0001213900-22-045964 | 10-Q | XBRL Viewer

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2022	Aug. 08, 2022
Document Information Line Items
Entity Registrant Name	OptimizeRx Corp
Trading Symbol	OPRX
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		18,023,056
Amendment Flag	false
Entity Central Index Key	0001448431
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38543
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	26-1265381
Entity Address, Address Line One	400 Water Street
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Rochester
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48307
City Area Code	248
Local Phone Number	651-6568
Title of 12(b) Security	Common Stock, par value $0.001
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 87,392,970	$ 84,681,770
Accounts receivable, net	18,732,849	24,800,585
Prepaid expenses and other	4,280,843	5,630,655
Total Current Assets	110,406,662	115,113,010
Property and equipment, net	143,337	143,818
Other Assets
Goodwill	22,673,820	14,740,031
Intangible assets, net	13,933,072	10,646,654
Right of use assets, net	278,513	328,820
Security deposits and other assets	12,860	12,859
Total Other Assets	36,898,265	25,728,364
TOTAL ASSETS	147,448,264	140,985,192
Current Liabilities
Accounts payable – trade	1,296,041	606,808
Accrued expenses	1,638,791	2,902,836
Revenue share payable	2,376,836	4,378,216
Current portion of lease obligations	87,673	90,982
Deferred revenue	1,041,919	1,389,907
Total Current Liabilities	6,441,260	9,368,749
Lease liabilities, net of current portion	189,802	236,726
Total Liabilities	6,631,062	9,605,475
Commitments and contingencies (See note 9)
Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding at June 30, 2022 and December 31, 2021
Common stock, $0.001 par value, 166,666,667 shares authorized, 18,174,182 and 17,860,975 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	18,188	17,861
Treasury stock	(13)
Additional paid-in-capital	183,698,497	166,615,514
Accumulated deficit	(42,899,470)	(35,253,658)
Total Stockholders’ Equity	140,817,202	131,379,717
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 147,448,264	$ 140,985,192

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	166,666,667	166,666,667
Common stock, shares issued	18,174,182	17,860,975
Common stock, shares outstanding	18,174,182	17,860,975

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net Revenue	$ 13,978,665	$ 13,625,639	$ 27,710,195	$ 24,854,850
Cost of revenues	4,988,716	5,580,964	10,618,574	10,685,567
Gross margin	8,989,949	8,044,675	17,091,621	14,169,283
Operating expenses
Salaries, wages, & benefits	4,981,549	3,906,796	10,287,416	7,487,612
Stock-based compensation	4,025,323	897,038	7,199,421	1,604,191
Other general and administrative expenses	3,891,607	2,900,702	7,274,416	5,375,649
Total operating expenses	12,898,479	7,704,536	24,761,253	14,467,452
Income (Loss) from operations	(3,908,530)	340,139	(7,669,632)	(298,169)
Other income
Interest income	23,816	11,961	23,820	12,892
Income (Loss) before provision for income taxes	(3,884,714)	352,100	(7,645,812)	(285,277)
Income tax benefit
Net Income (Loss)	$ (3,884,714)	$ 352,100	$ (7,645,812)	$ (285,277)
Weighted average number of shares outstanding – basic (in Shares)	18,122,500	17,347,096	18,000,958	16,720,114
Weighted average number of shares outstanding – diluted (in Shares)	18,122,500	18,104,807	18,000,958	16,720,114
Income (loss) per share – basic (in Dollars per share)	$ (0.21)	$ 0.02	$ (0.42)	$ (0.02)
Income (loss) per share – diluted (in Dollars per share)	$ (0.21)	$ 0.02	$ (0.42)	$ (0.02)

