XML 16 R5.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net loss $ (6,817,343) $ (5,319,190)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,317,203 1,308,776
Depreciation-Right of Use Assets - Financing 58,013 48,697
Stock based compensation 935,145 1,355,534
Amortization of financing fees 2,084 2,500
Provision (recovery) of doubtful accounts 322,320 20,086
Loss (gain) on marketable securities (14,418) 377,475
Stock warrant expense (8,598) 12,945
Derecognition of contingency and grant 0 (10,000)
Change in operating assets and liabilities:    
Accounts receivable 1,913 (3,849,084)
Referral and support services agreement advance 150,000 150,000
Prepaid expenses, unbilled revenue and other assets 2,126 333,820
Accrued expenses and other liabilities 3,069,680 1,597,637
Accounts payable (1,851,978) 1,401,820
Net cash used in operating activities (2,833,853) (2,568,984)
Investing activities:    
Purchases of equipment and capitalized development costs (836,428) (911,443)
Purchase of marketable securities 0 (1,600,121)
Proceeds from the sale of marketable securities 2,288,873 1,155,912
Net cash provided by (used in) investing activities 1,452,445 (1,355,652)
Financing activities:    
Gross proceeds from line of credit 592,868 0
Repayments on line of credit (592,868) 0
Payments on finance lease obligations (64,159) (49,737)
Proceeds from at-the-market sales 61,136 0
Capital raise, net of issuance costs 3,665,000 0
Net taxes paid on restricted stock unit grants exercised (166,872) (128,521)
Net cash provided by/(used in) financing activities 3,495,105 (178,258)
Net change - cash 2,113,697 (4,102,894)
Cash and cash equivalent, beginning of year 2,931,415 10,475,964
Cash and cash equivalent, end of period 5,045,112 6,373,070
Supplemental information:    
Interest paid $ 67,532 $ 12,625