000
Supplemental disclosure of non-cash investing and financing activity:      
Adjustments due to the adoption of ASC 606 185,826
Cashless exercise of options 19
Vesting of restricted stock units 15
Settlement of convertible notes in common stock 327,273
Stock-based compensation capitalized as software development 100,951 87,104
Acquisition of noncontrolling interest 4,695,437
Capitalized software included in accrued expenses 189,198
Special voting preferred stock issued in business combinations 25,203,490
Conversion of Stock, Amount Converted 4,798,271
Adjustment to Trellis purchase price allocation 14,300
Assets acquired and liabilities assumed in business combinations and reverse merger:      
Cash 445,269
Accounts receivable 917,205 77,505
Prepaid expenses and other current assets 596,233 27,860 35,292
Fixed assets 1,326,996 2,410
Intangible assets 3,795,000 8,010,000
Goodwill 25,805,615 20,254,309
Accounts payable and accrued liabilities 805,114 1,441,062
Deferred revenue 549,311 31,220
Contingent consideration $ 604,000 $ 1,387,000