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($)	Common Stock	Treasury Stock	Additional Paid in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2020	$ 15,223		$ 85,590,428	$ (35,631,737)	$ 49,973,914
Balance (in Shares) at Dec. 31, 2020	15,223,340
Public offering of common shares, net of offering costs	$ 1,524		70,670,012		70,671,536
Public offering of common shares, net of offering costs (in Shares)	1,523,750
Shares issued as board compensation	$ 3		124,991		124,994
Shares issued as board compensation (in Shares)	2,695
Shares issued for stock options exercised	$ 511		1,119,500		1,120,011
Shares issued for stock options exercised (in Shares)	510,803
Stock-based compensation expense			582,159		582,159
Net income (loss)				(637,377)	(637,377)
Balance at Mar. 31, 2021	$ 17,261		158,087,090	(36,269,114)	121,835,237
Balance (in Shares) at Mar. 31, 2021	17,260,588
Balance at Dec. 31, 2020	$ 15,223		85,590,428	(35,631,737)	49,973,914
Balance (in Shares) at Dec. 31, 2020	15,223,340
Net income (loss)					(285,277)
Balance at Jun. 30, 2021	$ 17,495		160,574,661	(35,917,014)	124,675,142
Balance (in Shares) at Jun. 30, 2021	17,495,429
Balance at Mar. 31, 2021	$ 17,261		158,087,090	(36,269,114)	121,835,237
Balance (in Shares) at Mar. 31, 2021	17,260,588
Shares issued as board compensation	$ 2		125,089		125,091
Shares issued as board compensation (in Shares)	2,035
Shares issued for stock options exercised	$ 232		1,590,535		1,590,767
Shares issued for stock options exercised (in Shares)	232,806
Stock-based compensation expense			771,947		771,947
Net income (loss)				352,100	352,100
Balance at Jun. 30, 2021	$ 17,495		160,574,661	(35,917,014)	124,675,142
Balance (in Shares) at Jun. 30, 2021	17,495,429
Balance at Dec. 31, 2021	$ 17,861		166,615,514	(35,253,658)	131,379,717
Balance (in Shares) at Dec. 31, 2021	17,860,975
Shares issued for stock options exercised	$ 28		258,100		258,128
Shares issued for stock options exercised (in Shares)	28,006
Shares issued for restricted stock units vested	$ 14		(14)
Shares issued for restricted stock units vested (in Shares)	13,627
Stock-based compensation expense			3,174,098		3,174,098
Net income (loss)				(3,761,098)	(3,761,098)
Balance at Mar. 31, 2022	$ 17,903		170,047,698	(39,014,756)	131,050,845
Balance (in Shares) at Mar. 31, 2022	17,902,608
Balance at Dec. 31, 2021	$ 17,861		166,615,514	(35,253,658)	131,379,717
Balance (in Shares) at Dec. 31, 2021	17,860,975
Net income (loss)					(7,645,812)
Balance at Jun. 30, 2022	$ 18,188	$ (13)	183,698,497	(42,899,470)	140,817,202
Balance (in Shares) at Jun. 30, 2022	18,187,050	(12,868)
Balance at Mar. 31, 2022	$ 17,903		170,047,698	(39,014,756)	131,050,845
Balance (in Shares) at Mar. 31, 2022	17,902,608
Shares issued for stock options exercised	$ 44		572,303		572,347
Shares issued for stock options exercised (in Shares)	43,701
Shares issued for acquisition	$ 241		9,374,214		9,374,455
Shares issued for acquisition (in Shares)	240,741
Repurchase of common stock		$ (13)	(321,041)		(321,054)
Repurchase of common stock (in Shares)		(12,868)
Stock-based compensation expense			4,025,323		4,025,323
Net income (loss)				(3,884,714)	(3,884,714)
Balance at Jun. 30, 2022	$ 18,188	$ (13)	$ 183,698,497	$ (42,899,470)	$ 140,817,202
Balance (in Shares) at Jun. 30, 2022	18,187,050	(12,868)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (7,645,812)	$ (285,277)
Depreciation and amortization	1,049,656	1,054,138
Stock-based compensation	7,199,421	1,354,106
Stock issued for board service		250,085
Provision for loss on accounts receivable	98,727	40,000
Changes in:
Accounts receivable	5,969,009	(88,221)
Prepaid expenses and other assets	1,266,478	1,332,132
Accounts payable	64,232	187,211
Revenue share payable	(2,001,379)	(1,628,556)
Accrued expenses and other liabilities	(1,264,045)	(393,778)
Operating leases, net	74
Deferred revenue	(347,989)	33,814
NET CASH PROVIDED BY OPERATING ACTIVITIES	4,388,372	1,855,654
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchase of property and equipment	(41,335)	(43,654)
EvinceMed acquisition	(2,000,000)
Purchase of intangible assets, including intellectual property rights	(145,257)	(176,822)
NET CASH USED IN INVESTING ACTIVITIES	(2,186,592)	(220,476)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES:
Proceeds from public offering of common stock, net of offering costs		70,671,536
Repurchase of common stock	(321,054)
Proceeds from exercise of stock options	830,474	2,710,778
Payment of contingent consideration		(1,610,813)
NET CASH PROVIDED BY FINANCING ACTIVITIES	509,420	71,771,501
NET INCREASE IN CASH AND CASH EQUIVALENTS	2,711,200	73,406,679
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	84,681,770	10,516,776
CASH AND CASH EQUIVALENTS - END OF PERIOD	87,392,970	83,923,455
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest
Reduction of EvinceMed purchase price for amounts previously paid	708,334
Shares issued in connection with acquisition	9,374,455
Cash paid for income taxes
Lease liabilities arising from right of use assets

