Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (15,277,909) $ (875,667)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,483,065 495,276
Deferred income tax benefit (322,092) 0
Loss on extinguishment of debt 0 790,723
Stock-based compensation expense 2,571,785 1,840,913
Interest expense – beneficial conversion of notes payable 0 636,075
Impairment loss 2,660,933 0
Change in fair value of contingent consideration 436,905 0
PPP loan forgiveness 0 (1,032,316)
Other, net 54,858 209,363
Changes in operating assets and liabilities (net of acquired amounts):    
Accounts receivable (2,517,745) (10,547,883)
Inventories 190,219 45,479
Prepayments and other assets 8,207,488 (8,063,663)
Accounts payable and accrued expenses 1,087,807 6,472,004
Operating lease liability (413,770) 0
Customer deposits (10,774,290) 8,466,588
Net cash used in operating activities (12,612,746) (1,563,108)
Cash flows from investing activities:    
Purchases of investments 0 (2,500,000)
Purchases of property and equipment (580,347) (292,428)
Acquisitions, net of cash acquired (3,871,452) (5,544,846)
Net cash used in investing activities (4,451,799) (8,337,274)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of offering costs 28,796 57,747,438
Repurchase of common stock (4,362,052) (7,683,490)
Repayment of finance lease ROU liability (146,000) 0
Payments to settle contingent consideration (1,040,386) 0
Repayment of debt 0 (5,755,845)
Net cash provided by (used in) financing activities (5,519,642) 44,308,103
Net change in cash (22,584,187) 34,407,721
Cash at beginning of period 34,592,190 184,469
Cash at end of period 12,008,003 34,592,190
Supplemental cash flow information:    
Cash paid for interest 28,147 230,424
Net cash paid for income taxes 16,253 0
Supplemental disclosure of non-cash investing and financing activities:    
Stock issued for acquisitions 3,603,813 2,000,000
Operating lease right of use assets and liabilities extension $ 1,929,121 $ 600,815