v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities:    
Net loss $ (4,529,395) $ (4,184,524)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,552,386 1,650,785
Depreciation-Right of Use Assets 153,978 215,847
Stock based compensation 952,472 402,185
Unrealized gain on purchase of marketable securities 24,525 0
Amortization of financing fees 5,000 11,092
(Recovery)/provision for doubtful accounts (69,667) 44,000
Third party rights agreement termination (420,000) 0
Derecognition of contingencies (110,000) 0
Contract Cancellation 0 (1,260,978)
Amortization of debt discount 0 18,286
Amortization of OID interest expense 0 13,167
Mark to market fair value of derivative 0 102,664
Loss on extinguishment of convertible debt 0 65,700
Change in operating assets and liabilities:    
Accounts receivable 618,735 4,229,088
Marketable securities (913,110) 0
Prepaid expenses, unbilled revenue and other current assets (100,888) (5,402)
Accrued expenses and other liabilities (2,051,281) (1,053,047)
Accounts payable 2,421,700 (2,584,892)
Net cash used in operating activities (2,465,545) (2,336,029)
Investing activities:    
Purchases of equipment and capitalized development costs (788,670) (557,818)
Net cash used in investing activities (788,670) (557,818)
Financing activities:    
Proceeds from sale of common stock, net 13,137,500 6,500,695
Proceeds from ValidClick licensing agreement 0 500,000
Proceeds from PPP and SBA loans 0 1,258,900
Net payments on line of credit 0 (1,222,921)
Payments on finance lease obligations (117,363) (313,418)
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 financing activities 12,710,562 6,702,072
Net change – cash 9,456,347 3,808,225
Cash and cash equivalent, beginning of year 7,890,665 372,989
Cash and cash equivalent, end of period 17,347,012 4,181,214
Supplemental information:    
Interest paid 32,972 178,938
Non cash investing and financing activities:    
Assets purchased under finance lease 10,724 495,071
Assets purchased under operating lease obligations 344,311 0
Conversion of Debt and derecognition of derivative and discounts to common stock $ 0 $ 923,810

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