0001213900-22-070160 | 10-Q | XBRL Viewer

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2022	Nov. 03, 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		17,152,717
Amendment Flag	false
Entity Central Index Key	0001448431
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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 ($)	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 41,329,020	$ 84,681,770
Short term investments	37,468,889
Accounts receivable, net	17,813,708	24,800,585
Prepaid expenses and other	2,722,987	5,630,655
Total Current Assets	99,334,604	115,113,010
Property and equipment, net	144,084	143,818
Other Assets
Goodwill	22,673,820	14,740,031
Intangible assets, net	13,452,893	10,646,654
Right of use assets, net	255,161	328,820
Security deposits and other assets	12,859	12,859
Total Other Assets	36,394,733	25,728,364
TOTAL ASSETS	135,873,421	140,985,192
Current Liabilities
Accounts payable – trade	1,000,625	606,808
Accrued expenses	1,699,558	2,902,836
Revenue share payable	2,673,622	4,378,216
Current portion of lease obligations	87,448	90,982
Deferred revenue	673,214	1,389,907
Total Current Liabilities	6,134,467	9,368,749
Non-Current Liabilities
Lease liabilities, net of current portion	166,751	236,726
Total Liabilities	6,301,218	9,605,475
Commitments and contingencies (See note 10)
Stockholders’ Equity
Preferred stock,$0.001 par value, 10,000,000 shares authorized, none issued and outstanding at September 30, 2022 and December 31, 2021
Common stock, $0.001 par value, 166,666,667 shares authorized, 18,261,239 issued at September 31, 2022 and 17,860,975 shares issued and outstanding at December 31, 2021.	18,261	17,861
Treasury stock	(706)
Additional paid-in-capital	175,920,910	166,615,514
Accumulated deficit	(46,366,262)	(35,253,658)
Total Stockholders’ Equity	129,572,203	131,379,717
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 135,873,421	$ 140,985,192

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Sep. 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	18,261,239	17,860,975
Common stock, shares outstanding	18,261,239	17,860,975

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net Revenue	$ 15,085,504	$ 16,124,951	$ 42,795,699	$ 40,979,801
Cost of revenues	5,664,733	7,047,832	16,283,307	17,733,400
Gross profit	9,420,771	9,077,119	26,512,392	23,246,401
Operating expenses
Salaries, wages, & benefits	5,088,955	4,619,320	15,376,370	12,106,933
Stock-based compensation	4,277,241	1,008,007	11,476,662	2,612,198
Other general and administrative expenses	3,811,334	3,411,602	11,085,750	8,787,250
Total operating expenses	13,177,530	9,038,929	37,938,782	23,506,381
Income (Loss) from operations	(3,756,759)	38,190	(11,426,390)	(259,980)
Other income
Interest income	289,967	1,704	313,786	14,597
Income (Loss) before provision for income taxes	(3,466,792)	39,894	(11,112,604)	(245,383)
Income tax benefit
Net Income (Loss)	$ (3,466,792)	$ 39,894	$ (11,112,604)	$ (245,383)
Weighted average number of shares outstanding – basic (in Shares)	17,981,184	17,639,346	17,994,288	17,028,762
Weighted average number of shares outstanding – diluted (in Shares)	17,981,184	18,198,412	17,994,288	17,028,762
Income (loss) per share – basic (in Dollars per share)	$ (0.19)		$ (0.62)	$ (0.01)
Income (loss) per share – diluted (in Dollars per share)	$ (0.19)		$ (0.62)	$ (0.01)

