XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net (loss) income $ (394,293) $ 1,035,219
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 309,387 196,316
Bad debt expense (recovery) 2,327 (11,453)
Parts and supplies reserve change 9,000
Amortization of deferred financing costs 90,801 51,869
Amortization of debt discount 53,332 53,333
Amortization of right of use asset 313,178 292,051
Stock issued for services 57,500 57,500
Stock options compensation 125,952 46,196
Gain on extinguishment of debt (845,083)
Change in fair value of earnout liabilities 116,505 77,211
Changes in operating assets and liabilities:    
Accounts receivable 370,617 (197,792)
Accounts receivable, unbilled 9,703 11,447
Parts and supplies (8,442) 9,862
Prepaid expenses and other current assets (137,192) (86,495)
Accounts payable and accrued expenses 64,641 229,409
Lease liabilities, current and long-term (297,845) (288,728)
Deferred compensation (50,414)
Accrued interest, current and long-term 442
Deferred revenues (553,108) (53,184)
Total adjustments 466,942 (448,099)
Net cash provided by operating activities 72,649 587,120
Cash flows from investing activities:    
Cash paid to acquire business (6,383,269)
Capitalized software (171,205)
Purchases of property and equipment (98,199) (399,638)
Net cash used in investing activities (6,652,673) (399,638)
Cash flows from financing activities:    
Payment of earnout liabilities (1,018,333) (954,733)
Proceeds from issuance of common stock 5,740,758
Offering costs paid on issuance of common stock and notes (746,342)
Proceeds from notes payable 2,364,500
Proceeds from notes payable - related parties 600,000
Net cash provided by (used in) financing activities 6,940,583 (954,733)
Net increase (decrease) in cash 360,559 (767,251)
Cash - beginning of period 1,752,630 1,907,882
Cash - end of period 2,113,189 1,140,631
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 208,935 121,339
Cash paid during the period for income taxes 9,576 2,088
Supplemental disclosure of non-cash financing activities:    
Discount on notes payable for warrants 169,900
Discount on notes payable - related parties for warrants 43,113
Warrants issued and extended for common stock issuance costs 412,500
Right-of-use asset obtained in exchange for operating lease liability 1,483,962
Supplemental disclosure of non-cash investing activities relating to business acquisitions:    
Accounts receivable 68,380
Prepaid expenses 38,913
Property and equipment 30,018
Intangible assets 3,888,000
Goodwill 3,466,934
Accounts payable (36,446)
Deferred revenues (1,072,530)
Total purchase price of acquisition 6,383,269
Cash used in business acquisition $ 6,383,269