Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Net Cash Provided by (Used in) Operating Activities [Abstract]    
Net Loss $ (11,347,000) $ (17,056,000)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]    
Depreciation and amortization 1,953,000 3,929,000
Stock-based compensation 986,000 2,175,000
Change in fair value of warrant liability (1,104,000) (2,552,000)
Change in fair value of contingent consideration (158,000) (527,000)
Amortization of convertible notes discount 0 40,000
Gain on sale of intangible assets (144,000) 0
Loss on intangible asset disposal 0 2,284,000
Fair value of noncash legal settlement and other noncash charges 794,000 0
Loss on extinguishment of liability – contingent consideration 336,000 0
Accounts receivable 3,772,000 (1,661,000)
Prepaid expense and other current assets 263,000 (194,000)
Accounts payable and accrued expense (3,309,000) 1,542,000
Accrued contingent consideration (17,000) (1,802,000)
Contract liabilities (185,000) 225,000
Deferred taxes 0 (313,000)
Accrued interest on note payable 0 (180,000)
Net cash used in operating activities (8,160,000) (14,090,000)
Loss on extinguishment of liability (336,000) 0
Accounts receivable 3,772,000 (1,661,000)
Prepaid expense and other current assets 263,000 (194,000)
Accounts payable and accrued expense (3,309,000) 1,542,000
Accrued contingent consideration (17,000) (1,802,000)
Contract liabilities (185,000) 225,000
Deferred taxes 0 (313,000)
Accrued interest on note payable 0 (180,000)
Net cash used in operating activities (8,160,000) (14,090,000)
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid in connection with Melon Acquisition 0 (150,000)
Purchase of property and equipment (23,000) (8,000)
Capitalization of software development costs (434,000) (483,000)
Acquisition of other intangible assets 0 (17,000)
Net cash used in investing activities (457,000) (658,000)
CASH FLOWS FROM FINANCING ACTIVITIES 1,033,000 0
Proceeds from issuance of preferred stock, net of issuance costs (Note 6) 37,562,000  
Proceeds from issuance of common stock, net of issuance costs 0 1,885,000
Payments on convertible notes 0 (539,000)
Payments on accounts receivable facility (1,833,000) 0
Contingent consideration payments – Melon Acquisition (32,000) 0
Net cash provided by financing activities 1,297,000 13,406,000
(DECREASE) INCREASE IN CASH (7,320,000) (1,342,000)
Cash and Cash Equivalents - beginning of period 7,609,000 2,482,000
Cash and Cash Equivalents - end of period 289,000 1,140,000
SUPPLEMENTAL NONCASH OPERATING AND INVESTING ACTIVITIES    
Issuance of Superbiz Note in connection with extinguishment of accrued contingent consideration liability 1,765,000  
Series AAA Junior Preferred Stock [Member]    
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from issuance of preferred stock, net of issuance costs (Note 6) 1,065,000  
SUPPLEMENTAL NONCASH OPERATING AND INVESTING ACTIVITIES    
Issuance of common stock 294,000 0
Melon Acquisition [Member]    
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]    
Change in fair value of contingent consideration 0 1,350,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Contingent consideration payments – Melon Acquisition [1] (122,000) 0
SUPPLEMENTAL NONCASH OPERATING AND INVESTING ACTIVITIES    
Issuance of common stock 90,000 722,000
Superbiz Acquisition [Member]    
CASH FLOWS FROM INVESTING ACTIVITIES    
Contingent consideration payments – Melon Acquisition [2] (38,000) (3,423,000)
SUPPLEMENTAL NONCASH OPERATING AND INVESTING ACTIVITIES    
Issuance of common stock 38,000 548,000
Bannerfy Acquisition [Member]    
SUPPLEMENTAL NONCASH OPERATING AND INVESTING ACTIVITIES    
Issuance of common stock   70,000
Settled Litigation [Member]    
SUPPLEMENTAL NONCASH OPERATING AND INVESTING ACTIVITIES    
Issuance of common stock 1,270,000 0
Preferred Stock [Member]    
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from issuance of preferred stock, net of issuance costs (Note 6) $ 2,129,000 $ 12,060,000
[1] In May 2024, the Company paid Melon Accrued Contingent consideration related to the Melon First Earn Out Period, comprised of $32,000 of cash payments and payment of 72,118 shares of our common stock valued at $90,000.
[2] In May 2024, the Company paid accrued contingent consideration related to the Super Biz Second Earn Out Period, comprised of 30,330 shares of our common stock valued at $38,000. In April 2023, the Company paid accrued contingent consideration related to the Initial Earn Out Period, comprised of $2.9 million of cash payments and payment of 987,973 shares of our common stock valued at $548,000.