Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating Activities    
Net Loss $ (13,583,610) $ (13,770,685)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:    
Depreciation and Amortization of Intangible Assets 41,609 45,296
Reduction of Right-of-Use Assets 92,419 181,977
Stock-Based Compensation 462,450 842,475
Change in Fair Value of Contingent Consideration 582,605 (505,675)
Change in Fair Value of Warrant Liability 1,425,102 0
Deferred Taxes (113,010) (192,603)
Paycheck Protection Program Loan Forgiveness 0 (278,190)
Goodwill Impairment Loss 0 4,037,811
Gain on Disposal of Assets (4,211) 0
Changes in Operating Assets and Liabilities, Net of Effects of Business Acquired:    
Prepaid Expenses and Other Current Assets 275,161 (156,951)
Tax Receivables (872,736) (441,196)
Other Assets (22,465) 14,111
Accounts Payable 782,463 (310,665)
Operating Lease Liabilities (103,629) (181,977)
Accrued Expenses 609,719 40,882
Net Cash Used in Operating Activities (10,428,133) (10,675,390)
Investing Activities:    
Purchase of Property and Equipment 0 (63,865)
Acquisitions, Net of Cash Acquired 0 (93,155)
Proceeds on Sale of Equipment 6,375 0
Net Cash Provided by (Used in) Investing Activities 6,375 (157,020)
Financing Activities:    
Proceeds from Public Offerings, Net of Offering Costs 5,377,719 17,745,207
Proceeds from Warrant Inducement, Net of Issuance Costs 2,738,831 0
Exercise of Warrants 520,000 50,001
Payments Made for Fractional Shares Related to the Reverse Stock Split (15,629) 0
Repayment of Loan Payable 0 (212,282)
Net Cash Provided by Financing Activities 8,620,921 17,582,926
Effect of Exchange Rate Changes on Cash (85,037) (81,503)
Net (Decrease) Increase in Cash (1,885,874) 6,669,013
Cash, Including Restricted Cash, Beginning of Year 7,899,690 1,230,677
Cash, Including Restricted Cash, End of Year 6,013,816 7,899,690
Supplemental Disclosures of Noncash Operating and Financing Activities:    
Creation of Right-of-Use Assets and Related Lease Liabilities 55,415 313,312
Grant of Restricted Stock Awards 300 0
Series C Preferred Stock    
Supplemental Disclosures of Noncash Operating and Financing Activities:    
Conversion of Preferred Stock into Common Stock 0 213
Series D Preferred Stock    
Supplemental Disclosures of Noncash Operating and Financing Activities:    
Conversion of Preferred Stock into Common Stock 0 3
Series E Preferred Stock    
Supplemental Disclosures of Noncash Operating and Financing Activities:    
Conversion of Preferred Stock into Common Stock $ 1,600 $ 0