OptimizeRx (OPRX) 10-Q 14 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 11, 2023
Document Information Line Items
Entity Registrant Name	OptimizeRx Corporation
Trading Symbol	OPRX
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		16,637,891
Amendment Flag	false
Entity Central Index Key	0001448431
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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	260 Charles Street
Entity Address, Address Line Two	Suite 302
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02453
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
Former Address
Document Information Line Items
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 9,808,330	$ 18,208,685
Short-term investments	52,931,831	55,931,821
Accounts receivable, net	18,281,133	22,155,301
Prepaid expenses and other	4,052,729	2,280,828
Total current assets	85,074,023	98,576,635
Property and equipment, net	140,968	137,448
Other assets
Goodwill	22,673,820	22,673,820
Technology assets, net	8,366,375	7,702,895
Patent rights, net	1,831,839	1,940,178
Right of use assets, net	14,544	235,320
Other intangible assets, net	3,223,305	3,384,889
Total other assets	36,109,883	35,937,102
TOTAL ASSETS	121,324,874	134,651,185
Current liabilities
Accounts payable – trade	817,779	1,549,979
Accrued expenses	1,503,477	2,601,246
Revenue share payable	2,722,127	3,990,440
Current portion of lease liabilities	14,545	89,902
Deferred revenue	451,787	164,309
Total current liabilities	5,509,715	8,395,876
Non-current liabilities
Lease liabilities, net of current portion		144,532
Total liabilities	5,509,715	8,540,408
Commitments and contingencies (See note 10)
Stockholders’ equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding at June 30, 2023 or December 31, 2022
Common stock, $0.001 par value, 166,666,667 shares authorized, 18,376,771 and 18,288,571 shares issued at June 30, 2023 and December 31, 2022, respectively	18,377	18,289
Treasury stock, $0.001 par value, 1,741,397 and 1,214,398 shares held at June 30, 2023 and December 31, 2022, respectively	(1,741)	(1,214)
Additional paid-in-capital	173,049,784	172,785,800
Accumulated deficit	(57,251,261)	(46,692,098)
Total stockholders’ equity	115,815,159	126,110,777
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 121,324,874	$ 134,651,185

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jun. 30, 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	18,376,771	18,288,571
Common stock, shares outstanding	18,376,771	18,288,571
Treasury stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Treasury stock, shares held	1,741,397	1,214,398

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net revenue	$ 13,818,166	$ 13,978,665	$ 26,821,076	$ 27,710,195
Cost of revenues, exclusive of depreciation and amortization presented separately below	5,993,145	4,988,716	11,562,766	10,618,574
Gross profit	7,825,021	8,989,949	15,258,310	17,091,621
Operating expenses
General and administrative expenses	12,242,128	12,320,362	26,274,669	23,711,597
Depreciation, amortization and noncash lease expense	464,761	578,117	928,695	1,049,656
Total operating expenses	12,706,889	12,898,479	27,203,364	24,761,253
Loss from operations	(4,881,868)	(3,908,530)	(11,945,054)	(7,669,632)
Other income
Interest income	720,419	23,816	1,385,891	23,820
Loss before provision for income taxes	(4,161,449)	(3,884,714)	(10,559,163)	(7,645,812)
Income tax benefit
Net loss	$ (4,161,449)	$ (3,884,714)	$ (10,559,163)	$ (7,645,812)
Weighted average number of shares outstanding – basic (in Shares)	16,992,100	18,122,500	17,043,793	18,000,958
Weighted average number of shares outstanding – diluted (in Shares)	16,992,100	18,122,500	17,043,793	18,000,958
Loss per share – basic (in Dollars per share)	$ (0.24)	$ (0.21)	$ (0.62)	$ (0.42)
Loss per share – diluted (in Dollars per share)	$ (0.24)	$ (0.21)	$ (0.62)	$ (0.42)

