v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (5,601,227) $ (9,327,606)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 430,414 404,598
Share-based compensation 981,023 1,153,787
Non-cash interest 449,147
Change in fair market value of convertible note (22,602) (345,396)
Conversion inducement expense 129,259
Gain from extinguishment of debt (1,607,766)
Changes in operating assets and liabilities:    
Accounts receivable 1,120,176 45,383
Unbilled receivables 334,728 1,070,440
Prepaid expense and other assets 591,263 288,272
Security deposits 11,457
Accounts payable (272,319) (181,880)
Accrued expenses (217,893) 435,193
Income tax payable 58,035 76,662
Net cash used in operating activities (4,206,168) (5,790,684)
Cash flows from investing activities:    
Capitalization of software development costs (336,153) (328,645)
Purchase of property and equipment (9,570) (34,724)
Net cash used in investing activities (345,723) (363,369)
Cash flows from financing activities:    
Proceeds from convertible notes 7,675,000
Proceeds from notes payable, net of discounts 875,000
Repayment of insurance financing payable (236,082) (346,524)
Proceeds from issuance of common stock from ATM Offering 3,079,016
Repayment of short-term borrowings (16,378,757) (19,385,421)
Proceeds from short-term borrowings 16,902,846 18,857,667
Net cash provided by financing activities 4,242,023 6,800,722
Net (decrease) increase in cash and cash equivalents (309,868) 646,669
Effect of exchange rate changes on cash and cash equivalents (1,046,205) (99,564)
Cash and cash equivalents at beginning of the period 1,560,105 1,013,000
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows 204,032 1,560,105
Supplemental disclosure of cash flow information    
Cash paid for interest 675,628 816,819
Supplemental disclosure of non-cash activity    
Financing of insurance premiums 222,891 341,653
Conversion of convertible notes to preferred stock 7,054,065
Conversion of convertible notes to ordinary shares 1,040,000
Conversion of preferred stock to ordinary shares 1,368,907
Conversion of warrants to ordinary shares 60,253
Reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheet    
Cash and cash equivalents $ 204,032 $ 1,560,105