Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.22.2.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash $ 18,605,182 $ 34,592,190
Accounts receivable, net 12,234,400 13,125,685
Contract receivables 1,270,902
Inventories 310,996 514,756
Prepaid expenses and other current assets 4,852,262 11,248,266
Total current assets 37,273,742 59,480,897
Non-current assets:    
Property and equipment, net 830,406 207,496
Operating lease right of use assets, net 1,193,161 689,704
Investments 2,546,574 4,210,358
Goodwill 12,127,124 7,992,121
Intangible assets, net 4,461,403 1,575,466
Total non-current assets 21,158,668 14,675,145
Total assets 58,432,410 74,156,042
Current liabilities:    
Accounts payable 6,508,946 6,066,896
Contract liabilities 2,026,161
Accrued expenses 5,747,624 3,878,278
Customer deposits 1,929,829 13,345,451
Contingent consideration 2,400,771 1,563,000
Operating lease liabilities 354,403 152,459
Total current liabilities 18,967,734 25,006,084
Non-current liabilities:    
Deferred tax liability 1,097,208 440,625
Operating lease liabilities 863,325 542,003
Total non-current liabilities 1,960,533 982,628
Total liabilities 20,928,267 25,988,712
Shareholders’ Equity    
Preferred stock, $0.10 par value; 10,000,000 shares authorized; 0 and 0 shares issued and outstanding
Common stock, $0.001 par value; 100,000,000 shares authorized; 11,948,718 issued and 10,611,592 outstanding as of September 30, 2022, and 11,588,110 issued and 10,733,195 outstanding as of December 31, 2021 11,949 11,588
Additional paid in capital 83,068,423 78,679,220
Treasury shares, cost basis: 1,337,126 shares as of September 30, 2022 and 854,915 shares as of December 31, 2021 (11,639,937) (7,683,490)
Accumulated deficit (33,936,292) (22,839,988)
Total shareholders’ equity 37,504,143 48,167,330
Total liabilities and shareholders’ equity $ 58,432,410 $ 74,156,042