v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ (1,819,260) $ 394,635
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 94,710 151,468
Amortization of debt discount on notes payable 10,153 163,769
Amortization of right of use assets 62,779 396,034
Gain on debt extinguishment 0 (754,000)
Gain on litigation settlement 0 (632,600)
Share-based payment compensation 35,271 14,084
Recovery of returns and doubtful accounts 2,217 0
Deferred income taxes 0 12,485
Changes in operating assets and liabilities:    
Accounts receivable 538,413 541,249
Prepaid expenses and other current assets 106,208 271,443
Contract assets 183,686 236,296
Inventory 7,329 0
Other assets (2,604) 748,457
Accounts payable 340,818 (53,814)
Accrued expenses and other long-term liabilities 401,087 (614,491)
Operating lease liabilities (62,779) (524,263)
Deferred revenue (1,315,987) (1,058,641)
Net cash provided by (used in) operating activities (1,417,959) (707,889)
Cash flows from investing activities:    
Purchases of property and equipment 0 (98,702)
Capitalized software development costs (35,000) (10,226)
Purchase of intangible assets (3,078) 0
Net cash provided by (used in) investing activities (38,078) (108,928)
Cash flows from financing activities:    
Proceeds from public offering, net of underwriting discounts paid 0 4,181,908
Payments of offering costs 0 (476,143)
Payments of short-term debt 0 (1,334,058)
Net cash provided by (used in) financing activities 0 2,371,707
Effect of exchange rate changes on cash and cash equivalents (59,118) (762)
Net increase (decrease) in cash and cash equivalents (1,515,155) 1,554,128
Cash and cash equivalents, beginning of period 3,181,209 1,920,656
Cash and cash equivalents, end of period 1,666,054 3,474,784
Supplemental disclosures:    
Cash paid for interest 64,842 110,408
Non-cash investing and financing activities:    
Accrual of deferred offering costs 0 19,429
Undistributed Series A redeemable convertible preferred stock dividends 1,030,365 848,898
Accretion of Series A redeemable convertible preferred stock $ 90,420 $ 285,814