v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 248,297 $ (394,293)
Adjustments to reconcile net income (loss) to net cash used in / provided by operating activities:    
Depreciation and amortization 467,521 318,221
Bad debt expense 27,528 2,327
Amortization of deferred financing costs 95,152 90,801
Amortization of debt discount 17,778 53,332
Amortization of right of use asset, financing 14,959
Stock issued for services 57,500
Stock option compensation 233,617 125,952
Change in fair value of earnout liabilities 116,505
Changes in operating assets and liabilities:    
Accounts receivable (233,431) 370,617
Accounts receivable, unbilled (441,603) 9,703
Parts and supplies 652 (8,442)
Prepaid expenses and other current assets (27,999) (146,026)
Accounts payable and accrued expenses (22,062) 64,641
Operating lease assets and liabilities, net 6,280 15,333
Deferred compensation (50,414)
Deferred revenues (686,320) (553,108)
Total adjustments (547,928) 466,942
Net cash (used in) provided by operating activities (299,631) 72,649
Cash flows from investing activities:    
Cash paid to acquire business, net (6,383,269)
Capitalization of internal use software (208,417) (171,205)
Purchases of property and equipment (82,684) (98,199)
Net cash used in investing activities (291,101) (6,652,673)
Cash flows from financing activities:    
Payment of earnout liabilities (700,000) (1,018,333)
Proceeds from issuance of common stock 5,740,758
Offering costs paid on issuance of common stock and notes (746,342)
Proceeds from notes payable 2,364,500
Proceeds from notes payable - related parties 600,000
Principal payments on financing lease liability (12,312)
Repayment of notes payable (262,950)
Net cash (used in) provided by financing activities (975,262) 6,940,583
Net (decrease) increase in cash (1,565,994) 360,559
Cash - beginning of period 2,696,481 1,752,630
Cash - end of period 1,130,487 2,113,189
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 226,570 208,935
Cash paid during the period for income taxes 7,708 9,576
Supplemental disclosure of non-cash financing activities:    
Discount on notes payable for warrants 169,900
Discount on notes payable - related parties for warrants 43,113
Warrants issued and extended for common stock issuance costs 412,500
Supplemental disclosure of non-cash investing activities relating to business acquisitions:    
Accounts receivable 68,380
Prepaid expenses 38,913
Property and equipment 30,018
Intangible assets 3,888,000
Goodwill 3,466,934
Accounts payable (36,446)
Deferred revenues (1,072,530)
Net assets acquired in acquisition 6,383,269
Cash used in business acquisition $ 6,383,269

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