Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (5,556,579) $ (51,518,840)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on sale of discontinued operations, net (212,601)
Credit loss expense (29,010) 112,475
Stock-based compensation expense 217,610 477,681
Impairment of long-lived assets 39,600,587
Amortization of deferred contract cost 37,576 205,408
Non-cash interest expense 60,500
Depreciation and amortization 594,759 3,976,224
Foreign currency (gain) loss (22,932) 14,689
Change in fair value of convertible notes 1,048,457 1,727,000
Change in fair value of derivative liability (51,896)
Changes in operating assets and liabilities:    
Accounts receivable, net 167,318 (580,387)
Prepaid expenses and other current assets 343,846 23,530
Accounts payable, accrued expenses and other current liabilities (218,746) 119,355
Deferred income tax liabilities (206,805)
Deferred revenue (460,326) (1,146,966)
Net cash used in operating activities (4,090,628) (7,187,445)
Cash flows from investing activities    
Developed software additions (1,737,120)
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 (1,364,503)
Cash flows from financing activities    
Value of shares withheld related to tax withholdings (49) (13,167)
Proceeds from secured loan 1,000,000
Principal payments of convertible notes (4,917,356) (1,515,000)
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) (766,989)
Effect of exchange rate changes on cash and restricted cash 52,911 9,225
Net change in cash and restricted cash (6,855,122) (9,309,712)
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 1,328,133 4,409,290
Cash and restricted cash of discontinued operations - end of period 723,524
Cash and restricted cash - end of period 1,328,133 5,132,814
Cash paid for interest 787,187 151,500
Cash paid for income taxes, net of refunds received 19,466
Supplemental disclosures of non-cash investing and financing activities:    
Settlement of convertible notes in common stock 1,512,101 3,925,500
Conversion of exchangeable shares to common stock 255,877 138,419
Settlement of other liabilities in common stock 49,528
Stock-based compensation capitalized as software development 12,618
Vesting of restricted stock units 25,000
Capitalized software additions included in accounts payable 1,045,299
Fixed asset additions included in accounts payable 24,614
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