XML 17 R6.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Statement of Cash Flows [Abstract]              
Net loss $ (7,049,629) $ (4,866,844) $ (3,920,952) $ (2,328,283) $ (66,828,192) $ (9,865,327)  
Adjustments to reconcile net loss to net cash provided by operating activities:              
Bad debt expense         957,031 0 $ 0
Amortization, deferred financing cost         545,362 424,000  
Interest paid in kind         1,239,373 1,114,625  
Loss on debt extinguishment 0   0   1,213,379 0  
Change in estimated fair value of contingent consideration         0 (150,093)  
Deferred income taxes         (19,776,767) (3,791,387)  
Settlement claim to be paid in shares         11,101,671 0  
Shares issued for services         43,000,000 0  
Depreciation and amortization expense         3,754,165 3,784,625  
Share based compensation         4,791,549 0  
Expenses paid by IDC         0 1,544,398  
Changes in operating assets and liabilities:              
Accounts receivable         9,048,158 15,323,744  
Unbilled accounts receivable         (5,264,240) (1,904,548)  
Prepaid expenses and other current assets         (377,531) (3,421,238)  
Due from related parties         0 (3,371,874)  
Other assets         (179,645) (759,661)  
Right of use assets         62,525 1,284,007  
Accounts payable         585,409 705,385  
Due to related parties         (117,040) (2,231,830)  
Income taxes payable         13,913 (1,000)  
Accrued expenses and other current liabilities         17,672,122 5,222,060  
Contingent consideration liability         (6,941,521) 0  
Operating lease liability         (58,439) (1,279,583)  
Net cash (used in)/provided by operating activities         (5,558,718) 2,626,303  
Cash flows from investing activities              
Purchase of property and equipment         (50,372) (76,312)  
Net cash used in investing activities         (50,372) (76,312)  
Cash flows from financing activities              
Borrowings on revolving line of credit         316,548,608 284,996,365  
Payments on revolving line of credit         (319,191,401) (288,033,540)  
Borrowing on credit agreement         1,950,000 0  
Deemed capital contribution from recapitalization         6,666,216 0  
Debt issuance costs payment         (319,500) (40,000)  
Net cash provided by/(used in) financing activities         5,653,923 (3,077,175)  
Net increase/(decrease) in cash and cash equivalents         44,833 (527,184)  
Cash and Cash Equivalents – Beginning of period   $ 1,352,927   $ 1,716,161 1,352,927 1,716,161 1,716,161
Cash and Cash Equivalents – End of period $ 1,397,760   $ 1,188,977   1,397,760 1,188,977 $ 1,352,927
Cash paid during the period for:              
Interest         5,437,928 9,021,326  
Income Taxes, net of refunds received         17,100 73,541  
Non-cash investing and financing activities:              
Derecognition of debt, net related to debt deconsolidation         (68,946,155) 0  
Accretion of redeemable units to redemption value         133,162 374,063  
Unpaid debt issuance costs added to Term Note         600,000 0  
Notes payable issued for amounts due under contingent consideration arrangements         6,941,521 0  
Deemed capital contribution         1,033,969 2,869,008  
Change in related parties         (6,338,027) 0  
Deemed capital contribution from merger         8,617,962 0  
Liabilities assumed in merger         1,703,193 0  
Recapitalization of equity as a result of the Merger         $ 73,580,989 $ 0