Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 18,237,513 $ 16,058,714
Accounts receivable, net of allowance of $183,242 and $348,695, respectively 3,449,753 4,377,165
Income tax receivable 515,259 1,536,682
Prepaid expenses 1,402,824 1,125,777
Other current assets 588,838 21,536
Total current assets 24,194,187 23,119,874
Property and equipment, net 143,438 98,594
Operating lease right-of-use assets 1,002,749 1,167,903
Assets deployed at client locations, net 1,399,708 1,130,983
Goodwill 1,091,000 1,091,000
Other intangible assets, net 13,906,111 13,677,264
Other assets 273,323 167,087
Total assets 42,010,516 40,452,705
Current liabilities:    
Accounts payable 1,129,869 374,323
Accrued expenses 3,697,504 2,666,073
Revenue contract liability 16,667 37,500
Current portion of operating lease liabilities 248,317 222,806
Current portion of long-term debt 940,084 1,100,369
Total current liabilities 6,032,441 4,401,071
Long-term portion 830,289 1,019,029
Long-term debt and liabilities, net 52,960,772 52,143,810
Deferred tax liabilities, net 72,401 175,218
Total liabilities 59,895,903 57,739,128
Commitments and Contingencies (See Note 10)
Stockholders’ deficit    
Preferred stock, 10,000,000 shares authorized; $0.001 par value; 0 shares issued and outstanding
Common stock, 65,000,000 shares authorized; $0.001 par value; 24,411,098 and 23,523,969 shares issued and outstanding, respectively 24,411 23,524
Additional paid-in capital 17,575,396 16,380,597
Accumulated deficit (35,316,540) (33,543,351)
Accumulated other comprehensive loss (168,654) (147,193)
Total stockholders’ deficit (17,885,387) (17,286,423)
Total liabilities and stockholders’ deficit $ 42,010,516 $ 40,452,705