Nature of Business and Basis of Presentation

6 Months Ended

Jun. 30, 2022

Nature of Business and Basis of Presentation [Abstract]

NATURE OF BUSINESS AND BASIS OF PRESENTATION

NOTE 1 – NATURE OF BUSINESS AND BASIS OF PRESENTATION

The accompanying condensed consolidated financial statements include OptimizeRx Corporation and its wholly owned subsidiaries (collectively, the “Company”, “we”, “our”, or “us”).

We are a digital health technology company enabling care-focused engagement between life sciences organizations, healthcare providers, and patients at critical junctures throughout the patient care journey. Connecting over 60% of U.S. healthcare providers and millions of their patients through an intelligent technology platform embedded within a proprietary point-of-care network, OptimizeRx helps patients start and stay on their medications.

The condensed consolidated financial statements for the three and six months ended June 30, 2022 and 2021 have been prepared by us without audit pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary to present fairly our financial position at June 30, 2022, and our results of operations, changes in stockholders’ equity, and cash flows for the six months ended June 30, 2022 and 2021, have been made. Those adjustments consist of normal and recurring adjustments. The condensed consolidated balance sheet as of December 31, 2021, has been derived from the audited condensed consolidated balance sheet as of that date.

Certain information and note disclosures, including a detailed discussion about the Company’s significant accounting policies, normally included in our annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with a reading of the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the U.S. Securities and Exchange Commission on February 28, 2022.

The results of operations for the six months ended June 30, 2022, are not necessarily indicative of the results to be expected for the full year.

New Accounting Standards

6 Months Ended

Jun. 30, 2022

Accounting Standards Update and Change in Accounting Principle [Abstract]

NEW ACCOUNTING STANDARDS

NOTE 2 – NEW ACCOUNTING STANDARDS

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 is intended to improve consistent application and simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance. ASU 2019-12 is effective for annual and interim reporting periods beginning after December 15, 2020, with early adoption permitted. The Company adopted this standard effective January 1, 2021. The adoption of this standard did not have a material effect on our financial position, results of operations, or cash flows.

Not Yet Adopted

ASU Topic 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. The standard is effective for the Company’s fiscal year beginning January 1, 2023, with early adoption permitted. The Company is currently evaluating the effect of this pronouncement on its Consolidated Financial Statements, but it is not expected to have a material impact.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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-Subparagraph (e)(3)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

+ Details

Acquisitions

6 Months Ended

Jun. 30, 2022

Asset Acquisition [Abstract]

ACQUISITIONS

NOTE 3 - ACQUISITIONS

On April 14, 2022, we completed the acquisition of substantially all of the assets of EvinceMed Corp., a privately held leading provider of delivering end-to-end automation for specialty pharmaceutical transactions. We completed the acquisition to expand the breadth of the solutions we offer our customers, particularly where specialty medications are involved, The acquisition includes the full Market Access Management Platform for supporting pharma manufacturers, hub providers and pharmacies to improve patient access, speed to therapy and activation of affordability programs. With the EvinceMed platform, OptimizeRx is able to help patients get access to the drugs they need by simplifying the prescribing process for specialty medications, automating manual steps to determine drug eligibility and affordability, and introducing electronic enrollment and medical documentation within workflow across the OptimizeRx network of electronic health record (EHR) systems, ePrescribing platforms, and account-based marketing technologies.

