Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Loss from continuing operations $ (3,092,339) $ (2,860,925)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities - continuing operations:    
Depreciation and amortization 776,095 385,161
Deferred income taxes (19,291) (21,540)
Noncash lease expense 91,387 66,264
Stock-based compensation expense 481,429 634,340
Litigation settlement reserve (908,564) 175,000
Reduction of merchant reserve 380,849 380,000
Changes in operating assets and liabilities, net of effects of discontinued operations:    
Accounts receivable 70,895 (383,630)
Prepaid expenses and other current assets 102,978 (95,525)
Incremental direct costs 36,212
Accounts payable 90,005 (481,920)
Accrued expenses 101,991 77,252
Lease liability (101,102)
Deferred revenue (224,097) 248,756
Net cash used in operating activities - continuing operations (2,249,764) (1,840,555)
Net cash used in operating activities - discontinued operations (1,534) (33,445)
Net cash used in operating activities (2,251,298) (1,874,000)
Cash flows from investing activities:    
Costs incurred to develop technology (45,195) (49,970)
Purchases of property and equipment (15,602) (24,940)
Payments for investment deposit (350,000)
Acquisition of equity interest in RemoteMore USA, Inc. (863,333)
Net cash used in investing activities - continuing operations (60,797) (1,288,243)
Net cash provided by investing activities - discontinued operations
Net cash used in investing activities (60,797) (1,288,243)
Cash flows from financing activities:    
Proceeds from the sale of common stock 1,000,000 4,444,951
Repurchases of common stock (855,365)
Net cash provided by financing activities - continuing operations 144,635 4,444,951
Net cash provided by financing actvities - discontinued operations
Net cash provided by financing activities 144,635 4,444,951
Effect of exchange rate fluctuations on cash and cash equivalents 1,533 2,420
Net (decrease) increase in cash and cash equivalents (2,165,926) 1,285,128
Cash, cash equivalents, beginning of period 3,402,697 2,117,569
Cash and cash equivalents, end of period 1,236,771 3,402,697
Supplemental disclosures of other cash flow information:    
Cash paid for income taxes 2,558
Cash paid for interest