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
Stock based compensation expense
Options			905,744		905,744
Restricted stock			2,268,354		2,268,354
Issuance of common stock
Issuance of common stock (in Shares)
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, 2021	$ 17,861		166,615,514	(35,253,658)	131,379,717
Balance (in Shares) at Dec. 31, 2021	17,860,975
Net 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 Dec. 31, 2021	$ 17,861		166,615,514	(35,253,658)	$ 131,379,717
Balance (in Shares) at Dec. 31, 2021	17,860,975
Repurchase of common stock (in Shares)					1,214,398
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)
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
Stock based compensation expense
Options			1,336,810		1,336,810
Restricted stock			2,688,513		2,688,513
Issuance of common stock
Issuance of common stock (in Shares)
For options exercised	$ 44		572,303		572,347
For options exercised (in Shares)	43,701
For acquisition	$ 241		9,374,214		9,374,455
For acquisition (in Shares)	240,741
Repurchase of common stock		$ (13)	(321,041)		(321,054)
Repurchase of common stock (in Shares)		(12,868)
Net 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)
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)
Stock based compensation expense
Options			1,466,694		1,466,694
Restricted stock			2,913,809		2,913,809
Issuance of common stock
Issuance of common stock (in Shares)
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)
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)
For restricted stock units vested (in Shares)					240,741
Net loss					$ (10,559,163)
Balance at Jun. 30, 2023	$ 18,377	$ (1,741)	173,049,784	(57,251,261)	115,815,159
Balance (in Shares) at Jun. 30, 2023	18,376,771	(1,741,397)
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)
Stock based compensation expense
Options			1,654,770		1,654,770
Restricted stock			1,848,353		1,848,353
Issuance of common stock
Issuance of common stock (in Shares)
For options exercised	$ 10		105,090		105,100
For options exercised (in Shares)	10,000
For restricted stock units vested	$ 35		(72,996)		(72,961)
For restricted stock units vested (in Shares)	35,260
Repurchase of common stock		$ (527)	(7,521,899)		(7,522,426)
Repurchase of common stock (in Shares)		(526,999)
Net loss				(4,161,449)	(4,161,449)
Balance at Jun. 30, 2023	$ 18,377	$ (1,741)	$ 173,049,784	$ (57,251,261)	$ 115,815,159
Balance (in Shares) at Jun. 30, 2023	18,376,771	(1,741,397)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (10,559,163)	$ (7,645,812)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	928,695	1,049,656
Stock-based compensation	7,883,626	7,199,421
Increase in bad debt reserve	238,748	98,727
Changes in:
Accounts receivable	3,635,420	5,969,009
Prepaid expenses and other assets	(1,771,899)	1,266,478
Accounts payable	(732,200)	64,232
Revenue share payable	(1,268,313)	(2,001,379)
Accrued expenses and other liabilities	(1,096,881)	(1,263,971)
Deferred revenue	287,478	(347,989)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES	(2,454,489)	4,388,372
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES:
Purchase of property and equipment	(48,556)	(41,335)
Purchases of held-to-maturity investments	(109,501,032)
Redemptions of held-to-maturity investments	112,501,021
EvinceMed acquisition		(2,000,000)
Acquisition of intangible assets, including intellectual property rights	(3,068)	(145,257)
Capitalized software development costs	(1,274,150)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	1,674,215	(2,186,592)
CASH FLOWS (USED IN) PROVIDED BY FINANCING ACTIVITIES:
Cash paid for employee withholding taxes related to the vesting of restricted stock units	(243,361)
Repurchase of common stock	(7,522,426)	(321,054)
Proceeds from exercise of stock options	145,706	830,474
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(7,620,081)	509,420
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(8,400,355)	2,711,200
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	18,208,685	84,681,770
CASH AND CASH EQUIVALENTS - END OF PERIOD	9,808,330	87,392,970
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

Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
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, 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 June 30, 2023, and our results of operations, changes in stockholders’ equity, and cash flows for the six months ended June 30, 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 six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the full year.

New Accounting Standards

New Accounting Standards	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2023
Cash, Cash Equivalents and Short-Term Investments [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 June 30, 2023 and December 31, 2022, we have recorded $52.9 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 July 2023 and September 2023.

Capitalized Software Costs

Capitalized Software Costs	6 Months Ended
	Jun. 30, 2023
Capitalized Software Costs [Abstract]
CAPITALIZED SOFTWARE COSTS	NOTE 4 - CAPITALIZED SOFTWARE COSTS The Company capitalizes certain development costs incurred in connection with software development for internal-use software platforms used in operations and for providing services to our customers. Costs incurred in the preliminary stages of development are expensed as incurred. Once software has reached the development stage, internal and external costs, if direct, are capitalized until the software is substantially complete and ready for its intended use. Capitalization ceases upon completion of all substantial testing. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Capitalized internal use software development costs are included in intangible assets and are amortized on a straight-line basis over the estimated useful life of the software platforms and are included in depreciation and amortization within operating expenses in the consolidated statements of operations. Amortization of capitalized internal use software expense for the six months ended June 30, 2023 and 2022 was $95,108 and $226,819, respectively. The Company accumulates capitalizable costs related to current projects in a CIP software account, the balance of which was $1.3 million and zero at June 30, 2023 and December 31, 2022, respectively.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2023
Revenues [Abstract]
REVENUES	NOTE 5 – 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 $451,787 and $164,309 as of June 30, 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 June 30. 2023 2022 Balance January 1 $ 164,309 $ 1,389,907 Revenue recognized (8,778,893 ) (6,013,181 ) Amount collected 9,349,724 5,916,318 Balance March 31 $ 735,140 $ 1,293,044 Revenue recognized (9,619,380 ) (7,373,802 ) Amount collected 9,336,027 7,122,677 Balance June 30 $ 451,787 $ 1,041,919 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 Six Months Ended 2023 2022 2023 2022 Revenue recognized over time $ 13,033,714 $ 12,169,710 $ 25,606,135 $ 25,123,323 Revenue recognized at a point in time 784,452 1,808,955 1,214,941 2,586,872 Total Revenue $ 13,818,166 $ 13,978,665 $ 26,821,076 $ 27,710,195