The consideration was comprised of $2.0 million in cash, the issuance of 240,741 shares of common stock valued at $9,374,455, and $708,334 of amounts previously paid. The total purchase price was $12,082,788.54. Of the 240,741 shares of common stock, 185,185 were issued at closing and 55,556 were issued but held back to secure potential adjustments to the purchase price that may result from the indemnification obligations of EvinceMed and the EvinceMed shareholder indemnitors. The holdback amount will be released twelve months from the closing, subject to any adjustments for the payment by EvinceMed and the shareholder indemnitors for its and their indemnification obligations. The purchase price was allocated to acquired technology totaling $4,149,000 with an estimated useful life of 8 years and the remaining $7,933,789 was allocated to goodwill. Goodwill represents the processes and synergies expected by integrating those processes with our own. The full amount of goodwill will be deductible for tax purposes using a fifteen year life. The increase in goodwill for the period is fully accounted for by this acquisition. We determined pro forma data was immaterial for financial reporting purposes. The initial accounting is provisional and subject to change based on the completion of formal valuations.

Acquisition costs of approximately $19,739 were expensed as incurred.

Revenues

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 4 – REVENUES

Under ASC 606, Revenue from Contracts with Customers, we record revenue when earned, rather than when billed. From time to time, we may record revenue based on our revenue recognition policies in advance of being able to invoice the customer, or we may invoice the customer prior to being able to recognize the revenue. Included in accounts receivable are unbilled amounts of $3,847,737 and $2,110,865 at June 30, 2022, and December 31, 2021, respectively. Amounts billed in advance of revenue recognition are presented as deferred revenue on the condensed consolidated balance sheets.

The Company has several signed contracts with customers for the distribution of messaging, or other services, which include payment in advance. The payments are not recorded as revenue until the revenue is earned under our revenue recognition policy. Deferred revenue was $1,041,919 and $1,389,907 as of June 30, 2022 and December 31, 2021, respectively. The contracts are all short term in nature and all revenue is expected to be recognized within 12 months, or less. Following is a summary of activity for the deferred revenue account for the quarter ended June 30.

	2022			2021
Balance January 1	$	1,389,907		$	285,795
Revenue recognized		(6,013,181	)		(3,361,479	)
Amount collected		5,916,318			3,523,824
Balance March 31	$	1,293,044		$	448,140

Revenue recognized (7,373,802 ) (1,962,240 )

Amount collected 7,122,677 1,833,709

Balance June 30 $ 1,041,919 $ 319,609

The majority of our revenue is earned from life sciences companies, such as pharmaceutical and biotech companies, or medical device makers. A small portion of our revenue is earned from other sources, such as associations and technology companies. A break down is set forth in the table below.

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenue from:
Life Science Companies	$	13,138,681	$	13,313,044	$	26,519,358	$	24,256,404
Other		839,984		312,595		1,190,837		598,446
Total Revenue	$	13,978,665	$	13,625,639	$	27,710,195	$	24,854,850

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Leases

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

LEASES

NOTE 5 – LEASES

We have operating leases for office space in two multitenant facilities with lease terms greater than 12 months, which are recorded as assets and liabilities on our condensed consolidated balance sheets. These leases include our corporate headquarters, located in Rochester, Michigan, and a technical facility in Zagreb, Croatia. We also had a lease on office space in Cranbury, New Jersey, which expired in January 2022. We did not renew the New Jersey lease. For leases that contain renewal options, we have only assumed renewal for the headquarters lease. Lease-related assets, or right-of-use assets, are recognized at the lease commencement date at amounts equal to the respective lease liabilities, adjusted for prepaid lease payments, initial direct costs, and lease incentives received. Lease-related liabilities are recognized at the present value of the remaining contractual fixed lease payments, discounted using our incremental borrowing rate. Amortization of the right of use assets is recognized as non-cash lease expense on a straight-line basis over the lease term, while variable lease payments are expensed as incurred. Short term lease costs include month to month leases and occasional rent for transient meeting and office spaces in shared office space facilities.

