Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Loss from continuing operations $ (4,386,237) $ (3,092,339)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities - continuing operations:    
Depreciation and amortization 624,004 776,095
Deferred income taxes (143,069) (19,291)
Noncash lease expense 91,386 91,387
Stock-based compensation expense 299,839 481,429
Litigation settlement reserve 0 (908,564)
Allowance for credit losses (15,761) (144,675)
Amortization of commitment funding (187,500) 0
Extinguishment of discontinued operations liabilities 156,739 0
Reduction of merchant reserve 0 380,849
Changes in operating assets and liabilities, net of effects of discontinued operations:    
Accounts receivable 199,910 215,570
Prepaid expenses and other current assets 466,109 102,978
Accounts payable 186,253 90,005
Accrued expenses (203,955) 101,991
Lease liability (103,555) (101,102)
Deferred revenue 6,352 (224,097)
Net cash used in operating activities - continuing operations (3,009,485) (2,249,764)
Net cash used in operating activities - discontinued operations (17,443) (1,534)
Net cash used in operating activities (3,026,928) (2,251,298)
Cash flows from investing activities:    
Costs incurred to develop technology (181,111) (45,195)
Purchases of property and equipment (30,426) (15,602)
Additional Investment in nonontrolling subsidiary (334,965) 0
Net cash used in investing activities - continuing operations (946,502) (60,797)
Net cash provided by investing activities - discontinued operations 0 0
Net cash used in investing activities (946,502) (60,797)
Cash flows from financing activities:    
Proceeds from the sale of common stock 3,364,300 1,000,000
Repurchases of common stock 0 (855,365)
Net cash provided by financing activities - continuing operations 3,364,300 144,635
Net cash provided by financing activities - discontinued operations 0 0
Net cash provided by financing activities 3,364,300 144,635
Effect of exchange rate fluctuations on cash and cash equivalents 0 1,534
Net (decrease) increase in cash and cash equivalents (609,130) (2,165,926)
Cash, cash equivalents, beginning of period 1,236,771 3,402,697
Cash and cash equivalents, end of period 627,641 1,236,771
Supplemental disclosures of other cash flow information:    
Cash paid for income taxes 0 0
Cash paid for interest 0 0
Commitment Funding [Member]    
Supplemental disclosures of other cash flow information:    
Stock Issued 750,000 0
Acquisition Stock Issuance [Member]    
Supplemental disclosures of other cash flow information:    
Stock Issued 200,000 0
Expo Experts [Member]    
Cash flows from investing activities:    
Acquisition of Expo Experts $ (400,000) $ 0