Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 1,146,801 $ 13,764,508
Restricted cash 12,344,583 9,352,608
Accounts receivable, net 1,125,159 1,437,786
Unbilled receivable 768,374 350,393
Prepaid expenses and other current assets 891,526 1,601,920
Total current assets 17,084,949 26,537,849
Property and equipment, net 610,860 1,506,082
Capitalized software, net 2,127,694 4,588,706
Operating lease right-of-use assets 2,372,839 3,841,810
Goodwill 3,017,600 5,837,060
Intangible assets, net 5,176,772 6,323,279
Security deposits 1,266,632 1,293,166
Other long-term asset 21,668 21,668
Total assets 31,679,014 49,949,620
Current liabilities:    
Accounts payable 4,648,837 1,457,670
Accrued expenses 2,816,154 5,274,716
Accrued fiduciary obligations 11,572,713 9,024,463
Deferred revenue 660,826 288,499
Current portion of operating lease liabilities 512,416 1,311,295
Total current liabilities 20,842,530 17,359,844
Other long-term liabilities 19,401,398 20,203,700
Operating lease liabilities, net of current portion 3,683,822 4,771,871
Deferred tax liabilities 1,189,742 1,479,880
Total liabilities 45,117,492 43,815,295
COMMITMENTS AND CONTINGENCIES (Note 19)
STOCKHOLDERS' (DEFICT) EQUITY    
Common stock, $0.0001 par value, 227,791,050 shares authorized; 7,960,938 issued and outstanding at December 31, 2023 and 5,319,758 issued and outstanding at December 31, 2022 [1] 796 532
Additional paid-in capital 63,306,726 54,127,893
Accumulated deficit (76,746,000) (47,994,100)
Total stockholders' (deficit) equity (13,438,478) 6,134,325
Total liabilities and stockholders' (deficit) equity 31,679,014 49,949,620
Nonrelated Party    
Current assets:    
Other receivables 8,506 30,634
Current liabilities:    
Other short-term liability 631,584  
Related Party    
Current assets:    
Other receivables $ 800,000  
Current liabilities:    
Other short-term liability   $ 3,201
[1] Reflects 1-for-4 reverse stock split that became effective June 29, 2023. See Note 1 to the consolidated financial statements.