For the three and six months ended June 30, 2022, the Company’s lease cost consists of the following components, each of which is included in operating expenses within the Company’s condensed consolidated statements of operations:

	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022

Operating lease cost	$	23,333	$	49,747
Short-term lease cost		13,807		21,899
Total lease cost	$	37,140	$	71,646

The table below presents the future minimum lease payments to be made under operating leases as of June 30, 2022:

As of June 30, 2022

2022		49,010
2023		98,019
2024		80,177
2025		70,224
Total		297,430
Less: discount		19,955
Total lease liabilities	$	277,475

The weighted average remaining lease term at June 30, 2022 for operating leases is 3.2 years and the weighted average discount rate used in calculating the operating lease asset and liability is 4.5%. Cash paid for amounts included in the measurement of lease liabilities was $45,599 and $62,069 for the six months ended June 30, 2022 and 2021, respectively. For the six months ended June 30, 2022 and 2021, payments on lease obligations were $52,168 and $71,397, respectively, and amortization on the right of use assets was $52,662 and $60,013, respectively.

Stockholders' Equity

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 6 – STOCKHOLDERS’ EQUITY

During the quarters ended June 30, 2022 and March 31, 2022, we issued 43,701 and 28,006 shares of our common stock, respectively, and received proceeds of $572,347 and $258,128, respectively, in connection with the exercise of stock options under our 2013 equity incentive plan.

During the quarters ended June 30, 2021 and March 31, 2021, we issued 232,806 shares and 510,803 shares of our common stock, respectively, and received proceeds of $1,590,767 and $1,120,011, respectively, in connection with the exercise of stock options under our 2013 equity incentive plan. Of the shares issued in the quarter ended March 31, 2021, a total of 368,329 shares were issued in a cashless transaction related to 394,739 expiring options using the net settled method whereby 26,410 options were used to pay the purchase price. The remaining 116,064 shares issued in connection with the exercise of options were all issued for cash.

During the quarter ended June 30, 2022, the Board authorized a share repurchase program, under which the Company may repurchase up to $20 million of its outstanding common stock. Through June 30, 2022, we repurchased 12,868 shares of our common stock for a total of $321,054. These shares were recorded as Treasury Shares using the par value method.

During the quarter ended March 31, 2021, in an underwritten primary offering, we issued 1,523,750 shares of our common stock for gross proceeds of $75,425,625. In connection with this transaction, we incurred equity issuance costs of $4,754,089 related to payments to the underwriter, advisors and legal fees associated with the transaction, resulting in net proceeds to the Company of $70,671,536.

Our previous director’s compensation plan called for issuance of shares of common stock each quarter to each independent director. In 2021, we issued 2,695 shares valued at $124,994 in the quarter ended March 31, 2021 and 2,035 shares valued at $125,091 in the quarter ended June 30, 2021. Our current non-employee director's compensation program calls for the grant of restricted stock units with a one year vesting period. Therefore, no shares were issued to our independent directors during the periods ending March 31 and June 30, 2022.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock Based Compensation

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

STOCK BASED COMPENSATION

NOTE 7 – STOCK BASED COMPENSATION

We use the fair value method to account for stock-based compensation, including both options and restricted stock units. We recorded $2,242,553 and $954,434 in compensation expense in the six months ended June 30, 2022 and 2021, respectively, related to options issued under our equity compensation plans. This includes expense related to options issued in prior years for which the requisite service period for those options includes the current period as well as options issued in the current period. During the three months ended June 30, 2022, we granted certain performance based options, the expense for which will be recorded over time once the achievement of the performance is deemed probable. There was no expense related to these options recorded during the period. The fair value of these instruments was calculated using the Black-Scholes option pricing model. There is $12,883,915 of remaining expense related to unvested options to be recognized in the future over a weighted average period of 2.3 years. The total intrinsic value of outstanding options at June 30, 2022 was $4,451,689.

We recorded $4,956,868 and $399,672 in compensation expense related to restricted stock units in the six months ended June 30, 2022 and 2021, respectively. These units vest over time, based on market conditions, or when certain performance requirements are met. We issued 13,627 shares during the period ended March 31, 2022 for restricted stock units vested. Of the $4,956,868 recorded in compensation expense, $3,023,422 is related to market-based equity grants. There was no expense recorded in relation to the performance based grants. The expense related to the market-based grants was calculated using a Monte Carlo simulation. There is $20,877,781 of remaining expense related to unvested restricted stock units to be recognized in the future over a weighted average period of 2.2 years.