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
LEASES	NOTE 6 – LEASES During the six months ended, we had operating leases for office space in two multi tenant facilities in Rochester, Michigan and Zagreb, Croatia. We also had a lease on office space in Cranbury, New Jersey, which expired in January 2022. The lease in Rochester, Michigan was terminated during the quarter ended June 30, 2023. The lease in Zagreb, Croatia ends on February 28th, 2024. 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 six months ended June 30, 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: Six Months Ended 2023 2022 Operating lease cost $ 49,472 $ 49,747 Short-term lease cost 8,340 21,899 Total lease cost $ 57,812 $ 71,646 The table below presents the future minimum lease payments to be made under operating leases as of June 30, 2023: As of June 30, 2023 2023 $ 10,170 2024 5,085 Total 15,255 Less: discount 1,236 Total lease liabilities $ 14,019 The weighted average remaining lease term at June 30, 2023 for operating leases is 0.7 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 $44,708 and $45,599 for the six months ended June 30, 2023 and 2022, respectively. For the six months ended June 30, 2023 and 2022, payments on lease obligations were $49,359 and $52,168, respectively, and amortization on the right of use assets was $49,472 and $52,662, respectively.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 7 – STOCKHOLDERS’ EQUITY Preferred Stock The Company had 10,000,000 shares of preferred stock, $0.001 par value per share, authorized as of June 30, 2023. No Common Stock The Company had 166,666,667 shares of common stock, $0.001 par value per share, authorized as of June 30, 2023. There were 16,635,374 and 17,074,173 shares of common stock outstanding, net of shares held in treasury of 1,741,397 and 1,214,398, at June 30, 2023 and December 31, 2022, respectively. During the quarters ended June 30, 2023 and March 31, 2023, the Company issued 10,000 and 9,668 shares of our common stock, respectively, and received proceeds of $105,100 and $40,606, respectively, in connection with the exercise of options under our 2013 Incentive Plan. During the quarters ended June 30, 2022 and March 31, 2022, the Company 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 options under our 2013 Incentive Plan. The Company issued 35,260 and 33,272 shares of common stock in the three months ended June 30, 2023 and March 31, 2023, respectively in connection with the vesting of restricted stock units under our 2013 Incentive Plan and our 2021 Equity Incentive Plan. Some of the 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 six months ended June 30, 2023, 23,217 shares, valued at $243,361, were surrendered and subsequently cancelled. The Company issued 13,627 shares of common stock in the three months ended March 31, 2022 in connection with the vesting of restricted stock units under our 2013 Incentive Plan and our 2021 Equity Incentive Plan. There were no shares of common stock issued in connection with the vesting of restricted stock units in the three months ended June 30, 2022. The Company issued 240,741 shares of common stock valued at $9,374,455 during the quarter ended June 30, 2022 in connection with the acquisition of substantially all of the assets of EvinceMed Corp. 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 June 30, 2023, there were 526,999 shares of our common stock repurchased under this program for a total of $7,522,426, including commissions paid on repurchases. These shares were recorded as treasury shares using the par value method. 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	6 Months Ended
	Jun. 30, 2023
Stock Based Compensation [Abstract]
STOCK BASED COMPENSATION	NOTE 8 – STOCK BASED COMPENSATION Stock Options The compensation expense related to options for the six months ended June 30, 2023 and 2022 was $3,121,464 and $2,242,554, respectively. The fair value of these instruments was calculated using the Black-Scholes option pricing model. There is $12,254,201 of remaining expense related to unvested options to be recognized in the future over a weighted average period of 1.89 years. The total intrinsic value of outstanding options at June 30, 2023 was $309,383. 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 $4,762,162 and $4,956,867 in compensation expense related to restricted stock units for the six months ended June 30, 2023 and 2022, respectively. A total of $13,252,855 remains to be recognized at June 30, 2023 over a weighted average period of 2.01. During 2022, the Company granted certain performance based restricted 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 restricted stock 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 $351,765 and $129,515 included in the compensation expense discussed above related to director’s compensation for the periods ended June 30, 2023 and 2022, respectively. Equity Award Modification On April 16, 2023, the Compensation Committee approved a grant to the CEO of 86,685 restricted stock units and 161,698 stock options with a grant date fair value of $2.5 million to vest over a three year period. Concurrently, the CEO forfeited his October 2021 grant of 182,398 market-based restricted stock units. The forfeiture and accompanying grant are considered an equity modification according to ASC 718, Compensation-Stock Compensation

