Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash $ 12,008,003 $ 34,592,190
Accounts receivable, net 15,380,292 13,125,685
Contract receivables 3,004,282 0
Inventories 320,372 514,756
Prepaid expenses and other current assets 3,844,588 11,248,266
Total current assets 34,557,537 59,480,897
Non-current assets:    
Property and equipment, net 1,307,146 207,496
Operating lease right of use assets, net 2,618,825 689,704
Investments 2,559,307 4,210,358
Goodwill 15,572,050 7,992,121
Intangible assets, net 5,450,687 1,575,466
Total non-current assets 27,508,015 14,675,145
Total assets 62,065,552 74,156,042
Current liabilities:    
Accounts payable 9,960,364 6,066,896
Accrued expenses 3,196,961 3,878,278
Contract liabilities 1,294,452 0
Customer deposits 2,571,161 13,345,451
Contingent consideration 2,799,287 1,563,000
Promissory note 3,832,682 0
Operating lease liabilities 600,816 152,459
Total current liabilities 24,255,723 25,006,084
Non-current liabilities:    
Operating lease liabilities 2,044,782 542,003
Deferred tax liability 1,033,283 440,625
Total non-current liabilities 3,078,065 982,628
Commitments and contingencies (note 12)
Shareholders’ equity:    
Preferred stock, $0.10 par value; 10,000,000 shares authorized; 0 shares issued and outstanding 0 0
Common stock, $0.001 par value; 100,000,000 shares authorized; 12,220,593 issued and 10,770,760 outstanding as of December 31, 2022, and 11,588,110 shares issued and 10,733,195 outstanding as of December 31, 2021 12,221 11,588
Additional paid-in capital 84,882,982 78,679,220
Treasury shares, cost basis: 1,449,833 shares as of December 31, 2022 and 854,915 as of December 31, 2021 (12,045,542) (7,683,490)
Accumulated deficit (38,117,897) (22,839,988)
Total shareholders’ equity 34,731,764 48,167,330
Total liabilities and shareholders’ equity $ 62,065,552 $ 74,156,042