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

NOTE 8 – EARNINGS (LOSS) PER SHARE

Basic earnings per share (“EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period.

The number of shares related to options and restricted stock units included in diluted EPS is based on the “Treasury Stock Method” prescribed in ASC 260-10, Earnings per Share. This method assumes the theoretical repurchase of shares using proceeds of the respective stock options exercised, and for restricted stock units, the amount of compensation cost attributed to future services which have not yet been recognized, and the amount of current and deferred tax benefit, if any, that would be credited to additional paid in capital upon the vesting of the restricted stock units, at a price equal to the issuer’s average stock price during the related earnings period. Accordingly, the number of shares includable in the calculation of EPS in respect of the stock options and restricted stock units is dependent on this average stock price and will increase as the average stock price increases.

The following table sets forth the computation of basic and diluted net loss per share.

	Three Months Ended June 30,					Six Months Ended June 30,
	2022			2021		2022			2021
Numerator
Net income (loss)	$	(3,884,714	)	$	352,100	$	(7,645,812	)	$	(285,277	)

Denominator
Weighted average shares outstanding used in computing net loss per share
Basic		18,122,500			17,347,096		18,000,958			16,720,114
Effect of dilutive stock options, warrants, and unvested restricted stock unit awards		—			757,711		—			—
Diluted		18,122,500			18,104,807		18,000,958			16,720,114

Net income (loss) per share
Basic	$	(0.21	)	$	0.02	$	(0.42	)	$	(0.02	)
Diluted	$	(0.21	)	$	0.02	$	(0.42	)	$	(0.02	)

No calculation of diluted earnings per share is included for 2022 or the six months ended June 30, 2021, as the effect of the calculation would be anti-dilutive.

The number of common shares potentially issuable upon the exercise of certain options or for unvested restricted stock unit awards are reflected in the table below.

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Weighted average number of shares for the periods ended
Options		156,018		659,700		176,996		652,103
Unvested restricted stock unit awards		63,541		98,011		77,221		94,942
Total		219,559		757,711		254,217		747,045

Contingencies

6 Months Ended

Jun. 30, 2022

Contingencies [Abstract]

CONTINGENCIES

NOTE 9 – CONTINGENCIES

Litigation

The Company is not currently involved in any material legal proceedings.

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 10 – INCOME TAXES

As discussed in our annual report on Form 10-K for the year ended December 31, 2021, we had net operating loss carry-forwards for federal income tax purposes of $26.4 million as of December 31, 2021. Accordingly, no federal income tax expense or benefit is recorded in the current period.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 11 – SUBSEQUENT EVENTS

In July 2022, we received proceeds of $219,630 and issued 68,751 shares of common stock in conjunction with the exercise of stock options.

We have purchased 219,877 shares of our common stock for an average price of $22.91.

Period	Total Number of Shares Purchased (1)		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)		Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (1)
7/1/22 - 7/31/22		151,815	$	22.42		151,815	$	16,274,782
8/1/22 - 8/8/22		68,062	$	23.98		68,062	$	14,642,602

In accordance with ASC 855-10, we have analyzed events and transactions that occurred subsequent to June 30, 2022 through the date these financial statements were issued and have determined that we do not have any other material subsequent events to disclose or recognize in these financial statements.

Revenues (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of deferred revenue

	2022			2021
Balance January 1	$	1,389,907		$	285,795
Revenue recognized		(6,013,181	)		(3,361,479	)
Amount collected		5,916,318			3,523,824
Balance March 31	$	1,293,044		$	448,140

Revenue recognized (7,373,802 ) (1,962,240 )

Amount collected 7,122,677 1,833,709

Balance June 30 $ 1,041,919 $ 319,609

Schedule of majority of our revenue

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenue from:
Life Science Companies	$	13,138,681	$	13,313,044	$	26,519,358	$	24,256,404
Other		839,984		312,595		1,190,837		598,446
Total Revenue	$	13,978,665	$	13,625,639	$	27,710,195	$	24,854,850

Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of company’s lease cost

	Three Months Ended June 30, 2022		Six Months Ended June 30, 2022

Operating lease cost	$	23,333	$	49,747
Short-term lease cost		13,807		21,899
Total lease cost	$	37,140	$	71,646

