OptimizeRx (OPRX) 10-Q 12 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 06, 2023
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		17,127,708
Amendment Flag	false
Entity Central Index Key	0001448431
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Small Business	true
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

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 16,443,666	$ 18,208,685
Short-term investments	57,258,234	55,931,821
Accounts receivable, net	18,164,687	22,155,301
Prepaid expenses and other	4,014,853	2,280,828
Total current assets	95,881,440	98,576,635
Property and equipment, net	143,924	137,448
Other assets
Goodwill	22,673,820	22,673,820
Technology assets, net	7,591,461	7,702,895
Patent rights, net	1,886,008	1,940,178
Right of use assets, net	213,324	235,320
Other intangible assets, net	3,302,563	3,384,889
Total other assets	35,667,176	35,937,102
TOTAL ASSETS	131,692,540	134,651,185
Current liabilities
Accounts payable – trade	1,288,854	1,549,979
Accrued expenses	2,124,777	2,601,246
Revenue share payable	3,367,483	3,990,440
Current portion of lease liabilities	89,287	89,902
Deferred revenue	735,140	164,309
Total current liabilities	7,605,541	8,395,876
Non-current liabilities
Lease liabilities, net of current portion	123,227	144,532
Total liabilities	7,728,768	8,540,408
Commitments and contingencies (See note 9)
Stockholders’ equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding at March 31, 2023 or December 31, 2022
Common stock, $0.001 par value, 166,666,667 shares authorized, 18,331,511 and 18,288,571 shares issued at March 31, 2023 and December 31, 2022, respectively	18,332	18,289
Treasury stock, $0.001 par value, 1,214,398 shares held at March 31, 2023 and December 31, 2022	(1,214)	(1,214)
Additional paid-in-capital	177,036,466	172,785,800
Accumulated deficit	(53,089,812)	(46,692,098)
Total stockholders’ equity	123,963,772	126,110,777
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 131,692,540	$ 134,651,185

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	18,331,511	18,288,571
Common stock, shares outstanding	18,331,511	18,288,571
Treasury stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Treasury stock, shares held	1,214,398	1,214,398

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net revenue	$ 13,002,910	$ 13,731,530
Cost of revenues, exclusive of depreciation and amortization presented separately below	5,569,621	5,629,858
Gross margin	7,433,289	8,101,672
Operating expenses
General and administrative expenses	14,032,542	11,391,233
Depreciation, amortization and noncash lease expense	463,933	471,540
Total operating expenses	14,496,475	11,862,773
Loss from operations	(7,063,186)	(3,761,101)
Other income
Interest income	665,472	3
Loss before provision for income taxes	(6,397,714)	(3,761,098)
Income tax benefit
Net loss	$ (6,397,714)	$ (3,761,098)
Weighted average number of shares outstanding – basic (in Shares)	17,094,676	17,878,068
Weighted average number of shares outstanding – diluted (in Shares)	17,094,676	17,878,068
Loss per share – basic (in Dollars per share)	$ (0.37)	$ (0.21)
Loss per share – diluted (in Dollars per share)	$ (0.37)	$ (0.21)

