General form of registration statement for all companies including face-amount certificate companies

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:        
Net loss $ (16,429,469) $ (12,154,446) $ (26,468,390) $ (15,984,835)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization 2,046,582 1,601,809 3,538,237 1,961,733
Loss on disposal of assets 343,588 60,471 273,430  
Share-based compensation 990,373 1,743,359 3,105,385 1,230,792
Common stock issued to vendors in exchange for services 79,130 23,175 38,623  
Amortization of right-of-use asset 1,048,771 67,816 598,925 100,160
Gain on termination of lease 32,613      
Changes in operating assets and liabilities:        
Accounts receivable and unbilled receivable 73,724 239,305 (597,051) (131,509)
Prepaid expense and other assets 439,243 197,258 892,577 (349,502)
Other receivables (13,787) 64,214 60,864 8,540
Security deposit (14,288)     2,592
Accounts payable 728,859 (635,765) 181,436 41,130
Accounts payable - related party       (15,725)
Accrued expenses (234,832) (454,487) (2,052,232) 961,795
Accrued fiduciary obligations 1,712,899 (477,515) (12,823,139) 1,470,159
Operating lease liabilities (1,343,092) (60,539) (661,382) (99,884)
Due to related party (3,199)   (2,805) (240,001)
Other liabilities 1,027,683 (337,259) (1,068,098) (39,972)
Other asset     6,666 (28,333)
Amortization of debt discount       26,728
Non-cash interest 776,100   258,787 365,880
Convertible note issued for professional services       75,000
Deferred taxes     (521,132) (150,000)
Net cash used in operating activities (8,739,102) (10,122,604) (35,239,299) (10,795,252)
Cash flows from investing activities:        
Cash and restricted cash acquired as part of Acquisitions (see Note 4)     33,388,149 11,384,035
Capitalization of software development costs   (607,700) (602,805) (1,463,812)
Purchases of intangible asset       (3,050)
Disposal of property and equipment 17,946      
Purchase of property and equipment   (12,290) (362,768) (273,433)
Net cash provided by (used in) investing activities 17,946 (619,990) 32,422,576 9,643,740
Cash flows from financing activities:        
Proceeds from initial public offering, net       25,378,663
Proceeds from warrant exercises       900,000
Repayment of convertible note       (783,257)
Proceeds from stock options exercises 264   196 61
Proceeds from convertible notes       550,000
Proceeds from short-term loan       3,000,000
Repayment of short-term loan       (3,000,000)
Payment for initial public offering costs       (831,577)
Proceeds from issuance of common stock in a public offering, net 6,431,615      
Proceeds from issuance of warrants       53,333
Net cash provided by financing activities 6,431,879   196 25,267,223
Net decrease in cash, cash equivalents and restricted cash (2,289,277) (10,742,594) (2,816,527) 24,115,711
Cash, cash equivalents and restricted cash at beginning of period 23,117,116 25,933,643 25,933,643 1,817,932
Cash, cash equivalents and restricted cash at end of period 20,827,839 15,191,049 23,117,116 25,933,643
Reconciliation of cash, cash equivalents, and restricted cash reported in the condensed consolidated balance sheet        
Cash and cash equivalents 8,726,150 9,084,839 13,764,508 19,183,044
Restricted cash 12,101,689 6,106,210 9,352,608 6,750,599
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statement of cash flows 20,827,839 $ 15,191,049 23,117,116 25,933,643
Supplemental disclosure of non-cash activity        
Conversion of convertible notes into common stock at the closing of the Acquisition, net       4,089,921
Conversion of convertible notes into common stock at the IPO       5,106,554
Office improvements included in accrued expenses       27,567
Common stock issued as part of the Acquisition       $ 8,500,000
Long term liability incurred in connection with the acquisition     $ 19,900,000  
Measurement period adjustment to goodwill $ 198,140