Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
3 Months Ended 6 Months Ended
Jun. 30, 2021
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2020
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income   $ (5,491,152) $ 118,027
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Depreciation and amortization $ 744,451 846,880 63,771
Gain on the extinguishment of debt   (50,936)  
Gain on sale of mortgages   (1,332,813)  
Share-based compensation 1,193,454 2,063,529 225,214
Deferred income tax   (2,649,925)  
Bad debt expense   76,975 99,656
Other non-cash   29,150  
Change in operating assets and liabilities:      
Accounts receivable   (1,372,366) (899,178)
Proceeds from sale and principal payments on mortgage loans held for sale   42,338,436  
Originations and purchases of mortgage loans held for sale   (42,444,742)  
Derivative assets   42,194  
Prepaid and other assets   610,716 (500,232)
Accounts payable   981,086 856,099
Accrued liabilities   1,316,807 684,600
Escrow liabilities   2,385,505  
Derivative liabilities   (101,152)  
Operating lease assets   274,601 51,639
Operating lease liabilities   (212,129) (50,563)
Other assets   (3,242) 514
Net cash (used in) provided by operating activities   (2,692,578) 649,547
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment   (475,605) (9,369)
Amounts paid for business and asset acquisitions, net of cash acquired   (11,013,923)  
Purchase of intangible assets   (494,567) (227,400)
Net cash used in investing activities   (11,984,095) (236,769)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Principal payments on long-term debt   (7,211) (8,511)
Proceeds from the issuance of common stock   80,000 83,014
Purchase of treasury stock     (30,000)
Net borrowings on warehouse lines of credit   1,403,157  
Proceeds from note payable     453,581
Net cash provided by financing activities   1,475,946 498,084
Net (decrease) increase in cash, cash equivalents, and restricted cash   (13,200,727) 910,862
Cash, cash equivalents, and restricted cash at beginning of period   29,561,634 579,416
Cash, cash equivalents, and restricted cash at end of period 16,360,907 16,360,907 1,490,278
Supplemental disclosure of cash and non-cash transactions:      
Cash paid for interest   4,448 65,560
Income taxes paid     2,261
Amounts due to sellers   1,816,346  
Right of use assets obtained in exchange for lease liabilities   1,839,079  
Issuance of common stock for the purchase of business   25,311,975  
Extinguishment of Paycheck Protection Program Loan   50,600  
Loan receivable forgiven and used as purchase consideration   165,000  
Reconciliation of cash and restricted cash      
Cash and cash equivalents 12,830,663 12,830,663 1,490,278
Restricted cash 3,530,244 3,530,244  
Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 16,360,907 $ 16,360,907 $ 1,490,278