v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (987,695) $ (1,828,293)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 1,639,104 2,189,789
Amortization of right-of-use assets 179,207 173,799
Amortization of debt issuance costs and debt discount 1,134,240 1,114,488
Bad debt expense (recovery) 109,533 (40,231)
Loss on write-down of assets deployed at client locations   95,307
Loss on sale of property & equipment   18,255
Deferred income tax 3,059 (146,218)
Share-based compensation 716,029 954,550
Changes in operating assets and liabilities:    
Accounts receivable (327,667) 1,020,719
Income tax receivable 1,104,190 766,599
Prepaid expenses and other current assets 12,066 245,649
Other assets (2,513) (78,130)
Accounts payable (496,874) 1,025,766
Accrued expenses (2,677,583) (333,469)
Revenue contract liability 177,641 6,595
Operating lease liabilities (183,287) (170,515)
Net cash provided by operating activities 399,450 5,014,660
Cash flows from investing activities:    
Investment in internally developed software (556,040) (409,626)
Acquisition of property and equipment (15,494) (24,950)
Acquisition of assets deployed at client locations (718,806) (545,358)
Net cash used in investing activities (1,290,340) (979,934)
Cash flows from financing activities:    
Payments of debt issuance costs (26,897) (13,438)
Proceeds from stock option exercises 67,500 542,500
Principal payments on long-term debt (1,450,406) (950,369)
Net cash used in financing activities (1,409,803) (421,307)
Effect of exchange rate changes on cash 1,252 (396,953)
Net increase (decrease) in cash and cash equivalents (2,299,441) 3,216,466
Cash and cash equivalents – beginning of period 18,237,513 16,058,714
Cash and cash equivalents – end of period 15,938,072 19,275,180
Supplemental cash flow information:    
Cash paid for interest 5,734,663 4,254,362
Cash paid for income taxes 161,124  
Supplemental schedule of non-cash activities:    
Acquisition of intellectual property   2,000,000
Insurance acquired under note payable $ 378,000  
Net option settlement and tax withholding through additional paid-in capital   1,280,133
Right-of-use assets obtained in exchange for lease liabilities   $ 71,901

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