XML 16 R5.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net loss $ (3,440,105) $ (2,089,263)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 639,026 689,712
Depreciation-Right of Use Assets - Financing 30,642 24,259
Stock based compensation 432,084 671,158
Grant expense 5,000 (10,000)
Amortization of financing fees 2,083 2,500
Recovery of doubtful accounts (38,875) (81,753)
Gain on marketable securities (14,418) (17,702)
Stock warrant expense (9,874) 12,483
Change in operating assets and liabilities:    
Accounts receivable 2,037,941 (702,421)
Referral and support services agreement advance 75,000 75,000
Prepaid expenses, unbilled revenue and other current assets (171,434) (849,218)
Accrued expenses and other liabilities (240,104) (977,599)
Accounts payable (2,537,965) (327,918)
Net cash used in operating activities (3,230,999) (3,580,762)
Investing activities:    
Purchases of equipment and capitalized development costs (411,238) (466,634)
Purchase of marketable securities 0 (1,081,080)
Proceeds from the sale of marketable securities 2,288,876 548,589
Net cash provided by (used in) investing activities 1,877,638 (999,125)
Financing activities:    
Net proceeds from line of credit 592,868 0
Payments on finance lease obligations (34,467) (24,407)
Net taxes paid on restricted stock unit grants exercised (166,872) (128,521)
Net cash provided by/(used in) financing activities 391,529 (152,928)
Net change – cash (961,832) (4,732,815)
Cash and cash equivalent, beginning of year 2,931,415 10,475,964
Cash and cash equivalent, end of period 1,969,583 5,743,149
Supplemental information:    
Interest paid $ 29,953 $ 7,782