Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Loss from continuing operations $ (2,860,925) $ (4,157,962)
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 385,161 169,903
Deferred tax benefit (21,540) (35,215)
Amortization of right-of-use asset 66,264 116,098
Accretion of lease liability 2,318
Share-based compensation expense 634,339 620,381
Litigation settlement reserve 175,000 1,474,922
Reduction of merchant reserve 380,000
Write-off of property and equipment 1,232
Payment of lease obligations (107,401)
Changes in operating assets and liabilities, net of effects of discontinued operations:    
Accounts receivable (383,630) (284,732)
Prepaid expenses and other current assets (95,524) (114,497)
Incremental direct costs 36,212 (2,954)
Accounts payable (481,920) (834,259)
Accrued expenses 77,252 263,574
Deferred revenue 248,756 202,128
Net cash used in operating activities - continuing operations (1,840,555) (3,337,541)
Net cash used in operating activities - discontinued operations (33,445) (198,535)
Net cash used in operating activities (1,874,000) (3,536,076)
Cash flows from investing activities:    
Costs incurred to develop technology (49,970) (3,700)
Purchases of property and equipment (24,940) (10,404)
Payment of security deposit (350,000) (51,307)
Acquisition of equity interest in RemoteMore USA, Inc. (863,333)
Net cash used in investing activities - continuing operations (1,288,243) (65,411)
Net cash provided by investing activities - discontinued operations
Net cash provided used in investing activities (1,288,243) (65,411)
Cash flows from financing activities:    
Proceeds from the sale of common stock 4,444,951 4,276,827
Proceeds from short-term loan 651,077
Net cash provided by financing activities - continuing operations 4,444,951 4,927,904
Net cash provided by financing actvities - discontinued operations
Net cash provided by financing activities 4,444,951 4,927,904
Effect of exchange rate fluctuations on cash and cash equivalents 2,420 157,537
Net increase in cash and cash equivalents 1,285,128 1,483,954
Cash, cash equivalents, beginning of period 2,117,569 633,615
Cash and cash equivalents, end of period 3,402,697 2,117,569
Supplemental disclosures of other cash flow information:    
Cash paid for income taxes 2,558
Cash paid for interest
Supplemental disclosures of non cash flow information:    
PPP loan forgiveness $ 651,077