v3.23.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash from operating activities:    
Net loss $ (8,080,819) $ (5,912,356)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 393,057 225,825
Stock based compensation 499,590 592,177
Stock issued for services 105,565 120,000
Amortization of operating lease right of use asset 235,217 198,790
Changes in assets and liabilities:    
   Accounts receivable 3,159,389 (454,431)
   Note receivable (151,875)
   Contract assets (921,009) (820,938)
   Inventory (97,552) (395,787)
   Security deposit 50,000
   Prepaid expenses and other current assets 543,793 15,539
   Accounts payable (1,670,625) 605,129
   Accrued expenses (178,081) (136,180)
   Operating lease obligation (154,653) 60,668
   Contract liabilities 630,931 2,051,109
Net cash used in operating activities (5,637,072) (3,850,455)
Cash flows from investing activities:    
    Purchase of patents/trademarks (58,208) (17,490)
    Purchase of software development (640,609) (87,700)
    Purchase of fixed assets (199,618) (311,327)
Net cash used in investing activities (898,435) (416,517)
Cash flows from financing activities:    
   Repayments of insurance and equipment financing (395,221) (303,492)
   Repayment of finance lease (22,851) (69,325)
   Proceeds from common stock issued 8,550,002
   Stock issuance cost (17,645) (837,467)
   Proceeds from shares issued under Employee Stock Purchase Plan 117,048
   Proceeds from preferred stock issued 9,000,000 999,000
Net cash provided by financing activities 8,681,331 8,338,718
Net increase in cash 2,145,824 4,071,746
Cash, beginning of period 1,121,092 893,720
Cash, end of period 3,266,916 4,965,466
Supplemental Disclosure of Cash Flow Information:    
Interest paid 5,816 8,045
Taxes paid 1,264
Supplemental Non-Cash Investing and Financing Activities:    
Notes issued for financing of insurance premiums $ 458,452 $ 353,244

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