Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Loss from continuing operations $ (4,157,962) $ (2,792,129)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities - continuing operations:    
PPP loan forgiveness (651,077)
Depreciation and amortization 169,903 703,717
Deferred tax benefit (35,215) (177,501)
Amortization of right-of-use asset 116,098 151,520
Accretion of lease liability 2,318 10,765
Share-based compensation expense 620,381 224,706
Litigation settlement reserve 1,474,922
Write-off of accounts payable (375,997)
Write-off of property and equipment 1,232 1,385
Recovery of bad debt expense (102)
Payment of lease obligations (107,401) (164,194)
Changes in operating assets and liabilities, net of effects of discontinued operations:    
Accounts receivable (284,732) 96,050
Prepaid expenses and other current assets (114,497) 54,170
Incremental direct costs (2,954) (12,461)
Accounts payable (834,259) (431,899)
Accrued expenses 263,574 (14,196)
Deferred revenue 202,128 (563,570)
Net cash used in operating activities - continuing operations (3,337,541) (3,289,736)
Net cash used in operating actvities - discontinued operations (198,535) (3,183,594)
Net cash used in operating activities (3,536,076) (6,473,330)
Cash flows from investing activities:    
Costs incurred to develop technology (3,700) (2,499)
Purchases of property and equipment (10,404) (550)
Payment of security deposit (51,307)
Net cash used in investing activities - continuing operations (65,411) (3,049)
Net cash provided by investing actvities - discontinued operations 57,846
Net cash provided used in investing activities (65,411) 54,797
Cash flows from financing activities:    
Proceeds from the sale of common stock 4,276,827 6,614,928
Proceeds from short-term loan 651,077 400,000
Repayment from short-term loan (400,000)
Proceeds from line of credit 292,882
Repayment of line of credit (292,882)
Net cash provided by financing activities - continuing operations 4,927,904 6,614,928
Net cash provided by financing actvities - discontinued operations 288,632
Net cash provided by financing activities 4,927,904 6,903,560
Effect of exchange rate fluctuations on cash and cash equivalents 157,537 42,918
Net increase in cash and cash equivalents 1,483,954 527,945
Cash, cash equivalents, beginning of period 633,615 105,670
Cash and cash equivalents, end of period 2,117,569 633,615
Supplemental disclosures of other cash flow information:    
Cash paid for income taxes 8,594
Cash paid for interest 18,819
Supplemental disclosures of non cash flow information:    
PPP loan forgiveness $ 651,077