Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Income Statement [Abstract] | ||||
Revenue | $ 9,591,294 | $ 8,030,082 | $ 32,175,015 | $ 33,877,359 |
Costs and Expenses | ||||
Selling expenses | 6,874,581 | 6,054,757 | 24,029,532 | 26,333,156 |
General and administrative expenses | 5,808,768 | 5,075,300 | 15,589,410 | 13,975,455 |
Restructuring and severance expenses | 1,205,689 | |||
Total Costs and Expenses | 12,683,349 | 11,130,057 | 40,824,631 | 40,308,611 |
Loss from Operations | (3,092,055) | (3,099,975) | (8,649,616) | (6,431,252) |
Other (Expenses) Income | ||||
Other income | 21,931 | 74,327 | 90,783 | 444,689 |
Other expense | (45,528) | (384) | (56,539) | (28,522) |
Interest expense, net of interest income | (9,104) | (4,705) | (22,641) | (14,748) |
Change in fair value of contingent purchase consideration | (482,059) | (569,076) | (1,397,833) | (569,076) |
Amortization of present value discount | (12,833) | |||
(Loss) gain on marketable securities | (49,250) | (200,000) | 43,250 | (292,500) |
Total Other (Expenses) Income | (564,010) | (699,838) | (1,342,980) | (472,990) |
Loss Before Income Taxes | (3,656,065) | (3,799,813) | (9,992,596) | (6,904,242) |
Income tax provision | (167,574) | 284,636 | (200,518) | 8,136 |
Net Loss | (3,823,639) | (3,515,177) | (10,193,114) | (6,896,106) |
Other Comprehensive Loss | ||||
Foreign currency translation adjustment | (367,765) | (154,572) | (877,996) | (413,917) |
Comprehensive Loss | $ (4,191,404) | $ (3,669,749) | $ (11,071,110) | $ (7,310,023) |
Loss per common share – basic and diluted | $ (0.14) | $ (0.15) | $ (0.41) | $ (0.33) |
Weighted average number of common shares outstanding – basic and diluted | 26,942,389 | 23,080,193 | 24,871,319 | 22,205,785 |
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- Definition The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of unrealized and realized gain (loss) on investment in marketable security, including other-than-temporary impairment (OTTI). No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate amount of gains or losses resulting from nonoperating activities (for example, interest and dividend revenue, property, plant and equipment impairment loss, and so forth). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of revenue and income classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Expenses recognized in the period that are directly related to the selling and distribution of products or services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expenses for special or contractual termination benefits provided to current employees involuntarily terminated under a benefit arrangement associated exit or disposal activities pursuant to an authorized plan. Excludes expenses related to one-time termination benefits, a discontinued operation or an asset retirement obligation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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