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)					(245,383)
Balance at Sep. 30, 2021	$ 17,728		162,677,132	(35,877,120)	126,817,740
Balance (in Shares) at Sep. 30, 2021	17,727,769
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
Shares issued for stock options exercised	$ 233		1,094,464		1,094,697
Shares issued for stock options exercised (in Shares)	232,340
Stock-based compensation expense			1,008,007		1,008,007
Net income (loss)				39,894	39,894
Balance at Sep. 30, 2021	$ 17,728		162,677,132	(35,877,120)	126,817,740
Balance (in Shares) at Sep. 30, 2021	17,727,769
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)					(11,112,604)
Balance at Sep. 30, 2022	$ 18,261	$ (706)	175,920,910	(46,366,262)	129,572,203
Balance (in Shares) at Sep. 30, 2022	18,261,239	(706,114)
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)
Shares issued for stock options exercised	$ 68		219,561		219,629
Shares issued for stock options exercised (in Shares)	68,751
Repurchase of common stock		$ (693)	(12,239,824)		(12,240,517)
Repurchase of common stock (in Shares)		(693,246)
Shares issued for restricted stock units vested	$ 5		(34,565)		(34,560)
Shares issued for restricted stock units vested (in Shares)	5,438
Stock-based compensation expense			4,277,241		4,277,241
Net income (loss)				(3,466,792)	(3,466,792)
Balance at Sep. 30, 2022	$ 18,261	$ (706)	$ 175,920,910	$ (46,366,262)	$ 129,572,203
Balance (in Shares) at Sep. 30, 2022	18,261,239	(706,114)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (11,112,604)	$ (245,383)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,565,484	1,580,173
Stock-based compensation	11,476,662	2,362,113
Stock issued for board service		250,085
Provision for loss on accounts receivable	132,727	60,000
Changes in:
Accounts receivable	6,854,150	(2,921,824)
Prepaid expenses and other assets	2,199,333	1,891,900
Accounts payable	393,817	153,395
Revenue share payable	(1,704,593)	(1,078,777)
Accrued expenses and other liabilities	(1,237,839)	(53,710)
Operating leases, net	150
Deferred revenue	(716,693)	62,610
NET CASH PROVIDED BY OPERATING ACTIVITIES	7,850,594	2,060,582
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchase of property and equipment	(64,667)	(62,565)
EvinceMed acquisition	(2,000,000)
Purchase of short term investments	(37,468,889)
Purchase of intangible assets, including intellectual property rights	(158,321)	(324,413)
NET CASH USED IN INVESTING ACTIVITIES	(39,691,877)	(386,978)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES:
Proceeds from public offering of common stock, net of offering costs		70,671,536
Repurchase of common stock	(12,561,571)
Proceeds from exercise of stock options	1,050,104	3,805,475
Payment of contingent consideration		(1,610,813)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(11,511,467)	72,866,198
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(43,352,750)	74,539,802
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	84,681,770	10,516,776
CASH AND CASH EQUIVALENTS - END OF PERIOD	41,329,020	85,056,578
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

Nature of Business and Basis of Presentation

9 Months Ended

Sep. 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 nine months ended September 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 September 30, 2022, and our results of operations, changes in stockholders’ equity, and cash flows for the nine months ended September 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 nine months ended September 30, 2022, are not necessarily indicative of the results to be expected for the full year.

New Accounting Standards

9 Months Ended

Sep. 30, 2022

New Accounting Standards [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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+ Details

Acquisitions

9 Months Ended

Sep. 30, 2022

Acquisitions [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 included 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 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 15 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 $22,318 were expensed as incurred.

Cash, Cash Equivalents and Short-Term Investments

9 Months Ended

Sep. 30, 2022

Cash, Cash Equivalents and Short-Term Investments [Abstract]

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

NOTE 4 - CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

Cash equivalents include items almost as liquid as cash with maturity periods of three months or less when purchased, and short-term investments include items with maturity dates between three months and one year when purchased. We account for marketable securities in accordance with ASC 320, “Investments - Debt Securities”, which require that certain debt securities be classified into one of three categories: held-to-maturity, available-for-sale, or trading securities, and depending upon the classification, value the security at amortized cost or fair market value. At September 30, 2022, we have recorded $37.5 million of held-to-maturity United States’ Treasury Bills at amortized cost basis, that has a fair market value of $37.5 million. Our held-to-maturity United States’ Treasury Bills have maturity dates between December 2022 and January 2023. We had no marketable securities at December 31, 2021.

Revenues

9 Months Ended

Sep. 30, 2022

Revenues [Abstract]

REVENUES

NOTE 5 – 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 $3,510,698 and $2,110,865 at September 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 $673,214 and $1,389,907 as of September 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 nine months ended September 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

Revenue recognized (9,611,912 ) (9,689,285 )

Amount collected 9,243,207 9,718,081

Balance September 30 $ 673,214 $ 348,405

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue from:
Life Science Companies	$	14,287,807	$	15,949,517	$	40,807,166	$	40,059,551
Other		797,697		175,434		1,988,533		920,250
Total Revenue	$	15,085,504	$	16,124,951	$	42,795,699	$	40,979,801

- 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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+ Details

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

LEASES

NOTE 6 – 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 nine months ended September 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 September 30, 2022		Nine Months Ended September 30, 2022

Operating lease cost	$	23,043	$	72,208
Short-term lease cost		14,653		36,552
Total lease cost	$	37,696	$	108,760

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

As of September 30, 2022

2022		24,187
2023		96,747
2024		79,965
2025		70,224
Total		271,123
Less: discount		16,924
Total lease liabilities	$	254,199

The weighted average remaining lease term at September 30, 2022 for operating leases is 3.0 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 $66,244 and $93,596 for the nine months ended September 30, 2022 and 2021, respectively. For the nine months ended September 30, 2022 and 2021, payments on lease obligations were $75,719 and $107,136, respectively, and amortization on the right of use assets was $77,011 and $90,471, respectively.

