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 income (loss) $ 299,316 $ (4,408,863)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,301,594 1,225,911
Stock based compensation 506,205 734,479
Impairment of deferred offering costs and financing costs associated with canceled financing efforts 127,343
Impairment of goodwill 2,322,000
Changes in Assets and Liabilities:    
Accounts receivable 2,242,864 (1,118,469)
Other assets 54,788
Prepaid expenses and other current assets 71,491 (48,265)
Right of use asset 163,520 195,817
Accounts payable and accrued expenses (598,638) 1,864,188
Deferred revenue 55,141 (85,799)
Operating lease liability (168,446) (199,329)
Net Cash Provided by Operating Activities 3,873,047 663,801
Cash Flows from Investing Activities:    
Capital expenditures (1,545,017) (127,257)
Purchase of marketable securities (2,307,228) (9,010,968)
Net Cash Used in Investing Activities (3,852,245) (9,138,225)
Cash Flows from Financing Activities:    
Repayments of finance lease obligations related party (520,624) (867,741)
Repayments of finance lease obligations (359,869) (386,509)
Payments for deferred offering costs (127,341)
Cash received for the exercise of stock options 1,699 6,934
Net Cash Used in Financing Activities (878,794) (1,374,657)
Decrease in Cash and Cash Equivalents (857,992) (9,849,081)
Cash and Cash Equivalents, Beginning of Period 2,286,722 12,135,803
Cash and Cash Equivalents, End of Period 1,428,730 2,286,722
Supplemental Disclosures:    
Cash paid for interest 65,057 127,871
Cash paid for income taxes
Non-cash investing and financing activities:    
Assets acquired by finance lease $ 1,094,051