v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities:    
Net loss $ (6,359,663) $ (6,589,604)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,343,874 2,452,930
Depreciation-Right of Use Assets 237,423 291,100
Stock based compensation 1,566,016 660,615
Unrealized loss on purchase of marketable securities (54,532) 0
Amortization of financing fees 8,750 11,092
Provision for doubtful accounts (47,763) (73,333)
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:    
Marketable securities (2,871,253) 0
Accounts receivable (2,645,508) 3,564,381
Referral and support services agreement advance (1,500,000) 0
Prepaid expenses, unbilled revenue and other current assets (77,503) (225,771)
Accounts payable 632,369 (3,031,304)
Accrued expenses and other liabilities 1,754,574 (334,576)
Net cash used in operating activities (7,543,216) (4,335,631)
Investing activities:    
Purchases of equipment and capitalized development costs (1,180,107) (852,423)
Net cash used in investing activities (1,180,107) (852,423)
Financing activities:    
Proceeds from sale of common stock, net 13,137,500 16,432,190
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 (3,381,364)
Payments on finance lease obligations (181,998) (412,382)
Proceeds from exercise of options 1,569 0
SBA loan repayment (149,900) 0
Net taxes paid on restricted stock unit grants exercised (272,049) (54,065)
Net cash provided by financing activities 12,535,122 14,343,279
Net change – cash 3,811,799 9,155,225
Cash and cash equivalent, beginning of year 7,890,665 372,989
Cash and cash equivalent, end of period 11,702,464 9,528,214
Supplemental information:    
Interest paid 42,474 200,904
Non cash investing and financing activities:    
Assets purchased under finance lease 125,825 524,368
Assets purchased under operating lease 344,311 249,595
Conversion of Debt and derecognition of derivative and discounts to common stock $ 0 $ 923,810

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