Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (28,751,900) $ (26,468,390)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,896,833 3,538,237
Loss on disposal of assets 335,106 273,430
Share-based compensation 2,098,683 3,105,385
Warrant expense 241,553  
Shares issued to vendors in exchange for services 79,130 38,623
Amortization of right-of-use asset 1,501,584 598,925
Goodwill impairment charge 3,017,600 0
Gain on sale of business unit (1,748,641)  
Non-cash interest 1,527,449 258,787
Deferred taxes (290,138) (521,132)
Changes in operating assets and liabilities:    
Accounts receivable and unbilled receivable (105,354) (597,051)
Prepaid expense and other assets 710,394 892,577
Other receivables 22,128 60,864
Security deposit 26,534  
Accounts payable 3,191,167 181,436
Accrued expenses (2,496,782) (2,052,232)
Accrued fiduciary obligations 2,548,250 (12,823,139)
Operating lease liabilities (1,886,928) (661,382)
Due to related party (3,201) (2,805)
Other liabilities 337,327 (1,068,098)
Other asset   6,666
Net cash used in operating activities (15,749,206) (35,239,299)
Cash flows from investing activities:    
Cash and restricted cash acquired as part of acquisition (Note 4)   33,388,149
Capitalization of software development costs   (602,805)
Proceeds from sale of business unit 1,000,000  
Proceeds from disposal of property and equipment 26,912  
Purchase of property and equipment   (362,768)
Net cash provided by investing activities 1,026,912 32,422,576
Cash flows from financing activities:    
Proceeds from issuance of common stock in a public offering, net 6,431,612  
Payments to seller for acquisition (Note 4) (1,663,168)  
Proceeds from issuance of warrants 32,200  
Proceeds from issuance of common stock in a private offering, net 295,500  
Proceeds from stock option exercises 418 196
Net cash provided by financing activities 5,096,562 196
Net decrease in cash, cash equivalents and restricted cash (9,625,732) (2,816,527)
Cash, cash equivalents and restricted cash at beginning of period 23,117,116 25,933,643
Cash, cash equivalents and restricted cash at end of period 13,491,384 23,117,116
Reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheets    
Cash and cash equivalents 1,146,801 13,764,508
Restricted cash 12,344,583 9,352,608
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows 13,491,384 23,117,116
Supplemental disclosure of non-cash activity investing and financing activities    
Measurement period adjustment to goodwill $ 198,140  
Long term liability incurred in connection with the acquisition of Maestro Health, LLC (Note 4)   $ 19,900,000