Condensed Consolidated Statem_2

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, 2021	$ 17,861		$ 166,615,514	$ (35,253,658)	$ 131,379,717
Balance (in Shares) at Dec. 31, 2021	17,860,975
Options			905,744		905,744
Restricted stock			2,268,354		2,268,354
For options exercised	$ 28		258,100		258,128
For options exercised (in Shares)	28,006
For restricted stock units vested	$ 14		(14)
For restricted stock units vested (in Shares)	13,627
Net 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, 2022	$ 18,289	$ (1,214)	172,785,800	(46,692,098)	126,110,777
Balance (in Shares) at Dec. 31, 2022	18,288,571	(1,214,398)
Options			1,466,694		1,466,694
Restricted stock			2,913,809		2,913,809
For options exercised	$ 10		40,596		40,606
For options exercised (in Shares)	9,668
For restricted stock units vested	$ 33		(170,433)		(170,400)
For restricted stock units vested (in Shares)	33,272
Net loss				(6,397,714)	(6,397,714)
Balance at Mar. 31, 2023	$ 18,332	$ (1,214)	$ 177,036,466	$ (53,089,812)	$ 123,963,772
Balance (in Shares) at Mar. 31, 2023	18,331,511	(1,214,398)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (6,397,714)	$ (3,761,098)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	463,933	471,540
Stock-based compensation	4,380,503	3,174,098
Increase in bad debt reserve	128,178	21,000
Changes in:
Accounts receivable	3,862,436	5,643,761
Prepaid expenses and other assets	(1,734,024)	1,021,166
Accounts payable	(261,125)	(6,079)
Revenue share payable	(622,956)	(1,202,497)
Accrued expenses and other liabilities	(476,392)	(1,184,784)
Deferred revenue	570,831	(96,863)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	(86,330)	4,080,244
CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchase of property and equipment	(28,580)	(14,480)
Purchases of held-to-maturity investments	(56,926,611)
Redemptions of held-to-maturity investments	55,600,198
Acquisition of intangible assets, including intellectual property rights		(51,271)
Capitalized software development costs	(193,901)
NET CASH USED IN INVESTING ACTIVITIES	(1,548,894)	(65,751)
CASH FLOWS (USED IN) PROVIDED BY FINANCING ACTIVITIES:
Cash paid for employee withholding taxes related to the vesting of restricted stock units	(170,400)
Proceeds from exercise of stock options	40,606	258,128
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(129,794)	258,128
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(1,765,018)	4,272,621
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	18,208,685	84,681,770
CASH AND CASH EQUIVALENTS - END OF PERIOD	16,443,667	88,954,391
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest
Cash paid for income taxes

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization and Nature of Business [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 months ended March 31, 2023 and 2022 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 March 31, 2023, and our results of operations, changes in stockholders’ equity, and cash flows for the three months ended March 31, 2023 and 2022, have been made. Those adjustments consist of normal and recurring adjustments. The condensed consolidated balance sheet as of December 31, 2022, has been derived from the audited consolidated condensed 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 consolidated 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 consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as filed with the SEC on March 10, 2023. The results of operations for the three months ended March 31, 2023, are not necessarily indicative of the results to be expected for the full year.

New Accounting Standards

New Accounting Standards	3 Months Ended
	Mar. 31, 2023
New Accounting Standards [Abstract]
NEW ACCOUNTING STANDARDS	NOTE 2 – NEW ACCOUNTING STANDARDS ASU Topic 2021-08 Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , Revenue from Contracts with Customers

Cash, Cash Equivalents and Shor

Cash, Cash Equivalents and Short-Term Investments	3 Months Ended
	Mar. 31, 2023
Disclosure Text Block Supplement [Abstract]
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	NOTE 3 – 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 March 31, 2023 and December 31, 2022, we have recorded $57.3 million and $55.9 million, respectively, of held-to-maturity United States’ Treasury Bills at amortized cost basis. Our held-to-maturity United States’ Treasury Bills have maturity dates between April 2023 and June 2023.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2023
Revenues [Abstract]
REVENUES	NOTE 4 – REVENUES Under ASC 606, Revenue from Contracts with Customers 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 its revenue recognition policy. Deferred revenue was $735,140 and $164,309 as of March 31, 2023 and December 31, 2022, 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 March 31. Balance January 1, 2023 $ 164,309 Revenue recognized (8,778,893 ) Amount collected 9,349,724 Balance March 31, 2023 $ 735,140 Disaggregation of Revenue Consistent with ASC Topic 606, we have disaggregated our revenue by timing of revenue recognition. The majority of our revenue is recognized over time as solutions are provided. A small portion of our revenue related to program development, solution architect design, and other solutions is recognized at a point in time upon delivery to customers. A break down is set forth in the table below. Three Months Ended 2023 2022 Revenue recognized over time $ 12,423,100 $ 12,902,664 Revenue recognized at a point in time 579,810 828,867 Total Revenue $ 13,002,910 $ 13,731,530

