Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 6,174,538 $ 13,764,508
Restricted cash 10,406,248 9,352,608
Accounts receivable, net 963,110 1,437,786
Unbilled receivable 1,064,081 350,393
Prepaid expenses and other current assets 1,424,631 1,601,920
Other receivables 45,603 30,634
Total current assets 20,078,211 26,537,849
Property and equipment, net 1,344,549 1,506,082
Capitalized software, net 3,976,747 4,588,706
Operating lease right-of-use assets 3,589,362 3,841,810
Goodwill 5,873,030 5,837,060
Intangible assets, net 6,049,492 6,323,279
Security deposits 1,293,166 1,293,166
Other long-term asset 21,668 21,668
Total assets 42,226,225 49,949,620
Current liabilities:    
Accounts payable 2,111,044 1,457,670
Accrued expenses 3,769,494 5,274,716
Accrued fiduciary obligations 9,024,091 9,024,463
Deferred revenue 1,437,407 288,499
Current portion of operating lease liabilities 1,112,665 1,311,295
Due to related party 3,201 3,201
Total current liabilities 17,457,902 17,359,844
Other long-term liabilities 20,591,750 20,203,700
Operating lease liabilities, net of current portion 4,607,443 4,771,871
Deferred tax liabilities 1,479,880 1,479,880
Total liabilities 44,136,975 43,815,295
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' (DEFICIT) EQUITY    
Common stock, $0.0001 par value, 227,791,050 shares authorized; 21,612,464 and 21,279,032 issued and outstanding at March 31, 2023 and December 31, 2022,respectively 2,161 2,128
Additional paid-in capital 54,954,038 54,126,297
Accumulated deficit (56,866,949) (47,994,100)
Total stockholders' (deficit) equity (1,910,750) 6,134,325
Total liabilities and stockholders' (deficit) equity $ 42,226,225 $ 49,949,620