v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (13,955,770) $ (11,096,304)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,201,201 1,116,585
Deferred income tax benefit (167,481) (258,166)
Stock-based compensation expense 1,824,835 1,860,767
Impairment of investment 258,492 1,710,358
Change in fair value of contingent consideration 160,232 0
Other, net 561,518 (42,373)
Changes in operating assets and liabilities (net of acquired amounts):    
Accounts receivable and contract receivables (8,782,141) 2,222,194
Prepaid expenses and other assets and property and equipment 1,498,518 7,150,147
Accounts payable, contract liabilities, and accrued expenses 13,927,217 (97,142)
Change in contingent consideration from indemnification (917,699) 0
Operating lease liability (529,746) (139,251)
Customer deposits (1,601,273) (11,415,622)
Net cash used in operating activities (6,522,097) (8,988,807)
Cash flows from investing activities:    
Sale of investment 2,326,472 0
Business combinations, net of cash acquired 0 (2,709,148)
Purchases of property and equipment (456,484) (252,902)
Net cash provided by (used in) investing activities 1,869,988 (2,962,050)
Cash flows from financing activities:    
Proceeds from issuance of common stock 0 28,796
Repurchase of common stock 0 (3,956,447)
Additions to promissory notes 518,400 0
Repayment of finance lease ROU liability (133,388) (108,500)
Payments to settle contingent consideration (479,365) 0
Repayment of promissory notes (2,491,111) 0
Net cash used in financing activities (2,585,464) (4,036,151)
Net change in cash (7,237,573) (15,987,008)
Cash at beginning of period 12,008,003 34,592,190
Cash at end of period 4,770,430 18,605,182
Supplemental cash flow information:    
Cash paid for interest 21,334 22,271
Net cash paid for income taxes 165,228 0
Supplemental disclosure of non-cash investing and financing activities:    
Stock issued for acquisitions 0 2,500,000
Operating lease right of use assets and liabilities extension $ 295,631 $ 542,903

Source