v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Operating Activities    
Net Loss $ (16,394,919) $ (8,091,940)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization of Intangible Assets 45,296 33,399
Reduction of Right-of-Use Assets 181,977 166,822
Stock-Based Compensation 842,475 723,856
Contingent Consideration (212,281) 0
Expiration of Prepaid Agreement 0 159,848
Deferred Taxes (304,782) 12,055
Paycheck Protection Program Loan Forgiveness (278,190) 0
Goodwill Impairment Loss 4,498,234 0
Intangible Asset Impairment Loss 1,770,314 0
Changes in Operating Assets and Liabilities, Net of Effects of Business Acquired:    
Prepaid Expenses and Other Current Assets (156,951) (146,971)
Refundable Tax Credit Receivable (441,196) (18,957)
Other Assets 14,111 18,916
Accounts Payable (310,665) 136,697
Lease Liabilities (181,977) (166,822)
Deferred Revenue 0 0
Accrued Expenses 40,882 (144,072)
Net Cash Used in Operating Activities (10,887,672) (7,317,169)
Investing Activities:    
Purchase of Property and Equipment (63,865) (20,077)
Acquisition, net of cash acquired (93,155) (110,644)
Dissolution of Foreign Entity 0 (113,717)
Net Cash Used in Investing Activities (157,020) (244,438)
Financing Activities:    
Proceeds from Stock Offerings 18,750,016 5,000,000
Stock Issuance Costs (1,004,809) (498,687)
Exercise of Warrants 50,001 218,000
Paycheck Protection Program Loan Proceeds 0 278,190
Net Cash Provided by Financing Activities 17,795,208 4,997,503
Effect of Exchange Rate Changes on Cash (81,503) (26,931)
Net Increase (Decrease) in Cash 6,669,013 (2,591,035)
Cash, Including Restricted Cash, Beginning of Year 1,230,677 3,821,712
Cash, Including Restricted Cash, End of Year 7,899,690 1,230,677
Supplemental Disclosures of Noncash Operating and Financing Activities:    
Conversion of Series C Preferred Stock into Common Stock 8,525 0
Conversion of Series D Preferred Stock into Common Stock 109 0
Creation of Right-of-Use Assets and Related Lease Liabilities 313,312 166,824
Grant of Restricted Stock Awards $ 0 $ 490

Source