Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (5,489,664) $ (1,591,614)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 825,398 18,154
Share-based compensation 665,652 230,478
Amortization of right-of-use asset 33,381 20,662
Amortization of debt discount   26,728
Non-cash interest   155,474
Changes in operating assets and liabilities:    
Accounts receivable and unbilled receivable 113,304  
Prepaid expense and other assets 176,225 106,832
Other receivables 1,525  
Accounts payable (61,258) 327,080
Accrued expenses (767,650) (31,178)
Accrued fiduciary obligations 1,128,461  
Operating lease liabilities (29,758) (22,909)
Other liabilities 76,672  
Net cash used in operating activities (3,327,712) (760,293)
Cash flows from investing activities:    
Capitalization of software development costs (393,319) (500,180)
Purchase of property and equipment (101,051) (9,355)
Net cash used in investing activities (494,370) (509,535)
Cash flows from financing activities:    
Proceeds from convertible notes   325,000
Proceeds from issuance of warrants   50,833
Net cash provided by financing activities   375,833
Net decrease in cash, cash equivalents and restricted cash (3,822,082) (893,995)
Cash, cash equivalents and restricted cash at beginning of period 25,933,643 1,817,932
Cash, cash equivalents and restricted cash at end of period 22,111,561 923,937
Reconciliation of cash, cash equivalents, and restricted cash reported in the condensed consolidated balance sheet    
Cash and cash equivalents 14,107,751 862,835
Restricted cash 8,003,810 61,102
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statement of cash flows $ 22,111,561 $ 923,937