v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) income $ (8,872,596) $ 348,067
Less: Net income from discontinued operations 1,993,422
Net loss from continuing operations (8,872,596) (1,645,355)
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities:    
Amortization of debt discount 100,444
Amortization of capitalized software 1,674,852 1,529,380
Amortization of intangibles 31,917 6,667
Depreciation of fixed assets 289,458 155,361
Noncash operating lease expense 212,767 269,888
Stock compensation expense 1,448,905 2,548,528
Changes in Assets and Liabilities    
Accounts receivable (549,840) (459,948)
Product deposit (11,308) (151,077)
Inventory (403,560) (170,339)
Other current assets (1,209,054) 302,221
Operating lease liabilities (150,899) (79,799)
Deferred revenue 1,209,067 197,334
Accounts payable 7,503,968 (85,373)
Accrued expenses (729,053) (2,259,106)
Net cash provided by operating activities of continuing operations 444,624 258,826
Net cash provided by operating activities of discontinued operations 2,809,561
Net cash provided by operating activities 444,624 3,068,387
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for capitalized software costs [1] (1,951,584) (1,886,815)
Purchase of equipment (105,178) (117,545)
Net cash used in investing activities of continuing operations (2,056,762) (2,004,360)
Net cash used in investing activities of discontinued operations [1] (862,978)
Net cash used in investing activities (2,056,762) (2,867,338)
CASH FLOWS FROM FINANCING ACTIVITIES    
Preferred stock dividends (776,563) (776,563)
Cash proceeds from exercise of options 80,520
Net cash used in financing activities of continuing operations (696,043) (776,563)
Net cash used in financing activities of discontinued operations (36,000)
Net cash used in financing activities (696,043) (812,563)
Net decrease in cash (2,308,181) (611,514)
Cash at beginning of period 36,786,318 35,004,924
Cash at end of period 34,478,137 34,393,410
Less: Cash of discontinued operations at end of period 2,441,699
Cash of continuing operations at end of period 34,478,137 31,951,711
Cash paid for interest and taxes    
Cash paid during the period for interest 593,750
Cash paid during the period for taxes 22,696
Non-cash investing and financing activities    
Cashless exercise of options $ 561
[1] Approximately $878 thousand was paid to a related party for capitalized software costs during the three months ended March 31, 2025. See Note 13—Related Party Transactions.