Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net loss $ (12,562,954) $ (10,669,494)
Adjustment to reconcile net loss to net cash used in operating activities:    
Equity in losses of investment 7,564 3,692
Bad debt 150,294 370,154
Stock-based compensation expense 1,074,621 760,584
Loss on write off of fixed assets 1,045,180
Amortization of deferred contract cost 242,110
Non-cash interest expense 926,968
Depreciation and amortization 2,367,014 1,216,607
Debt issuance costs 1,177,390
Foreign currency loss (17,344)
Change in fair value of convertible notes 2,007,677 (766,000)
Change in fair value of derivative liability 42,871 370,041
Change in fair value of contingent consideration (998,000)
Changes in operating assets and liabilities:    
Accounts receivable 286,118 (400,251)
Prepaid expenses and other current assets (115,934) (120,489)
Accounts payable and accrued liabilities 1,463,669 975,121
Deferred revenue (633,052) (507,089)
Net cash used in operating activities (3,715,198) (8,587,734)
Cash flows from investing activities    
Developed software additions (2,004,609) (1,990,584)
Furniture, fixtures, and equipment additions (156,636)
Cash paid for business combinations, net of cash acquired 122,675
Net cash used in investing activities (2,004,609) (2,024,545)
Cash flows from financing activities    
Value of shares withheld for related to tax withholdings (333,847)
Proceeds from issuance of long term debt 17,164,600
Cash paid for debt issuance costs (1,177,390)
Net cash (used in) provided by financing activities (333,847) 15,987,210
Effect of exchange rate changes on cash and restricted cash (124)
Net change in cash and restricted cash (6,053,778) 5,374,931
Cash and restricted cash - beginning of period 18,340,640 19,280,897
Cash and restricted cash - end of period 12,286,862 24,655,828
Cash paid for interest 50,854
Cash paid for taxes 64,963 51,472
Supplemental Disclosure of non-cash investing and financing activity:    
Settlement of convertible notes in common stock 10,196,382
Conversion of exchangeable shares to common stock 12,453,853
Settlement of other liabilities in common stock $ 377,325