Schedule of future minimum lease payments

As of June 30, 2022

2022		49,010
2023		98,019
2024		80,177
2025		70,224
Total		297,430
Less: discount		19,955
Total lease liabilities	$	277,475

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of common shares potentially

	Three Months Ended June 30,					Six Months Ended June 30,
	2022			2021		2022			2021
Numerator
Net income (loss)	$	(3,884,714	)	$	352,100	$	(7,645,812	)	$	(285,277	)

Denominator
Weighted average shares outstanding used in computing net loss per share
Basic		18,122,500			17,347,096		18,000,958			16,720,114
Effect of dilutive stock options, warrants, and unvested restricted stock unit awards		—			757,711		—			—
Diluted		18,122,500			18,104,807		18,000,958			16,720,114

Net income (loss) per share
Basic	$	(0.21	)	$	0.02	$	(0.42	)	$	(0.02	)
Diluted	$	(0.21	)	$	0.02	$	(0.42	)	$	(0.02	)

Schedule of common shares potentially

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Weighted average number of shares for the periods ended
Options		156,018		659,700		176,996		652,103
Unvested restricted stock unit awards		63,541		98,011		77,221		94,942
Total		219,559		757,711		254,217		747,045

Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Schedule of exercise stock options

Period	Total Number of Shares Purchased (1)		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)		Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (1)
7/1/22 - 7/31/22		151,815	$	22.42		151,815	$	16,274,782
8/1/22 - 8/8/22		68,062	$	23.98		68,062	$	14,642,602

Nature of Business and Basis of Presentation (Details)	6 Months Ended
Nature of Business and Basis of Presentation (Details)	Jun. 30, 2022
Nature of Business and Basis of Presentation [Abstract]
U.S. healthcare providers percentage	60.00%

Acquisitions (Details)	Apr. 14, 2022 USD ($) shares
Acquisitions (Details) [Line Items]
Issuance of shares of common stock (in Shares) \| shares	240,741
Common stock value	$ 9,374,455
Purchase price	$ 12,082,788.54
Common stock, shares issued (in Shares) \| shares	185,185
Estimated useful life	8 years
Goodwill	$ 7,933,789
Acquisition costs	19,739
Acquisitions [Member]
Acquisitions (Details) [Line Items]
Cash	2,000,000
Previously paid amount	708,334
Purchase price	$ 4,149,000
EvinceMed [Member]
Acquisitions (Details) [Line Items]
Issuance of shares of common stock (in Shares) \| shares	240,741
Shares issued (in Shares) \| shares	55,556

Revenues (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 3,847,737	$ 2,110,865
Deferred revenue	$ 1,041,919	$ 1,389,907

Revenues (Details) - Schedule of deferred revenue - USD ($)	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Schedule of deferred revenue [Abstract]
Balance	$ 1,293,044	$ 1,389,907	$ 448,140	$ 285,795
Revenue recognized	(7,373,802)	(6,013,181)	(1,962,240)	(3,361,479)
Amount collected	7,122,677	5,916,318	1,833,709	3,523,824
Balance	$ 1,041,919	$ 1,293,044	$ 319,609	$ 448,140

Revenues (Details) - Schedule of majority of our revenue - Revenue [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue from:
Total Revenue	$ 13,978,665	$ 13,625,639	$ 27,710,195	$ 24,854,850
Life Science Companies [Member]
Revenue from:
Total Revenue	13,138,681	13,313,044	26,519,358	24,256,404
Other [Member]
Revenue from:
Total Revenue	$ 839,984	$ 312,595	$ 1,190,837	$ 598,446

- 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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Details) - USD ($)	6 Months Ended
Leases (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Weighted average remaining lease term	3 years 2 months 12 days
Weighted average discount rate	4.50%
Measurement of lease liabilities	$ 45,599	$ 62,069
Payments on lease obligations	52,168	71,397
Amortization right of use assets	$ 52,662	$ 60,013

Leases (Details) - Schedule of company’s lease cost - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Schedule of company’s lease cost [Abstract]
Operating lease cost	$ 23,333	$ 49,747
Short-term lease cost	13,807	21,899
Total lease cost	$ 37,140	$ 71,646

