XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOW FROM OPERATING ACTIVITIES:    
Net loss $ (288,322) $ (999,403)
Adjustments to reconcile net loss to cash used for operating activities:    
Depreciation 13,242 11,220
Amortization of intangible assets and write-off 81,237 54,231
Change in fair value of convertible note (141,991) (0)
Amortization of capitalized contract costs 37,529 35,658
Amortization of operating lease right-of-use assets 66,132 51,587
Stock based fees to directors 12,002 22,020
Share based and warrant compensation for employees and consultants 59,373 87,677
Bad debt expense 0 25,111
Change in operating assets and liabilities:    
Accounts receivable (1,798,881) (904,930)
Due from factor (33,000) (2,350)
Capitalized contract costs (8,739) (66,435)
Inventory 6,554 (15,812)
Resalable software license rights 0 2,505
Prepaid expenses and other 2,219 (124,616)
Accounts payable 88,040 175,341
Accrued liabilities (135,417) 45,669
Deferred revenue 178,755 220,874
Operating lease liabilities (67,544) (52,722)
Net cash used for operating activities (1,928,811) (1,434,375)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of Swivel Secure, net of cash acquired of $729,905 0 (543,578)
Receipt of cash from note receivable 0 3,000
Capital expenditures (0) 4,459
Net cash used for investing activities 0 (545,037)
CASH FLOW FROM FINANCING ACTIVITIES:    
Repayment of government loan (34,289) 0
Net cash used in financing activities (34,289) 0
Effect of exchange rate changes 49,913 26,487
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,913,187) (1,952,925)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 2,635,522 7,754,046
CASH AND CASH EQUIVALENTS, END OF YEAR 722,335 5,801,121
Cash paid for:    
Interest 56,919 0
Noncash Investing and financing activities    
Accounts receivable acquired from Swivel Secure 0 702,886
Equipment acquired from Swivel Secure 0 65,640
Other assets acquired from Swivel Secure 0 20,708
Estimated intangible assets acquired from Swivel Secure 0 1,379,589
Estimated goodwill resulting from the acquisition from Swivel Secure 0 450,643
Accounts payable and accrued expenses acquired from Swivel Secure 0 431,884
Government loan acquired from Swivel Secure 0 544,000
Common stock issued for acquisition of Swivel Secure $ 0 $ 600,004