XML 18 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net (loss) income $ (3,412,250) $ 1,324,106
Adjustments to reconcile net (loss) income from operations to net cash (used in) provided by operating activities:    
Depreciation of property and equipment 69,599 186,178
Amortization of intangible assets 601,264 184,667
Amortization of operating lease right-of-use assets 80,310 74,416
Gain on extinguishment of digital token liability (338,553)
Impairment loss on digital tokens 7,262 765,232
Realized (gain) loss from the sale of digital tokens (307,934)
Deferred tax benefit (171,665)
Gain on extinguishment of term debt (506,500)
Stock-based compensation 333,825 (35,653)
Bad debt expense (3,235)
Changes in operating assets and liabilities:    
Digital tokens (884,263)
Accounts receivable, net 31,151 (78,803)
Digital tokens receivable 210,000
Operating lease liability (80,310) (74,416)
Digital tokens payable 215,156
Prepaid expense and other current assets (303,941) (2,554)
Accounts payable, accrued expenses and other current liabilities (453,928) 680,848
Deferred subscription revenue 341,959 (143,228)
Net cash (used in) provided by operating activities (2,956,724) 1,265,464
Cash flows from investing activities:    
Acquisition of ManyCam assets (2,700,000)
Acquisition related costs of ManyCam assets (242,279)
Proceeds from the sale of digital tokens 858,848
Net cash (used in) provided by investing activities (2,942,279) 858,848
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 13,919,126
Proceeds from issuance of common stock pursuant to option exercise 8,002
Purchase of treasury stock (997,924)
Net cash (used in) provided by financing activities (997,924) 13,927,128
Net (decrease) increase in cash and cash equivalents (6,896,927) 16,051,440
Balance of cash and cash equivalents at beginning of period 21,636,860 5,585,420
Balance of cash and cash equivalents at end of period 14,739,933 21,636,860
Non-cash investing and financing activities:    
Deferred tax liability associated with the acquisition of ManyCam assets 904,253
Accrued contingent consideration 85,000
Modification of operating lease right-of-use asset and liability 244,940
Issuance of common stock pursuant to cashless option exercises 38
Treasury stock received from cashless option exercises $ 183,341