Leases (Details) - Schedule of future minimum lease payments	Jun. 30, 2022 USD ($)
Schedule of future minimum lease payments [Abstract]
2022	$ 49,010
2023	98,019
2024	80,177
2025	70,224
Total	297,430
Less: discount	19,955
Total lease liabilities	$ 277,475

Stockholders' Equity (Details) - USD ($)	3 Months Ended		6 Months Ended
Stockholders' Equity (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Stockholders' Equity (Details) [Line Items]
Shares issued	13,627	1,523,750
Repurchase of its outstanding common stock (in Dollars)			$ 20,000,000
Repurchase of common stock shares			12,868
Total repurchase of common stock shares (in Dollars)			$ 321,054
Gross proceeds of common stock amount (in Dollars)		$ 75,425,625
Vesting period			1 year
Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Shares issued		2,695	2,035
Common stock value (in Dollars)		$ 124,994	$ 125,091
2013 equity incentive plan [Member]
Stockholders' Equity (Details) [Line Items]
Common stock shares issued	28,006	510,803	43,701	232,806
Received proceeds (in Dollars)	$ 258,128	$ 1,120,011	$ 572,347	$ 1,590,767
Total shares issued		368,329
Cashless transaction		394,739
Stock options, shares		26,410
Shares issued			116,064
Issuance costs (in Dollars)		$ 4,754,089
Net proceeds (in Dollars)		$ 70,671,536

Stock Based Compensation (Details) - USD ($)	6 Months Ended
Stock Based Compensation (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Stock Based Compensation (Details) [Line Items]
Expense remaining to be recognized related to unvested options	$ 12,883,915
Weighted average period	2 years 3 months 18 days
Intrinsic value	$ 4,451,689
Shares issued (in Shares)			13,627	1,523,750
Compensation expenses	4,956,868
Market-based equity grants	3,023,422
Equity compensation plan [Member]
Stock Based Compensation (Details) [Line Items]
Stock compensation recognized expense	2,242,553	$ 954,434
Restricted Stock Awards [Member]
Stock Based Compensation (Details) [Line Items]
Stock compensation recognized expense	4,956,868	$ 399,672
Expense remaining to be recognized related to unvested options	$ 20,877,781
Weighted average period	2 years 2 months 12 days

Earnings (Loss) Per Share (Details) - Schedule of basic and diluted net loss per share - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator
Net income (loss) (in Dollars)	$ (3,884,714)	$ 352,100	$ (7,645,812)	$ (285,277)
Weighted average shares outstanding used in computing net loss per share
Basic	18,122,500	17,347,096	18,000,958	16,720,114
Effect of dilutive stock options, warrants, and unvested restricted stock unit awards		757,711
Diluted	18,122,500	18,104,807	18,000,958	16,720,114
Net income (loss) per share
Basic (in Dollars per share)	$ (0.21)	$ 0.02	$ (0.42)	$ (0.02)
Diluted (in Dollars per share)	$ (0.21)	$ 0.02	$ (0.42)	$ (0.02)

Earnings (Loss) Per Share (Details) - Schedule of common shares potentially - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Weighted average number of shares for the periods ended
Options	156,018	659,700	176,996	652,103
Unvested restricted stock unit awards	63,541	98,011	77,221	94,942
Total	219,559	757,711	254,217	747,045

Income Taxes (Details) $ in Millions	Dec. 31, 2021 USD ($)
Income Tax Disclosure [Abstract]
Net operating loss carry-forwards	$ 26.4

Subsequent Events (Details) - USD ($)	1 Months Ended	6 Months Ended
Subsequent Events (Details) - USD ($)	Jul. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Subsequent Events [Abstract]
Proceeds (in Dollars)	$ 219,630
Common Stock, Shares, Issued	68,751	18,174,182	17,860,975
Purchase of common stock		219,877
Common stock average price (in Dollars per share)		$ 22.91

Subsequent Events (Details) - Schedule of exercise stock options - Subsequent Event [Member] - USD ($)	Aug. 09, 2022	Jul. 22, 2022
Subsequent Events (Details) - Schedule of exercise stock options [Line Items]
Total Number of Shares Purchased	$ 68,062	$ 151,815
Average Price Paid per Share	23,980,000	22,420,000
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	68,062,000,000	151,815,000,000
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs	$ 14,642,602	$ 16,274,782