v3.22.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities:    
Net Income $ (713,867) $ 135,901
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 640,589 577,044
Stock based compensation 551,892 76,221
Gain on contingent liability (307,300)
Loss on disposal of equipment 29,732
Changes in Assets and Liabilities:    
Accounts receivable (100,490) 385,134
Other assets (211) (344)
Prepaid expenses and other current assets (438,444) (25,443)
Right of use asset 96,573 43,362
Accounts payable and accrued expenses (31,003) 53,857
Deferred revenue (117,377) (99,582)
Operating lease liability (95,744) (43,565)
Net Cash (Used in) Provided by Operating Activities (208,082) 825,017
Cash Flows from Investing Activities:    
 Capital expenditures (51,220) (303,228)
 Cash consideration for business acquisition (5,937,275)
Net Cash Used in Investing Activities (51,220) (6,240,503)
Cash Flows from Financing Activities:    
Repayments of finance lease obligations related party (487,403) (603,495)
Repayments of finance lease obligations (181,597) (74,010)
Proceeds from issuance of common stock and warrants 9,454,894
Cash received for the exercised of options 6,935
Repayments of Dividend payable (1,179,357)
Repayment of line of credit (24)
Net Cash (Used in) Provided by Financing Activities (662,065) 7,598,008
Increase (decrease) in Cash and Cash Equivalents (921,367) 2,182,522
Cash and Cash Equivalents, Beginning of Period 12,135,803 893,598
Cash and Cash Equivalents, End of Period 11,214,436 3,076,120
Supplemental Disclosures:    
Cash paid for interest 76,874 78,136
Cash paid for income taxes
Non-cash investing and financing activities:    
Accrual of preferred stock dividend 63,683
Assets acquired by finance lease $ 1,094,051 $ 50,000

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