Stockholders' Equity

9 Months Ended

Sep. 30, 2022

Stockholders' Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 7 – STOCKHOLDERS’ EQUITY

During the quarters ended September 30, 2022, June 30, 2022, and March 31, 2022 we issued 68,751, 43,701 and 28,006 shares of our common stock, respectively, and received proceeds of $219,629, $572,347, and $258,128, respectively, in connection with the exercise of stock options under our 2013 equity incentive plan.

During the quarters ended September 30, 2021, June 30, 2021 and March 31, 2021, we issued 232,340, 232,806 and 510,803 shares of our common stock, respectively, and received proceeds of $1,094,697, $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. No shares were issued in the quarter ended June 30, 2021 in cashless transactions. Of the shares issued in the quarter ended September 30, 2021, a total of 73,501 shares were issued in a cashless transaction related to 78,334 expiring options using the net settled method whereby 4,833 options were used to pay the purchase price. The remaining 158,839 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 $20.0 million of its outstanding common stock. Through September 30, 2022, we repurchased 706,114 shares of our common stock for a total of $12,561,571. 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.

- 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

9 Months Ended

Sep. 30, 2022

Stock Based Compensation [Abstract]

STOCK BASED COMPENSATION

NOTE 8 – STOCK BASED COMPENSATION

We use the fair value method to account for stock-based compensation, including both options and restricted stock units. We recorded $3,624,065 and $1,711,075 in compensation expense in the nine months ended September 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 $11,677,040 of remaining expense related to unvested options to be recognized in the future over a weighted average period of 2.15 years. The total intrinsic value of outstanding options at September 30, 2022 was $645,740.

We recorded $7,852,597 and $901,123 in compensation expense related to restricted stock units in the nine months ended September 30, 2022 and 2021, respectively. These units vest over time, based on market conditions, or when certain performance requirements are met. We issued 19,065 shares during the nine months ended September 30, 2022 for restricted stock units vested. Of the $7,852,597 recorded in compensation expense, $4,560,189 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 $18,441,496 of remaining expense related to unvested restricted stock units to be recognized in the future over a weighted average period of 2.02 years.

Our previous director’s compensation plan called for the issuance of fully-vested 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 grants of fully-vested shares were issued to our non-employee directors during the nine months ended September 30, 2022. We granted 1,670 units to our directors on September 30, 2021 which were vested and issued on September 29, 2022. There were 3,285 and 23,185 restricted stock units granted to the board of directors in the quarters ended March 31, 2022 and June 30, 2022, respectively, for a total value of $750,130 which will vest 12 months from the grant dates.

Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2022

Earnings (Loss) Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

NOTE 9 – 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 September 30,					Nine Months Ended September 30,
	2022			2021		2022			2021
Numerator
Net income (loss)	$	(3,466,792	)	$	39,894	$	(11,112,604	)	$	(245,383	)

Denominator
Weighted average shares outstanding used in computing net loss per share
Basic		17,981,184			17,639,346		17,994,288			17,028,762
Effect of dilutive stock options, warrants, and unvested restricted stock unit awards		—			559,066		—			—
Diluted		17,981,184			18,198,412		17,994,288			17,028,762

Net income (loss) per share
Basic	$	(0.19	)	$	—	$	(0.62	)	$	(0.01	)
Diluted	$	(0.19	)	$	—	$	(0.62	)	$	(0.01	)

No calculation of diluted earnings per share is included for 2022 or the nine months ended September 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Weighted average number of shares for the periods ended
Options		63,471		445,180		99,587		406,322
Unvested restricted stock unit awards		43,751		113,886		76,010		120,509
Total		107,222		559,066		175,597		526,831

Contingencies

9 Months Ended

Sep. 30, 2022

Contingencies [Abstract]

CONTINGENCIES

NOTE 10 – CONTINGENCIES

Litigation

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

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Taxes [Abstract]

INCOME TAXES

NOTE 11 – 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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-Paragraph 1
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+ Details

Subsequent Events

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 12 – SUBSEQUENT EVENTS

In October 2022, we received proceeds of $21,674 and issued 2,084 shares of common stock in conjunction with the exercise of stock options.

During the time periods set forth below, we purchased 400,492 shares of our common stock for a weighted average price of $14.75.

