Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (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
Stock-based compensation expense 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, Depletion and Amortization 7,834,712 5,735,150
Amortization of deferred contract costs 337,350 492,683
Non-cash interest expense 597,276 1,009,331
Foreign currency gain (14,553) (3,312)
Impairment of long-lived assets 61,778,605 14,383,310
Gain on extinguishment of debt (186,177)
Change in fair value of convertible notes 2,884,273 1,365,904
Change in fair value of derivative liability (63,178) (248,198)
Change in fair value of contingent consideration (4,016,194)
Changes in operating assets and liabilities:    
Accounts receivable, net 197,647 849,785
Prepaid expenses and other current assets 257,555 (8,988)
Other assets 9,700
Accounts payable, accrued expenses and other current liabilities (324,166) 1,610,470
Deferred income tax liabilities (675,291) (2,274,295)
Deferred revenue (2,113,249) (1,010,118)
Net cash used in operating activities (10,900,729) (8,167,904)
Cash flows from investing activities    
Developed software additions (4,345,260) (5,427,230)
Fixed asset additions (31,884) (39,263)
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 used by investing activities (3,972,144) (10,485,085)
Cash flows from financing activities    
Value of shares withheld related to tax withholdings (9,926) (520,395)
Proceeds from unit and pre-funded unit offering, net 9,178,960
Proceeds from the exercise of pre-funded warrants 1
Proceeds from the ATM offering program, net 1,854,565 1,828,119
Proceeds from the issuance of convertible notes 18,000,000
Principal payments of convertible notes (1,432,273) (4,571,472)
Proceeds from the issuance of convertible redeemable preferred stock, net 4,294,500
Redemption of convertible redeemable preferred stock (5,250,000)
Net cash provided by financing activities 8,635,827 14,736,252
Effect of exchange rate changes on cash and restricted cash (22,225) 18,623
Net (decrease) increase in cash and restricted cash (6,259,271) (3,898,114)
Cash and restricted cash of continuing operations - beginning of period 13,087,627 18,286,481
Cash and restricted cash of discontinued operations - beginning of period 1,354,899 54,159
Cash and restricted cash - beginning of period 14,442,526 18,340,640
Cash and restricted cash of continuing operations - end of period 7,877,755 13,087,627
Cash and restricted cash of discontinued operations - end of period 305,500 1,354,899
Cash and restricted cash - end of period 8,183,255 14,442,526
Cash paid for income taxes, net of refunds received 15,684 10,570
Cash paid for interest, net 256,440 507,941
Supplemental disclosure of non-cash investing and financing activity:    
Vesting of restricted stock units 50,000 42
Settlement of convertible notes in common stock 3,925,500 11,610,586
Stock-based compensation capitalized as software development 19,764 36,915
Capitalized software included in accrued expenses 17,974 554,127
Conversion of exchangeable shares to common stock 180,647 18,038,944
Settlement of liabilities with common stock 49,529 430,015
Shares returned in connection with acquisition (see Note 4) 940,000
Shares issued in connection with asset purchase 300,000
Reduction to accrued expenses from an acquisition-related working capital settlement (see Note 4) $ 160,000