Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net (loss) income $ (2,021,282) $ 208,908
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 779,817 686,193
Amortization of right-of-use assets 63,929 65,449
Amortization of debt issuance costs and debt discount 53,988 380,900
Bad debt expense (recovery) 22,609 (53,094)
Gain on disposal of property & equipment (62)  
Deferred income tax 18,557 (4,809)
Stock-based compensation 166,261 141,242
Loss on extinguishment of debt 2,969,585  
Changes in operating assets and liabilities:    
Accounts receivable (634,146) 221,881
Income tax receivable 17,864 (31,639)
Prepaid expenses and other current assets 286,072 227,221
Other assets 148,533 19,051
Accounts payable (155,031) 25,105
Accrued expenses (477,504) (284,139)
Revenue contract liability   (166,507)
Operating lease liabilities (70,498) (69,133)
Net cash provided by operating activities 1,168,692 1,366,629
Cash flows from investing activities:    
Investment in internally developed software (194,827) (169,523)
Acquisition of property and equipment (93,683)  
Acquisition of assets deployed at client locations (143,370) (484,385)
Transfer of title of assets deployed at client locations to perpetual license customer 148,550 302,574
Net cash used in investing activities (283,330) (351,334)
Cash flows from financing activities:    
Proceeds from BMO Credit Agreement 45,000,000  
Payments of debt issuance costs (608,967)  
Fees associated with debt transactions - prior debt (138,233)  
Proceeds from stock option exercises 127,000 24,200
Net cash used in financing activities (13,849,213) (219,761)
Effect of exchange rate changes on cash 151,444 254
Net (decrease) increase in cash and cash equivalents (12,812,407) 795,788
Cash and cash equivalents – beginning of period 18,118,043 16,691,514
Cash and cash equivalents – end of period 5,305,636 17,487,302
Supplemental cash flow information:    
Cash paid for interest 939,583 2,012,964
Supplemental schedule of non-cash activities:    
Insurance acquired under note payable 152,698  
Fortress    
Cash flows from financing activities:    
Principal payments on long-term debt (57,576,929) $ (243,961)
BMO    
Cash flows from financing activities:    
Principal payments on long-term debt (562,500)  
Insurance    
Cash flows from financing activities:    
Principal payments on long-term debt $ (89,584)