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
10/1/22 - 10/31/22		341,934	$	14.83		341,934		2,416,111
11/1/22 - 11/3/22		58,558	$	14.89		58,558		1,546,934

In accordance with ASC 855-10, we have analyzed events and transactions that occurred subsequent to September 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)

9 Months Ended

Sep. 30, 2022

Revenues [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

Revenue recognized (9,611,912 ) (9,689,285 )

Amount collected 9,243,207 9,718,081

Balance September 30 $ 673,214 $ 348,405

Schedule of majority of our revenue

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue from:
Life Science Companies	$	14,287,807	$	15,949,517	$	40,807,166	$	40,059,551
Other		797,697		175,434		1,988,533		920,250
Total Revenue	$	15,085,504	$	16,124,951	$	42,795,699	$	40,979,801

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Schedule of company’s lease cost

	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022

Operating lease cost	$	23,043	$	72,208
Short-term lease cost		14,653		36,552
Total lease cost	$	37,696	$	108,760

Schedule of future minimum lease payments

As of September 30, 2022

2022		24,187
2023		96,747
2024		79,965
2025		70,224
Total		271,123
Less: discount		16,924
Total lease liabilities	$	254,199

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings (Loss) Per Share [Abstract]

Schedule of common shares potentially

	Three Months Ended September 30,					Nine Months Ended September 30,
	2022			2021		2022			2021
Numerator
Net income (loss)	$	(3,466,792	)	$	39,894	$	(11,112,604	)	$	(245,383	)

Denominator
Weighted average shares outstanding used in computing net loss per share
Basic		17,981,184			17,639,346		17,994,288			17,028,762
Effect of dilutive stock options, warrants, and unvested restricted stock unit awards		—			559,066		—			—
Diluted		17,981,184			18,198,412		17,994,288			17,028,762

Net income (loss) per share
Basic	$	(0.19	)	$	—	$	(0.62	)	$	(0.01	)
Diluted	$	(0.19	)	$	—	$	(0.62	)	$	(0.01	)

Schedule of common shares potentially

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Weighted average number of shares for the periods ended
Options		63,471		445,180		99,587		406,322
Unvested restricted stock unit awards		43,751		113,886		76,010		120,509
Total		107,222		559,066		175,597		526,831

Subsequent Events (Tables)

9 Months Ended

Sep. 30, 2022

Subsequent Events [Abstract]

Schedule of time periods

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
10/1/22 - 10/31/22		341,934	$	14.83		341,934		2,416,111
11/1/22 - 11/3/22		58,558	$	14.89		58,558		1,546,934

Nature of Business and Basis of Presentation (Details)	9 Months Ended
Nature of Business and Basis of Presentation (Details)	Sep. 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
Total shares issued (in Shares) \| shares	185,185
Estimated useful life	8 years
Goodwill	$ 7,933,789
Acquisition costs	22,318
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

Cash, Cash Equivalents and Short-Term Investments (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Cash, Cash Equivalents and Short-Term Investments [Abstract]
Amount held-to-maturity	$ 37.5
Fair market value	$ 37,500,000
Maturity dates	January 2023
Marketable securities

Revenues (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Revenues [Abstract]
Accounts receivable	$ 3,510,698	$ 2,110,865
Deferred revenue	$ 673,214	$ 1,389,907

Revenues (Details) - Schedule of deferred revenue - USD ($)	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Schedule Of Deferred Revenue Abstract
Balance	$ 1,041,919	$ 1,293,044	$ 1,389,907	$ 319,609	$ 448,140	$ 285,795
Revenue recognized	(9,611,912)	(7,373,802)	(6,013,181)	(9,689,285)	(1,962,240)	(3,361,479)
Amount collected	9,243,207	7,122,677	5,916,318	9,718,081	1,833,709	3,523,824
Balance	$ 673,214	$ 1,041,919	$ 1,293,044	$ 348,405	$ 319,609	$ 448,140

Revenues (Details) - Schedule of majority of our revenue - Revenue [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue from:
Total Revenue	$ 15,085,504	$ 16,124,951	$ 42,795,699	$ 40,979,801
Life Science Companies [Member]
Revenue from:
Total Revenue	14,287,807	15,949,517	40,807,166	40,059,551
Other [Member]
Revenue from:
Total Revenue	$ 797,697	$ 175,434	$ 1,988,533	$ 920,250

- 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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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases (Details) - USD ($)	9 Months Ended
Leases (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Weighted average remaining lease term	3 years
Weighted average discount rate	4.50%
Measurement of lease liabilities	$ 66,244	$ 93,596
Payments on lease obligations	75,719	107,136
Amortization right of use assets	$ 77,011	$ 90,471

