Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:    
Net (loss) income $ (4,408,863) $ 259,921
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,225,911 1,284,345
Stock based compensation 734,479 171,798
Gain on forgiveness of debt (798,840)
Impairment of deferred offering costs and financing costs associated with canceled financing efforts 127,343
Impairment of goodwill 2,322,000
Loss on disposal of equipment 44,732
Deferred income taxes, release of valuation allowance (399,631)
Changes in Assets and Liabilities:    
Accounts receivable (1,118,469) (440,517)
Other assets 54,788 (6,417)
Prepaid expenses and other current assets (48,265) (169,355)
Right of use asset 195,817 (180,407)
Accounts payable and accrued expenses 1,864,188 (142,233)
Deferred revenue (85,799) (163,770)
Operating lease liability (199,329) 179,684
Net Cash Provided by (Used in) Operating Activities 663,801 (360,690)
Cash Flows from Investing Activities:    
               Investor deposit (25,000)
               Capital expenditures (127,257) (455,835)
 Purchase of marketable securities (9,010,968)
               Cash acquired in business acquisition 212,068
               Cash consideration for business acquisition (6,149,343)
Net Cash Used in Investing Activities (9,138,225) (6,418,110)
Cash Flows from Financing Activities:    
Proceeds from line of credit 50,000
Repayments of finance lease obligations related party (867,741) (968,420)
Repayments of finance lease obligations (386,509) (156,845)
Payments for deferred offering costs (127,343)
Proceeds from issuance of common stock and warrants 16,944,380
Cash received for the exercise of Warrants 3,381,271
Cash received for the exercise of options 6,934
Repayments of Dividend payable (1,179,357)
Repayment of line of credit (50,024)
Net Cash (Used in) Provided by Financing Activities (1,374,657) 18,021,005
Increase (decrease) in Cash and Cash Equivalents (9,849,081) 11,242,205
Cash and Cash Equivalents, Beginning of Period 12,135,803 893,598
Cash and Cash Equivalents, End of Period 2,286,722 12,135,803
Supplemental Disclosures:    
Cash paid for interest 127,871 116,682
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 $ 164,754