XML 20 R6.htm IDEA: XBRL DOCUMENT v3.24.2.u1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Loss $ (4,457,401) $ (1,441,393) $ (18,542,654) $ (13,830,371)
Adjustments to Reconcile Net Loss to Net Cash Used In Operating Activities:        
Depreciation and amortization expense 617,943 162,839 590,691 103,194
Amortization of right-of-use assets 14,918 67,097 23,686 85,696
Amortization of debt discounts and accretion of debt     0 1,619,838
Bad debt expense (30,992) 671,678 11,850,788 5,621,938
Shares issued in lieu of cash 0 (96,888) 96,888 175,941
Lease expense 155,430 123,204 365,639 210,463
Interest on finance leases 1,307 13,709 2,903 16,467
Stock-based compensation 680,389 104,869 577,931 24,401
Deferred income taxes (5,645) 3,621 78,553 780,099
Gain on extinguishment of debt 0 (1,910,770) (1,910,967) (876,894)
Bargain purchase gain 0 (1,633,842) (1,440,249) 0
Change in fair value of the derivative liability 0 (3,384) (3,384) 20,257
Gain on net change in fair value of equity investments (2,090) (3,969) (4,584) (1,676)
Provision for extraordinary tax charges     578,425 0
Gain on forgiveness of accrued interest     0 (127,230)
Other income     (928) 0
Changes in assets and liabilities:        
Accounts receivable 788,013 721,400 (5,484,213) (3,073,366)
Accounts receivable - related party (559,563) 202,669 1,457,845 (170,815)
Inventory 323,436 (949,633) (890,903) (485,469)
Prepaid expenses and other assets (359,794) (3,603,672) (579,467) (894,893)
Prepaid expenses and other current assets - related party (1,462,468) (2,303,904) (913,574) (375,311)
Loan receivable - related party 0 (168,469) 0 (4,213,728)
Accounts payable and accrued expenses (711,770) (1,332,464) 644,838 2,092,104
Accounts payable and accrued expenses - related party 621,174 (135,026) 71,777 (357,681)
Accrued interest 3,418 (229,771) (115,668) (913,280)
Lease liabilities (154,610) (123,391) (373,816) (210,781)
Taxes payable 0 417,256 (128,801) (1,107,135)
Other current liabilities 614,232 (230,028) (1,359,180) (320,420)
Other liabilities (698,916) (579,582) (227,575) 1,338,013
NET CASH USED IN OPERATING ACTIVITIES (4,622,989) (12,064,068) (15,635,999) (14,870,639)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Proceeds from loan receivable 357,241 347,225 806,464 351,474
Cash paid for the acquisition of Cana 0 (5,331,120) (5,230,593) 0
Sale of intangible assets 1,989 0    
Purchase of intangible assets 0 (2,213,851) (6,189,564) (308,866)
Purchase of property and equipment (116,826) (1,249,933) (1,313,195) (74,207)
Loan receivable - related party     (168,469) 0
Sale of fixed assets     0 12,736
Advances for building's acquisition     (1,665,000) 0
Purchase of marketable securities     0 (2,634)
NET CASH USED IN INVESTING ACTIVITIES 242,404 (8,447,679) (13,760,357) (21,497)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Payment of convertible note payable 0 (100,000) (100,000) (525,000)
Payment of note payable (549,946) (1,372,976) (1,611,774) (12,479,735)
Payment of related party loan (7,567)   0 (4,824,035)
Payment of lines of credit (12,342,152) (10,412,107) (19,532,735) (20,975,110)
Proceeds from lines of credit 13,034,203 9,271,450 20,193,343 22,354,567
Proceeds from the issuance of common stock 0 4,750,000 10,000,017 35,275,573
Payments of finance lease liability (17,504) (77,753) (27,786) (99,906)
Payments of financing fees (629,576) 0 (717,888) (3,194,798)
Payment of related party note payable     0 (421,373)
Proceeds from note payable     1,057,540 487,098
Proceeds from related party loan     0 3,625,007
Payment of loans payable     0 (1,065,000)
Proceeds from loans payable     0 65,000
Proceeds from issuance of Series A Preferred Stock     0 6,000,000
Proceeds from the exercise of warrants     3,533,741 10,826,000
Proceeds from sale of treasury stock     (100,452) 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 746,610 2,058,614 12,694,007 35,048,288
Effect of exchange rate changes on cash 144,289 (63,853) (214,139) 307,044
NET CHANGE IN CASH (3,489,686) (18,516,986) (16,916,488) 20,463,196
CASH AT BEGINNING OF PERIOD 3,833,195 20,749,683 20,749,683 286,487
CASH AT END OF PERIOD 343,509 2,232,697 3,833,195 20,749,683
Cash paid during the year:        
Interest 512,966 814,345 406,885 588,051
Income tax     0 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities        
Closing of acquisition of Cloudscreen 637,080 0    
Common shares issued for acquisition of customer base 0 316,081 316,081 0
Common shares issued for acquisition of Cana $ 0 $ 138,667 138,667 0
Conversion of notes payable to common stock     0 $ 973,420
Deemed dividend reclassified upon elimination of its redemption provision     372,414  
Conversion of convertible notes payable to common stock       15,000
Deemed dividend on warrants upon conversion of convertible debt     7,218,485 $ 32,004,730
Deemed dividend on preferred stock and warrants upon trigger of downround feature     0 16,669,894
Deemed dividend upon cumulative dividend on preferred stock     0 372,414
Conversion of Series A preferred stock     0 5,452,300
Conversion of convertible debt     $ 0 $ 38,144