Recruitercom Group Inc
For the period ended Dec 31, 2023. Filed Apr 16, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Apr 16, 2024
NIXX$0.20-4.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended | ||||
|---|---|---|---|---|
| December 31, · December 31, | ||||
| 2023 · 2022 | ||||
| Cash Flows From Operating Activities | ||||
| Net loss | $(6,659,899) | $(16,474,688) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||
| Depreciation and amortization expense | 1,302,384 | 3,663,953 | ||
| Bad debt expense (recovery) | (143,774) | 492,906 | ||
| Gain on debt extinguishment | - | (1,205,195) | ||
| Equity based compensation expense | 1,490,903 | 4,106,040 | ||
| Warrant modification expense | - | 152,244 | ||
| Change in fair value of warrant liability | (96,000) | - | ||
| Amortization of debt discount and debt costs | 1,346,280 | 499,031 | ||
| Loss on loan amendment | 193,355 | - | ||
| Impairment expense | - | 4,420,539 | ||
| Gain on sale of intangible assets | - | (250,000) | ||
| Change in fair value of earn-out liability | - | 26,604 | ||
| Factoring discount fee and interest | 22,009 | 179,303 | ||
| Changes in assets and liabilities: | ||||
| Decrease in accounts receivable | 1,967,824 | (1,492,093) | ||
| Decrease in accounts receivable - related parties | - | 49,033 | ||
| Investment in Marketable Securities | (382,144) | - | ||
| Increase (decrease) in prepaid expenses and other current assets | 95,623 | 253,149 | ||
| Increase in accounts payable and accrued liabilities | (18,489) | (594,967) | ||
| Decrease in accounts payable and accrued liabilities - related parties | - | (163,672) | ||
| Deferred payroll taxes | - | (79,244) | ||
| (Decrease) increase in deferred revenue | (65,371) | (531,231) | ||
| Net cash used in operating activities | (947,299) | (6,948,288) | ||
| Cash Flows From Investing Activities: | ||||
| Capitalized software development costs | - | (1,325,491) | ||
| Proceeds from sale of intangible assets | - | 1,050,000 | ||
| Purchase of property and equipment | - | (74,606) | ||
| Net cash (used) in investing activities | - | (350,097) | ||
| Cash Flows From Financing Activities: | ||||
| Proceeds from notes | - | 4,077,127 | ||
| Proceeds from ERC advances | 450,000 | - | ||
| Repayment of ERC advances | (450,000) | - | ||
| Issuance of common stock, net of equity issuance costs of $280,490 | 785,509 | - | ||
| Purchase of preferred shares pursuant to recapitalization | (80,000) | - | ||
| Payments of loans | (668,478) | (2,013,661) | ||
| Proceeds from factoring agreement | 871,821 | 7,303,537 | ||
| Repayments of factoring agreement | (215,127) | (3,705,876) | ||
| Gross proceeds from exercise of warrants | 315,178 | - | ||
| Net cash provided by financing activities | 1,008,903 | 5,661,127 | ||
| Net increase (decrease) in cash | 61,604 | (1,637,258) | ||
| Cash, beginning of year | 946,804 | 2,584,062 | ||
| Cash, end of year | $1,008,408 | $946,804 | ||
| Supplemental disclosures of cash flow information: | ||||
| Cash paid during the period for interest | $323,141 | $256,648 | ||
| Cash paid during the period for income taxes | $ | - | $ | - |
| Supplemental schedule of non-cash investing and financing activities: | ||||
| Accounts receivable owed under factoring agreement collected directly by factor | $959,980 | $3,495,683 | ||
| Purchase price measurement period adjustment to goodwill and accounts receivable | $ | - | $35,644 | |
| Common shares issued to settle accrued liability | $ | - | $409,036 | |
| Debt discount on warrants granted with notes | $ | - | $1,632,842 | |
| Deemed dividends | $503,642 | $1,921,213 | ||
| Offering costs as a result of modification of warrants to induce exercise | $10,400 | $ | - | |
| Financing of insurance premium | $92,174 | $ | - | |
| Debt Discount on loan amendment | $50,000 | $ | - | |
| Transfer of accrued interest to loan principal upon loan amendment | $80,555 | $ | - | |
| The accompanying notes are an integral part of these consolidated financial statements. | ||||
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