XML 17 R6.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Statement of Cash Flows [Abstract]    
Net loss $ (21,462,354) $ (59,778,563)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Amortization, deferred financing cost 91,108 538,840
Interest paid in kind 0 1,239,373
Loss on debt extinguishment 0 1,213,379
Deferred income taxes 0 (18,547,562)
Settlement claim to be paid in shares 0 11,101,671
Shares issued for services 326,400 43,000,000
Depreciation and amortization expense 2,469,138 2,508,608
Right-of-use asset amortization 867,432 535,921
Share based compensation 12,309,724 4,506,066
Changes in operating assets and liabilities:    
Accounts receivable 17,356,622 8,380,018
Unbilled accounts receivable (44,838) (2,281,284)
Prepaid expenses and other current assets (715,739) (883,934)
Due from related parties (6,067,963) 0
Other assets 101,536 (115,369)
Accounts payable 1,129,291 (365,907)
Due to related parties (2,091,035) (178,707)
Income taxes payable 0 13,913
Accrued expenses and other current liabilities 1,630,927 12,372,620
Contingent consideration liability 0 (6,941,521)
Operating lease liability (863,020) (534,828)
Net cash provided by (used in) operating activities 5,037,229 (4,217,266)
Cash flows from investing activities    
Purchase of property and equipment (30,073) (35,306)
Net cash (used in) investing activities (30,073) (35,306)
Cash flows from financing activities    
Borrowings on revolving line of credit 248,342,112 208,497,657
Payments on revolving line of credit (253,464,848) (213,755,250)
Borrowing on credit agreement 0 1,950,000
Deemed capital contribution from recapitalization 0 6,666,216
Debt issuance costs payment (188,351) (19,500)
Net cash (used in) provided by financing activities (5,311,087) 3,339,123
Net decrease in cash and cash equivalents (303,931) (913,449)
Cash and Cash Equivalents – Beginning of period 678,676 1,352,927
Cash and Cash Equivalents – End of period 374,745 439,478
Cash paid during the period for:    
Interest 2,306,780 4,051,095
Federal Income Taxes, net of refunds received (201,384) 0
State Income Taxes, net of refunds received 154,237 17,100
Non-cash investing and financing activities:    
Settlement shares issued to legacy stockholders 2,378,471 0
Derecognition of debt, net related to debt deconsolidation 0 (68,946,155)
Accretion of redeemable units to redemption value 0 133,162
Unpaid debt issuance costs added to Term Note 0 600,000
Notes payable issued for amounts due under contingent consideration arrangements 0 6,941,521
Deemed capital contribution 0 1,033,969
Change in related parties 0 (6,338,027)
Deemed capital contribution from merger 0 8,617,962
Liabilities assumed in merger 0 1,703,193
Recapitalization of equity as a result of the Merger $ 0 $ 73,580,989