v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net loss $ (2,089,263) $ (2,147,268)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 689,712 771,904
Depreciation-Right of Use Assets 24,259 80,117
Stock based compensation 671,158 394,870
Fair value adjustment of warrants 12,483 0
Gain on marketable securities (17,702) 0
Amortization of financing fees 2,500 1,250
Recovery of doubtful accounts (81,753) (18,000)
Derecognition of contingency and grant (10,000) (110,000)
Third party rights agreement termination 0 (420,000)
Change in operating assets and liabilities:    
Accounts receivable (702,421) 496,349
Prepaid expenses, unbilled revenue and other current assets (849,218) (136,586)
Referral and support services agreement advance 75,000 0
Accrued expenses and other liabilities (977,599) (97,455)
Accounts payable (327,918) (1,257,828)
Net cash used in operating activities (3,580,762) (2,442,647)
Investing activities:    
Purchases of equipment and capitalized development costs (466,634) (411,400)
Purchase of marketable securities (1,081,080) 0
Proceeds from the sale of marketable securities 548,589 0
Net cash used in investing activities (999,125) (411,400)
Financing activities:    
Proceeds from sale of common stock, net 0 13,137,500
Proceeds from ValidClick licensing agreement 0 (149,900)
Payments on finance lease obligations (24,407) (59,219)
Proceeds from exercise of options 0 1,569
Net taxes paid on restricted stock unit grants exercised (128,521) (161,244)
Net cash (used in)/provided by financing activities (152,928) 12,768,706
Net change – cash (4,732,815) 9,914,659
Cash and cash equivalent, beginning of year 10,475,964 7,890,665
Cash and cash equivalent, end of period 5,743,149 17,805,324
Supplemental information:    
Interest paid $ 7,782 21,656
Non cash investing and financing activities:    
Assets purchased under operating lease obligations   $ 303,031

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