Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities:    
Net loss $ (10,291,713) $ (7,885,660)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 452,136 315,202
Bad debt expense 22,698 7,593
Gain on forgiveness of accounts payable - supplier   (236,248)
Stock-based compensation: Common stock 700,652 448,646
Stock-based compensation: Stock options 23,390 19,570
Amortization of debt discount and debt issuance costs   915,994
Amortization of debt discount and debt issuance costs - related parties   357,201
Amortization of beneficial conversion feature   1,984,322
Loss on extinguishment of convertible note payable   297,272
Loss on settlement of other payables   23,601
Gain on settlement of notes and other payables   (148,600)
Changes in operating assets and liabilities:    
Accounts receivable (940,477) (1,342,643)
Other receivable 3,955  
Prepaid expenses and other current assets 73,491 (79,579)
Accounts payable - suppliers 1,508,516 (191,125)
Accounts payable - trade (447,242) 211,922
Accrued expenses and other current liabilities 1,467,306 497,416
Deferred revenue (247,504)  
Net Cash Used In Operating Activities (7,674,792) (4,805,116)
Cash Flows From Investing Activities:    
Purchase of intangible assets (1,133,072) (1,300,336)
Purchase consideration of MediaCrossing (500,000)  
Purchase of property and equipment (39,414) (16,000)
Net Cash Used In Investing Activities (1,672,486) (1,316,336)
Cash Flows From Financing Activities:    
Proceeds from exercise of warrants [1] 9,787,149 [1] 11,000
Repayment of PPP loan [2] (177,347)  
Repayment of financed director and officer insurance premiums (145,050)  
Proceeds from exercise of options 8,361  
Proceeds from sale of common stock and warrants in initial public offering, net [2] [2]   11,503,488
Payment of initial public offering issuance costs   (841,376)
Proceeds from sale of common stock and warrants in follow-on public offering, net [3] [3]   19,354,493
Payment of follow-on public offering issuance costs   (125,000)
Repayment of advance from related party   (29,000)
Proceeds from issuance of notes payable   406,190
Repayment of notes payable   (95,000)
Proceeds from issuance of notes payable - related parties   835,000
Repayment of note payable - related party   (150,000)
Net Cash Provided By Financing Activities 9,473,113 30,869,795
Net Increase In Cash and Cash Equivalents 125,835 24,748,343
Cash and Cash Equivalents - Beginning of the Year 24,782,128 33,785
Cash and Cash Equivalents - End of the Year 24,907,963 24,782,128
Cash paid during the year for:    
Interest 7,912 574
Non-cash investing and financing activities:    
Accrual of warrant exercise issuance costs 83,519  
Shares issued as partial consideration for intangible asset 532,000  
Shares of common stock issued in satisfaction of accrued issuable equity 507,044  
Contingent consideration 613,000  
Financing of insurance premiums $ 362,625  
Conversion of notes payable and accrued interest into common stock   5,411,381
Original issue discount in connection with convertible notes payable   285,000
Original issue discount in connection with convertible notes payable - related party   75,500
Accrual of follow-on offering deferred offering costs   (339,581)
Reduction of additional paid-in capital for initial public offering issuance costs that were previously paid   56,367
Reversal of previously accrued deferred offering costs   218,829
Forgiveness of related party liability   $ 33,738
[1] Includes gross proceeds of $10,169,027, less issuance costs of $381,878.
[2] Includes gross proceeds of $12,503,750, less underwriting discounts and commissions of $1,000,262.
[3] Includes gross proceeds of $20,699,992, less underwriting discounts and commissions of $1,470,499.