v3.24.1
Consolidated Statements of Cash Flows
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash Flows From Operating Activities    
Net loss $ (3,595,361) $ (10,823,885)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 150,518 791,309
Non-cash operating lease expense 988,506 868,210
Digital currency received as revenue (250,252)
Impairment of digital assets 164,411
Impairment of property and equipment 67,500
Net (gains) loss on sale of equipment (8,388) 33,583
Expenses paid using digital assets 461 77,106
Change in fair value of warrant liabilities (3,100)
Depreciation and amortization 1,499,980 2,065,348
Deferred rent 216,024
Changes in operating assets and liabilities:    
Accounts receivable (147,587) 315,708
Interest receivable (114,826) (677,397)
Prepaid expenses and other current assets (7,312) 519,463
Deposit (3,701,598)  
Accounts payable (39,285) (22,356)
Accrued expenses and other current liabilities (1,099,056) (3,159,571)
Operating lease liability (1,267,143) (1,083,178)
Deferred revenue (797,715) (33,397)
Total Adjustments (4,543,445) (110,589)
Net Cash Used In Operating Activities (8,138,806) (10,934,474)
Cash Flows From Investing Activities    
Expenditures on software development costs (49,950)
Proceeds from maturing of short-term investments 80,000,000
Purchases of short-term investments (66,500,000) (70,000,000)
Investment in digital assets (41,026)
Proceeds from sale of equipment 106,914
Acquisition of Beijing Lianzhong Zhihe Technology Co., net of cash acquired (6,431,893)
Purchases of intangibles (668,880)
Purchases of property and equipment (378,060) (44,386)
Net Cash Provided By (Used In) Investing Activities 6,128,081 (70,135,362)
Cash Flows From Financing Activities    
Repurchases of common stock (2,083,091) (610,562)
Proceeds from short-term loan 9,230,168
Net Cash Provided By (Used In) Financing Activities 7,147,077 (610,562)
Effect of Exchange Rate Changes on Cash 16,789 (39,190)
Net Increase (Decrease) In Cash, Cash Equivalents, And Restricted Cash 5,153,141 (81,719,588)
Cash, cash equivalents, and restricted cash - Beginning of Year 16,167,442 97,887,030
Cash, cash equivalents, and restricted cash - End of Year 21,320,583 16,167,442
Cash and restricted cash consisted of the following:    
Cash 16,320,583 11,167,442
Restricted cash 5,000,000 5,000,000
Cash and restricted cash 21,320,583 16,167,442
Supplemental Disclosures of Cash Flow Information    
Cash paid during the year for interest
Non-Cash Investing and Financing Activities:    
ROU asset for operating lease liability 289,886
Property and equipment received as deferred revenue 793,035
Shares withheld for accrued employee payroll tax liability 49,670
ROU asset and lease liability, net of deferred rent, recognized upon adoption of ASU 2016-02 $ 6,713,759

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