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 $ (6,079,824) $ (4,964,182)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 22,521 143,406
Amortization expense 1,269,564 1,287,853
Finance charges 426,419 1,513,366
Forgiveness of PPP loan   (330,047)
Change in allowance for doubtful accounts 261,717 0
Stock compensation expense 1,717,123 331,945
Non-cash interest expense 603,146 106,555
Changes in assets and liabilities:    
Accounts receivable (47,479) (467,353)
Prepaid expenses and other current assets (26,420) (292,183)
Right of use asset, net of lease liability 34,386 (136,659)
Accounts payable and accrued expenses 552,424 (33,560)
Deferred revenue (6,572) (55,389)
NET CASH USED IN OPERATING ACTIVITIES (1,272,995) (2,896,248)
INVESTING ACTIVITIES    
Cash portion of consideration paid to acquire Advantech 0 (1,773,056)
Cash portion of consideration paid to acquire Business Computer Systems 0 (94,880)
Cash portion of consideration paid to acquire Spectrum Technology Solutions 0 (1,350,000)
Purchases of capital assets (4,153) (55,027)
Additions to capitalized software (289,812) (245,541)
NET CASH USED IN INVESTING ACTIVITIES (293,965) (3,518,504)
FINANCING ACTIVITES    
Net proceeds from debt 3,585,000 3,261,488
Payments on debt (2,323,181) (510,650)
Proceeds from issuance of common stock 450,000 2,776,230
Conversion of convertible debt into common stock 22,387 319,057
Conversion of fees for services payable 0 632,815
Proceeds from exercise of employee stock options 2,100 0
Repurchase of warrants for common stock (45,000) 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,691,306 6,478,940
NET CHANGE IN CASH 124,346 64,188
CASH AT BEGINNING OF THE PERIOD 71,807 7,619
CASH AT END OF THE PERIOD 196,153 71,807
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for interest 696,355 0
Stock issued for acquisition of Advantech 0 500,000
Stock issued for acquisition of Business Computer Solutions 0 25,000
Stock issued for acquisition of Spectrum Technology Solutions 0 500,000
Stock issued for conversion of notes payable $ 22,387 $ 63,846

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