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
LEASES	NOTE 5 – LEASES We have operating leases for office space in two multitenant facilities in Rochester, Michigan and Zagreb, Croatia. We also had a lease on office space in Cranbury, New Jersey, which expired in January 2022. 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 months ended March 31, 2023 and 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 Three Months Ended Operating lease cost $ 24,696 $ 28,023 Short-term lease cost 8,063 8,092 Total lease cost $ 32,759 $ 36,115 The table below presents the future minimum lease payments to be made under operating leases as of March 31, 2023: As of March 31, 2023 2023 73,860 2024 80,253 2025 70,224 Total 224,337 Less: discount 11,823 Total lease liabilities $ 212,514 The weighted average remaining lease term at March 31, 2023 for operating leases is 2.5 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 $22,185 and $24,493 for the three months ended March 31, 2023 and 2022, respectively. For the three months ended March 31, 2023 and 2022, payments on lease obligations were $24,620 and $27,898, respectively, and amortization on the right of use assets was $24,696 and $28,023, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	NOTE 6 – STOCKHOLDERS’ EQUITY Preferred Stock The Company had 10,000,000 shares of preferred stock, $0.001 par value per share, authorized as of March 31, 2023. No shares were issued or outstanding in either 2023 or 2022. Common Stock The Company had 166,666,667 shares of common stock, $0.001 par value per share, authorized as of March 31, 2023. There were 17,117,113 and 17,074,173 shares of common stock outstanding, net of shares held in treasury, at March 31, 2023 and December 31, 2022, respectively. The Company issued 9,668 shares of common stock and received proceeds of $40,606 in the three months ended March 31, 2023 in connection with the exercise of options under our 2013 Incentive Plan. During the quarter ended March 31, 2022, we issued 28,006 shares of common stock and received proceeds of $258,128 under the same Plan. The Company issued 33,272 and 13,627 shares of common stock in the three months ended March 31, 2023 and 2022, respectively in connection with the vesting of restricted stock units under our 2013 Incentive Plan and 2021 Equity Incentive Plan. In the three months ended March 31, 2023, certain participants utilized a net withhold settlement method, in which shares were surrendered to cover payroll withholding tax. Of the shares issued to participants during the three months ended March 31, 2023, 9,502 shares, valued at $170,400, were surrendered and subsequently cancelled. Treasury Stock During the quarter ended March 31, 2023, the Board authorized a share repurchase program, under which the Company may repurchase up to $15 million of its outstanding common stock. During the quarter ended March 31, 2023, there were no shares of our common stock repurchased under this program. During 2022, the Board authorized a share repurchase program, under which the Company could repurchase up to $20.0 million of its outstanding common stock. During 2022, the Company repurchased 1,214,398 shares of our common stock for a total of $20,021,830, including commissions paid on repurchases. These shares were recorded as treasury shares using the par value method.

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2023
Stock Based Compensation [Abstract]
STOCK BASED COMPENSATION	NOTE 7 – STOCK BASED COMPENSATION Stock Options The compensation expense related to options for the three months ended March 31, 2023 and 2022, was $1,466,694 and $905,744, respectively. The fair value of these instruments was calculated using the Black-Scholes option pricing model. There is $11,021,446 of remaining expense related to unvested options to be recognized in the future over a weighted average period of 1.91 years. The total intrinsic value of outstanding options at March 31, 2023 was $392,669. During 2022, the Company granted certain performance based stock 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. Restricted Stock Units The Company recorded of $2,913,809 and $2,268,354 in compensation expense related to restricted stock units for the three months ended March 31, 2023 and 2022, respectively. A total of $14,830,343 remains to be recognized at March 31, 2023 over a weighted average period of 1.9 years. Of the $2,913,809 and $2,268,354 in compensation expense, $1,503,359 for each period related to market-based equity grants. These market-based restricted stock units were valued using a Monte Carlo simulation There is $3,596,738 remaining to expense over a weighted average period of 0.95 years. During 2022, the Company granted certain performance based stock units, 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 units recorded during the period. The director’s compensation program calls for the grant of restricted stock units with a one year vesting period. There was $184,620 and $62,889 included in the compensation expense discussed above related to director’s compensation for the periods ending March 31, 2023 and 2022, respectively.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2023
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 The following table sets forth the computation of basic and diluted net loss per share. Three Months Ended 2023 2022 Numerator Net loss $ (6,397,714 ) $ (3,761,098 ) Denominator Weighted average shares outstanding used in computing net loss per share Basic 17,094,676 17,878,068 Effect of dilutive stock options, warrants, and stock grants — — Diluted 17,094,676 17,878,068 Net loss per share Basic $ (0.37 ) $ (0.21 ) Diluted $ (0.37 ) $ (0.21 ) No calculation of diluted earnings per share is included for the three months ended March 31, 2023 or 2022 as the effect of the calculation would be anti-dilutive. The number of common shares potentially issuable upon the exercise of certain options that were excluded from the diluted loss per common share calculation for the three months ended March 31,2023 was 34,055 related to options, and 59,749 related to restricted stock units, for a total of 93,804 shares. The number of common shares potentially issuable upon the exercise of certain options that were excluded from the diluted loss per common share calculation for the three months ended March 31,2022 was 221,251 related to options, and 77,446 related to restricted stock units, for a total of 298,697 shares.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	NOTE 9 – CONTINGENCIES Litigation The Company is not currently involved in any material legal proceedings.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
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, 2022, we had net operating loss carry-forwards for federal income tax purposes of approximately $21.5 million as of December 31, 2022. Accordingly, no federal income tax expense or benefit is recorded in the current period. Management monitors company-specific, and macro-economic factors and assesses the likelihood that the Company’s net deferred tax assets will be utilized prior to their expiration. As previously disclosed in our annual report, the Company maintained a valuation allowance against its net deferred tax assets.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 11 – SUBSEQUENT EVENTS On April 18, 2023, Mr. Febbo forfeited his October 2021 grant under the 2021 Equity Incentive Plan (the “2021 Febbo Grant”). These shares were returned to the 2021 Equity Incentive Plan. In light of Mr. Febbo’s forfeiture of the 2021 Febbo Grant, the Compensation Committee determined to again include Mr. Febbo in the Company’s annual equity grants under the 2021 Equity Incentive Plan and subsequently issued Mr. Febbo a grant of options and restricted stock units with an aggregate grant date value of $2.5 million. The forfeiture and subsequent issuance will be accounted for as a modification in accordance with ASC 718. During the period April 1 through May 7, we issued 10,595 shares of common stock in conjunction with the vesting of restricted stock units.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2023
Revenues [Abstract]
Schedule of deferred revenue	Balance January 1, 2023 $ 164,309 Revenue recognized (8,778,893 ) Amount collected 9,349,724 Balance March 31, 2023 $ 735,140
Schedule of majority of our revenue	Three Months Ended 2023 2022 Revenue recognized over time $ 12,423,100 $ 12,902,664 Revenue recognized at a point in time 579,810 828,867 Total Revenue $ 13,002,910 $ 13,731,530

