Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows
6 Months Ended 12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2021
USD ($)
Jun. 30, 2020
USD ($)
Cash flows from operating activities      
Net loss $ (16,219,296) $ (31,328,711) $ (14,422,070)
Adjustment to reconcile net loss to net cash used in operating activities      
Equity in losses of investment 12,643 7,564 3,692
Bad debt expense 72,832 556,890 1,094,507
Stock-based compensation expense 1,197,589 2,070,359 1,166,130
Loss on write off of fixed assets 1,045,179
Gain on forgiveness of PPP loan (2,234,730)
Depreciation and amortization 2,007,237 5,735,150 1,315,898
Amortization of deferred contract costs 228,766 492,683
Non-cash interest expense 32,727 1,009,331
Foreign currency loss (3,312)
Impairment of long-lived assets 6,887,000 14,383,310
Gain on debt extinguishment (186,177)
Loss on sale of fixed asset 84,835
Debt issuance costs 1,177,390
Change in fair value of convertible notes 961,273 1,365,904 (766,000)
Change in fair value of derivative liability (746,852) (248,198) (1,962,034)
Change in fair value of contingent consideration (993,000) (998,000)
Changes in operating assets and liabilities:      
Accounts receivable 1,008,775 849,785 (1,621,262)
Prepaid expenses and other current assets (689,729) (8,988) (592,807)
Other assets 41,925 (58,925)
Accounts payable, accrued expenses and other current liabilities (2,498,375) 1,610,470 1,602,751
Deferred tax liabilities (2,274,295)
Deferred revenue (94,088) (1,010,118) (286,922)
Net cash used in operating activities (8,705,738) (8,167,904) (14,347,652)
Cash flows from investing activities      
Developed software additions (1,847,710) (5,427,230) (3,102,728)
Furniture, fixtures, and equipment additions (12,203) (39,263) (156,636)
Cash paid for business combinations, net of cash acquired (5,279,134) (5,018,592) (88,720)
Investment in equity method investee (250,000)
Net cash used by investing activities (7,139,047) (10,485,085) (3,598,084)
Cash flows from financing activities      
Value of shares withheld related to tax withholdings 520,395
Proceeds from stock offering, net 1,828,119
Proceeds from the issuance of long term debt 18,000,000 17,164,600
Payments of principal amounts of debt
Payments on debt (1,500,000) (4,571,472)
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
Offering costs from the issuance of common stock (967,620)
Net cash provided by financing activities 9,532,380 14,736,252 20,234,275
Effect of exchange rate changes on cash and restricted cash (2,783) 18,623
Net (decrease) increase in cash and restricted cash (6,315,188) (3,898,114) 2,288,539
Cash and restricted cash - beginning of period 24,655,828 18,340,640 22,367,289
Cash and restricted cash - end of period 18,340,640 14,442,526 24,655,828
Cash paid for taxes 10,570
Cash paid for interest 150,000 507,941
Supplemental disclosure of non-cash investing and financing activity:      
Adjustments due to the adoption of ASC 606 185,826
Vesting of restricted stock units 15 42
Settlement of convertible notes in common stock 327,273 11,610,586
Stock-based compensation capitalized as software development 100,951 36,915 87,104
Acquisition of noncontrolling interest 4,695,437
Capitalized software included in accrued expenses 189,198 554,127
Conversion amount 4,798,271 18,038,944
Adjustment to Trellis purchase price allocation 14,300
Settlement of liabilities with common stock 430,015
Shares issued in connection with an asset purchase 8
Assets acquired and liabilities assumed in business combinations:      
Cash 445,269 527,346
Accounts receivable 917,205 1,041,912 77,505
Prepaid expenses and other current assets 596,233 408,973 27,860
Fixed assets 1,326,996 93,365 2,410
Intangible assets 3,795,000 16,933,000 8,010,000
Goodwill 25,805,615 19,451,464 20,254,309
Accounts payable and accrued liabilities 805,114 1,174,961 1,441,062
Deferred tax liabilities 2,949,586
Deferred revenue 549,311 4,301,514 31,220
Contingent consideration $ 604,000 $ 6,300,000 $ 1,387,000