Leases (Details) - Schedule of company’s lease cost - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Schedule Of Company SLease Cost Abstract
Operating lease cost	$ 23,043	$ 72,208
Short-term lease cost	14,653	36,552
Total lease cost	$ 37,696	$ 108,760

Leases (Details) - Schedule of future minimum lease payments	Sep. 30, 2022 USD ($)
Schedule Of Future Minimum Lease Payments Abstract
2022	$ 24,187
2023	96,747
2024	79,965
2025	70,224
Total	271,123
Less: discount	16,924
Total lease liabilities	$ 254,199

Stockholders' Equity (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		9 Months Ended
Stockholders' Equity (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stockholders' Equity (Details) [Line Items]
Common stock shares issued						68,751
Received proceeds (in Dollars)						$ 1,094,697
Cashless transaction							73,501
Stock options, shares							78,334
Shares issued						158,839
Purchase shares							4,833
Repurchase of common stock shares						706,114
Total repurchase of common stock shares (in Dollars)						$ 12,561,571
Gross proceeds of common stock amount (in Dollars)			$ 75,425,625
Repurchase of its outstanding common stock (in Dollars)				$ 20
Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Shares issued	1,523,750
2013 Equity Incentive Plan [Member]
Stockholders' Equity (Details) [Line Items]
Common stock shares issued		28,006	510,803	43,701	232,806	232,340
Received proceeds (in Dollars)		$ 258,128	$ 1,120,011	$ 572,347	$ 1,590,767	$ 219,629
Total shares issued	368,329		368,329
Cashless transaction			394,739
Stock options, shares	26,410		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 ($)	3 Months Ended		6 Months Ended		9 Months Ended
Stock Based Compensation (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 29, 2022	Sep. 30, 2021
Stock Based Compensation (Details) [Line Items]
Expense remaining to be recognized related to unvested options					$ 11,677,040
Weighted average period					2 years 1 month 24 days
Intrinsic value					$ 645,740
Shares issued (in Shares)		2,695		2,035	19,065
Compensation expenses					$ 7,852,597
Market-based equity grants					$ 4,560,189
Shares valued		$ 124,994		$ 125,091
Vesting period					1 year
Granted units (in Shares)							1,670
Vested and issued (in Shares)						1,670
Restricted stock units (in Shares)	3,285		23,185
Total value of vest					$ 750,130
Vest from the grant date					12 months
Equity Compensation Plan [Member]
Stock Based Compensation (Details) [Line Items]
Stock compensation recognized expense					$ 3,624,065		$ 1,711,075
Restricted Stock Awards [Member]
Stock Based Compensation (Details) [Line Items]
Stock compensation recognized expense					7,852,597		$ 901,123
Expense remaining to be recognized related to unvested options					$ 18,441,496
Weighted average period					2 years 7 days

Earnings (Loss) Per Share (Details) - Schedule of basic and diluted net loss per share - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator
Net income (loss) (in Dollars)	$ (3,466,792)	$ 39,894	$ (11,112,604)	$ (245,383)
Weighted average shares outstanding used in computing net loss per share
Basic	17,981,184	17,639,346	17,994,288	17,028,762
Effect of dilutive stock options, warrants, and unvested restricted stock unit awards		559,066
Diluted	17,981,184	18,198,412	17,994,288	17,028,762
Net income (loss) per share
Basic (in Dollars per share)	$ (0.19)		$ (0.62)	$ (0.01)
Diluted (in Dollars per share)	$ (0.19)		$ (0.62)	$ (0.01)

Earnings (Loss) Per Share (Details) - Schedule of common shares potentially - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Weighted average number of shares for the periods ended
Options	63,471	445,180	99,587	406,322
Unvested restricted stock unit awards	43,751	113,886	76,010	120,509
Total	107,222	559,066	175,597	526,831

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

Subsequent Events (Details) - USD ($)	1 Months Ended
Subsequent Events (Details) - USD ($)	Oct. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Subsequent Events (Details) [Line Items]
Common stock, shares issued (in Shares)		18,261,239	17,860,975
Common stock average price		$ 400,492
Weighted average price		$ 14.75
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Proceeds (in Dollars)	$ 21,674
Common stock, shares issued (in Shares)	2,084

Subsequent Events (Details) - Schedule of time periods - Subsequent Event [Member] - $ / shares		1 Months Ended
	Nov. 08, 2022	Oct. 31, 2022
Subsequent Events (Details) - Schedule of time periods [Line Items]
Total Number of Shares Purchased	58,558	341,934
Average Price Paid per Share (in Dollars per share)	$ 14.89	$ 14.83
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	58,558	341,934
Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs	1,546,934	2,416,111