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of lease cost	Three Months Ended Three Months Ended Operating lease cost $ 24,696 $ 28,023 Short-term lease cost 8,063 8,092 Total lease cost $ 32,759 $ 36,115
Schedule of future minimum lease payments	As of March 31, 2023 2023 73,860 2024 80,253 2025 70,224 Total 224,337 Less: discount 11,823 Total lease liabilities $ 212,514

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of basic and diluted net loss per share	Three Months Ended 2023 2022 Numerator Net loss $ (6,397,714 ) $ (3,761,098 ) Denominator Weighted average shares outstanding used in computing net loss per share Basic 17,094,676 17,878,068 Effect of dilutive stock options, warrants, and stock grants — — Diluted 17,094,676 17,878,068 Net loss per share Basic $ (0.37 ) $ (0.21 ) Diluted $ (0.37 ) $ (0.21 )

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2023
Organization and Nature of Business [Abstract]
U.S. healthcare providers percentage	60%

Cash, Cash Equivalents and Sh_2

Cash, Cash Equivalents and Short-Term Investments (Details) - US Treasury Securities [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Cash, Cash Equivalents and Short-Term Investments (Details) [Line Items]
Held-to-maturity	$ 57.3	$ 55.9
Maturity description	April 2023 and June 2023

Revenues (Details)

Revenues (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Revenues [Abstract]
Accounts receivable	$ 2,992,909	$ 3,582,735
Deferred revenue	$ 735,140	$ 164,309

Revenues (Details) - Schedule o

Revenues (Details) - Schedule of deferred revenue	3 Months Ended
	Mar. 31, 2023 USD ($)
Schedule of Deferred Revenue [Abstract]
Balance	$ 164,309
Revenue recognized	(8,778,893)
Amount collected	9,349,724
Balance	$ 735,140

Revenues (Details) - Schedule_2

Revenues (Details) - Schedule of majority of our revenue - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue, Major Customer [Line Items]
Total Revenue	$ 13,002,910	$ 13,731,530
Revenue recognized over time [Member]
Revenue, Major Customer [Line Items]
Total Revenue	12,423,100	12,902,664
Revenue recognized at a point in time [Member]
Revenue, Major Customer [Line Items]
Total Revenue	$ 579,810	$ 828,867

Leases (Details)

