Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating activities:    
Net loss $ (7,304,569) $ (4,488,107)
Adjustments to reconcile net loss to net cash used in operating activities:    
PPP loan forgiveness (1,109,000) 0
Contract cancellation (1,260,978) 0
Gain on merger termination 0 (3,766,667)
Loss on extinguishment of convertible debt 65,700 193,179
Deferred income taxes 0 (334,394)
Depreciation and amortization 3,237,930 3,245,192
Amortization of Right of Use Assets 367,981 177,193
Mark to market fair value of derivative 102,664 (78,913)
Stock based compensation 858,683 789,914
Amortization of financing fees 11,092 59,245
(Recovery)/Provision for doubtful accounts (15,333) 161,273
Amortization of OID interest expense 13,167 119,167
Amortization of debt discount 18,286 168,105
Third party rights agreement (78,762) 0
Change in operating assets and liabilities:    
Accounts receivable 1,317,508 (973,522)
Prepaid expenses, unbilled revenue and other assets (175,702) 20,893
Accounts payable (2,271,578) (1,978,974)
Accrued expenses and other liabilities 623,576 1,348,033
Net cash used in operating activities (5,599,335) (5,338,383)
Investing activities:    
Purchases of equipment and capitalized development costs (1,185,335) (1,194,164)
Net cash used in investing activities (1,185,335) (1,194,164)
Financing activities:    
Proceeds from sale of common stock, net of expenses 16,432,190 4,349,123
Proceeds from PPP and SBA loans 1,258,900 0
Proceeds from ValidClick licensing agreement 500,000 0
Proceeds from financed receivables 0 1,521,511
Proceeds from convertible promissory note 0 1,200,000
Payments on note payable 0 (250,000)
Net proceeds on revolving line of credit (3,381,364) 0
Payments on finance/capital leases (432,830) (198,960)
Net taxes paid on RSU grants exercised (74,550) (45,565)
Prepaid financing fees 0 (24,529)
Shareholder settlement 0 125,000
Net cash provided by financing activities 14,302,346 6,676,580
Net change – cash 7,517,676 144,033
Cash, beginning of year 372,989 228,956
Cash, end of year 7,890,665 372,989
Supplemental information:    
Interest paid 207,213 421,860
Conversion of debt to common stock 923,810 765,000
Assets purchased under finance lease obligations 547,303 0
Assets purchased under operating lease obligations 249,595  
Debt conversion and related activities 0 837,170
Adoption of ASC 842-old capital leases 0 263,580
Adoption of ASC 842 0 1,173,946
ReTargeter assets 0 2,575,000
Derecognition of derivative in exchange for common stock $ 0 $ 72,170