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 ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net loss $ (14,116,401) $ (14,657,539)
Adjustment to reconcile net loss to net cash used in operating activities:    
Equity in losses of investment 7,564 5,226
Bad debt 254,029 382,607
Stock-based compensation expense 1,584,751 1,524,935
Loss on write off of fixed assets 1,045,179
Gain on Forgiveness of PPP Loan (2,234,730)
Amortization of deferred contract cost 356,528
Non-cash interest expense 1,161,393
Depreciation and amortization 3,605,434 2,387,629
Debt issuance costs 1,220,557
Foreign currency loss 21,496 4,901
Change in fair value of convertible notes 2,030,904 (1,544,000)
Change in fair value of derivative liability (151,175) (392,605)
Change in fair value of contingent consideration (1,387,000)
Changes in operating assets and liabilities:    
Accounts receivable 462,482 (423,850)
Prepaid expenses and other current assets 66,246 (232,180)
Accounts payable and accrued liabilities 1,756,672 914,712
Deferred revenue (927,916) (261,760)
Net cash used in operating activities (5,077,544) (12,458,367)
Cash flows from investing activities    
Developed software additions (3,354,453) (2,698,379)
Furniture, fixtures, and equipment additions (11,535) (168,839)
Cash paid for business combinations, net of cash acquired (5,142,159)
Net cash used in investing activities (3,365,988) (8,009,377)
Cash flows from financing activities    
Value of shares withheld for related to tax withholdings (437,554)
Proceeds from stock offering, net 1,828,116
Proceeds from issuance of long term debt 17,164,600
Payments of principal amounts of debt (1,164,706)
Cash paid for debt issuance costs (1,220,557)
Net cash provided by financing activities 225,856 15,944,043
Effect of exchange rate changes on cash and restricted cash (5,915) 662
Net change in cash and restricted cash (8,223,591) (4,523,039)
Cash and restricted cash - beginning of period 18,340,640 19,280,897
Cash and restricted cash - end of period 10,117,049 14,757,858
Cash paid for interest 105,882 1,559
Cash paid for taxes 10,570 30,985
Supplemental Disclosure of non-cash investing and financing activity:    
Settlement of convertible notes in common stock 10,448,932
Conversion of exchangeable shares to common stock 17,452,497 4,798,208
Settlement of other liabilities in common stock 377,315
Acquisition of noncontrolling interest 4,695,357
Special voting preferred stock issued in business combination 25,203,490
Assets acquired and liabilities assumed in business combinations:    
Cash 445,269
Accounts receivable 556,234 994,710
Prepaid expenses and other current assets 148,417 176,441
Fixed assets 1,329,406
Intangible assets 1,733,000 12,180,000
Goodwill 4,915,491 46,500,030
Accounts payable and accrued liabilities 349,735 2,414,930
Deferred revenue 1,001,408 580,531
Contingent consideration $ 2,204,000