v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities:    
Net loss $ (2,147,268) $ (2,825,236)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:    
Third party rights agreement termination (420,000) 0
Derecognition of contingencies (110,000) 0
Depreciation and amortization 771,904 835,748
Depreciation-Right of Use Assets 80,117 105,678
Stock based compensation 394,870 208,897
Amortization of financing fees 1,250 10,198
Provision for doubtful accounts (18,000) 0
Amortization of debt discount 0 14,982
Amortization of OID interest expense 0 10,787
Mark to market fair value of derivative 0 71,550
Loss on extinguishment of convertible debt 0 68,757
Change in operating assets and liabilities:    
Accounts receivable 496,349 1,737,568
Prepaid expenses, unbilled revenue and other current assets (136,586) (120,360)
Accrued expenses and other liabilities (97,455) 108,172
Accounts payable (1,257,828) 594,759
Net cash (used in)/provided by operating activities (2,442,647) 821,500
Investing activities:    
Purchases of equipment and capitalized development costs (411,400) (310,853)
Net cash used in investing activities (411,400) (310,853)
Financing activities:    
Proceeds from sale of common stock, net 13,137,500 1,206,788
Proceeds from ValidClick licensing agreement 0 500,000
Net payments on line of credit 0 (1,878,217)
Payments on finance lease obligations (59,219) (220,216)
Proceeds from exercise of options 1,569 0
SBA loan repayment (149,900) 0
Net taxes paid on restricted stock unit grants exercised (161,244) (21,184)
Net cash provided by/(used in) financing activities 12,768,706 (412,829)
Net change – cash 9,914,659 97,818
Cash and cash equivalent, beginning of year 7,890,665 372,989
Cash and cash equivalent, end of period 17,805,324 470,807
Supplemental information:    
Interest paid 21,656 126,236
Non cash investing and financing activities:    
Conversion of Debt and derecognition of derivative and discounts to common stock 0 468,667
Assets purchased under finance lease obligations 0 364,545
Assets purchased under operating lease obligations $ 303,031 $ 0

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