v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities:    
Net loss $ (9,129,756) $ (6,359,663)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,949,845 2,343,874
Depreciation-Right of Use Assets - Financing 73,313 237,423
Stock based compensation 1,890,991 1,566,016
Stock warrant expense 28,477 0
Loss (gain) on marketable securities 401,336 (54,532)
Amortization of financing fees 2,500 8,750
Provision (recovery) of doubtful accounts 259,576 (47,763)
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 (550,866) (2,645,508)
Prepaid expenses, unbilled revenue and other current assets 316,053 (77,503)
Referral and support services agreement advance 225,000 (1,500,000)
Accrued expenses and other liabilities 916,363 1,754,574
Accounts payable 806,824 632,369
Net cash used in operating activities (2,820,344) (4,671,963)
Investing activities:    
Purchases of equipment and capitalized development costs (1,311,315) (1,180,107)
Purchase of marketable securities (1,693,963) (2,973,453)
Proceeds from the sale of marketable securities 1,403,282 102,200
Net cash used in investing activities (1,601,996) (4,051,360)
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 (75,848) (181,998)
Proceeds from exercise of options 0 1,569
Net taxes paid on restricted stock unit grants exercised (196,894) (272,049)
Net cash (used in)/provided by financing activities (272,742) 12,535,122
Net change – cash (4,695,082) 3,811,799
Cash and cash equivalent, beginning of year 10,475,964 7,890,665
Cash and cash equivalent, end of period 5,780,882 11,702,464
Supplemental information:    
Interest paid 15,128 42,474
Non cash investing and financing activities:    
Assets purchased under finance lease obligations $ 0 125,825
Assets purchased under operating lease obligations   $ 344,311

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