Leases (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating leases description	We also had a lease on office space in Cranbury, New Jersey, which expired in January 2022. For leases that contain renewal options, we have only assumed renewal for the headquarters lease.
Weighted average remaining lease term	2 years 6 months
Weighted average discount rate	4.50%
Cash paid	$ 22,185	$ 24,493
Payments lease obligations	24,620	27,898
Amortization on the right of use assets	$ 24,696	$ 28,023

Leases (Details) - Schedule of

Leases (Details) - Schedule of lease cost - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Lease Cost [Abstract]
Operating lease cost	$ 24,696	$ 28,023
Short-term lease cost	8,063	8,092
Total lease cost	$ 32,759	$ 36,115

Leases (Details) - Schedule o_2

Leases (Details) - Schedule of future minimum lease payments	Mar. 31, 2023 USD ($)
Schedule of Future Minimum Lease Payments [Abstract]
2023	$ 73,860
2024	80,253
2025	70,224
Total	224,337
Less: discount	11,823
Total lease liabilities	$ 212,514

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Stockholders' Equity (Details) [Line Items]
Preferred stock, shares authorized	10,000,000		10,000,000
Preferred stock, par value (in Dollars per share)	$ 0.001		$ 0.001
Common stock, shares authorized	166,666,667		166,666,667
Shares of common stock issued	9,668
Shares issued valued (in Dollars)	$ 170,400
Outstanding common stock (in Dollars)			$ 20,000,000
Repurchased shares			1,214,398
Commissions paid (in Dollars)			$ 20,021,830
Preferred Stock [Member]
Stockholders' Equity (Details) [Line Items]
Preferred stock, shares authorized	10,000,000
Preferred stock, par value (in Dollars per share)	$ 0.001
Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Common stock, shares authorized	166,666,667
Common stock par value (in Dollars per share)	$ 0.001
Common stock outstanding	17,117,113		17,074,173
Shares of common stock issued	33,272	13,627
Received proceeds (in Dollars)	$ 40,606
Shares of common stock issued		28,006
Received proceeds (in Dollars)		$ 258,128
Shares issued	9,502
Outstanding common stock (in Dollars)	$ 15,000,000

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Based Compensation (Details) [Line Items]
Compensation expense	$ 2,913,809	$ 2,268,354
Remaining to expense	$ 11,021,446
Expense remaining over a period	1 year 10 months 28 days
Total intrinsic value of outstanding options	$ 392,669
Restricted stock granted remains value	$ 14,830,343
Remains to be recognized over period	1 year 10 months 24 days
Market based equity grant	$ 1,503,359
Stock Options [Member]
Stock Based Compensation (Details) [Line Items]
Compensation expense	1,466,694	905,744
Monte Carlo [Member]
Stock Based Compensation (Details) [Line Items]
Remaining to expense	$ 3,596,738
Remains to be recognized over period	11 months 12 days
Compensation Expense [Member]
Stock Based Compensation (Details) [Line Items]
Compensation expense	$ 184,620	62,889
Restricted Stock [Member]
Stock Based Compensation (Details) [Line Items]
Compensation expense	$ 2,913,809	$ 2,268,354

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings (Loss) Per Share (Details) [Line Items]
Diluted loss per common share	93,804	298,697
Related to options [Member]
Earnings (Loss) Per Share (Details) [Line Items]
Diluted loss per common share	34,055	221,251
Related to restricted stock [Member]
Earnings (Loss) Per Share (Details) [Line Items]
Diluted loss per common share	59,749	77,446

Earnings (Loss) Per Share (De_2

Earnings (Loss) Per Share (Details) - Schedule of basic and diluted net loss per share - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator
Net loss (in Dollars)	$ (6,397,714)	$ (3,761,098)
Weighted average shares outstanding used in computing net loss per share
Basic	17,094,676	17,878,068
Effect of dilutive stock options, warrants, and stock grants
Diluted	17,094,676	17,878,068
Net loss per share
Basic (in Dollars per share)	$ (0.37)	$ (0.21)
Diluted (in Dollars per share)	$ (0.37)	$ (0.21)

Income Taxes (Details)

Income Taxes (Details) $ in Millions	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Net operating loss carry-forwards	$ 21.5

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ in Millions	1 Months Ended
	May 07, 2023	Apr. 18, 2023
Subsequent Events (Details) [Line Items]
Aggregate grant date value		$ 2.5
Conjunction of common stock	10,595