XML 19 R8.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 3,274,370 $ 17,035,609
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Amortization - intangible assets 5,803,610 11,131,342
Amortization - loan origination fees 19,149 22,388
Depreciation and amortization - property and equipment 435,644 638,659
Gain on lease termination (122,533)  
Gain on paycheck protection program and economic injury disaster loan forgiveness (174,436) (392,200)
Gain on disposal of fixed assets (17,067)  
Interest income from shareholder loan (580,878) (1,074,881)
Deferred taxes   2,682
Decrease in non-controlling interest - dissolution of subsidiary   39,340
Changes in assets and liabilities:    
Accounts receivable 7,648,432 5,049,456
Accounts receivable - related party (3,803,606) 2,542,956
Prepaid expenses - related party (4,875,000)  
Prepaid expenses and other current assets (2,232,406) (5,689,750)
Other noncurrent assets (15,228) 241,422
Accounts payable 2,905,024 (390,331)
Accounts payable - related party (1,402,791) 311,024
Accrued expenses (127,993) 700,163
Interest payable - related parties 1,490 5,983
Lease liabilities (103,782) (130,090)
Deferred revenue (7,297,736) (11,389,985)
Net cash (used in) provided by operating activities (665,737) 18,653,787
Cash flows from investing activities:    
Loan provided to related party   (24,506,321)
Repayment on loan provided by related party (300,000)  
Acquisition of license rights - related party   (5,000,000)
Purchases of property and equipment (5,256) (3,403)
Proceeds from sale of property and equipment 19,500  
Repayment on Pound Sand note 1,496,063  
Investment at cost   (895)
Net cash provided by (used in) investing activities 1,210,307 (29,510,619)
Cash flows from financing activities:    
Repayments on long-term debt (57,967) (6,731,666)
Repayments on short-term note (3,333,333)  
Borrowings on long-term debt   2,904,815
Borrowings on short-term note 10,000,000  
Payments on paycheck protection program and economic injury disaster loan (90,198)  
Refund of payments on paycheck protection program and economic injury disaster loan 48,305  
Borrowings on revolving loan   6,500,000
Cash dividend declared and paid (8,200,000)  
Net cash (used in) provided by financing activities (1,633,193) 2,673,149
Effect of currency translation on cash and cash equivalents (52,810) 380,403
Net decrease in cash, and restricted cash and cash equivalents (1,141,433) (7,803,280)
Cash, and restricted cash and cash equivalents - beginning of period 16,554,115 33,902,707
Cash, and restricted cash and cash equivalents - end of period 15,412,682 26,099,427
Cash paid during the period for:    
Interest 594,189 105,577
Income taxes 831,400 3,300,000
Noncash transactions during the period for:    
Loan and interest payable - related parties 103,890  
Loan and interest receivable - related parties (103,890)  
Loan and interest from shareholder 94,934,400  
Dividend distribution (94,934,400)  
Noncash financing activity during the period:    
Gain on paycheck protection program and economic injury disaster loan forgiveness (174,436) (392,200)
License rights from related parties    
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Amortization - intangible assets 250,000 450,000
License rights    
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Amortization - intangible assets 5,552,938 10,675,193
Other    
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Amortization - intangible assets $ 672 $ 6,149