Loss Per Share

Loss Per Share	6 Months Ended
	Jun. 30, 2023
Loss Per Share [Abstract]
LOSS PER SHARE	NOTE 9 – 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 Six Months Ended 2023 2022 2023 2022 Numerator Net loss $ (4,161,449 ) $ (3,884,714 ) $ (10,559,163 ) $ (7,645,812 ) Denominator Weighted average shares outstanding used in computing net loss per share Basic 16,992,100 18,122,500 17,043,793 18,000,958 Effect of dilutive stock options, warrants, and stock grants — — — — Diluted 16,992,100 18,122,500 17,043,793 18,000,958 Net loss per share Basic $ (0.24 ) $ (0.21 ) $ (0.62 ) $ (0.42 ) Diluted $ (0.24 ) $ (0.21 ) $ (0.62 ) $ (0.42 ) No calculation of diluted earnings per share is included for the three or six months ended June 30, 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 and the vesting of certain restricted stock units that were excluded from the diluted loss per common share calculation are reflected in the table below. Three Months Ended Six Months Ended Weighted average number of shares for the periods ended 2023 2022 2023 2022 Options 19,824 156,018 24,923 176,996 Unvested restricted stock unit awards 24,922 63,541 24,922 77,221 Total 44,746 219,559 49,845 254,217

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	NOTE 10 – CONTINGENCIES Litigation The Company is not currently involved in any material legal proceedings.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
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, 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	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS Subsequent to June 30, 2023, the Company entered into a sublease agreement for a new office space in Waltham, MA. The term of the sublease commences on July 1, 2023 and will terminate on July 31, 2024. The Company is obligated to pay approximately $5,800 per month over the term of the lease . On June 2, 2023, the Company entered into a one-year term lease agreement for a new office space in Zagreb, Croatia which commenced on July 1, 2023. The Company has the option to renew for a period of five years. The Company is obligated to pay approximately $2,800 plus VAT or approximately $3,500 per month over the term of the lease.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2023
Revenues [Abstract]
Schedule of Deferred Revenue	Following is a summary of activity for the deferred revenue account for the quarter ended June 30. 2023 2022 Balance January 1 $ 164,309 $ 1,389,907 Revenue recognized (8,778,893 ) (6,013,181 ) Amount collected 9,349,724 5,916,318 Balance March 31 $ 735,140 $ 1,293,044 Revenue recognized (9,619,380 ) (7,373,802 ) Amount collected 9,336,027 7,122,677 Balance June 30 $ 451,787 $ 1,041,919
Schedule of Revenue Recognition	A break down is set forth in the table below. Three Months Ended Six Months Ended 2023 2022 2023 2022 Revenue recognized over time $ 13,033,714 $ 12,169,710 $ 25,606,135 $ 25,123,323 Revenue recognized at a point in time 784,452 1,808,955 1,214,941 2,586,872 Total Revenue $ 13,818,166 $ 13,978,665 $ 26,821,076 $ 27,710,195

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Lease Cost	For the six months ended June 30, 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: Six Months Ended 2023 2022 Operating lease cost $ 49,472 $ 49,747 Short-term lease cost 8,340 21,899 Total lease cost $ 57,812 $ 71,646
Schedule of Future Minimum Lease Payments	The table below presents the future minimum lease payments to be made under operating leases as of June 30, 2023: As of June 30, 2023 2023 $ 10,170 2024 5,085 Total 15,255 Less: discount 1,236 Total lease liabilities $ 14,019

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Loss Per Share [Abstract]
Schedule of Vesting of Certain Restricted Stock Units	The following table sets forth the computation of basic and diluted net loss per share. Three Months Ended Six Months Ended 2023 2022 2023 2022 Numerator Net loss $ (4,161,449 ) $ (3,884,714 ) $ (10,559,163 ) $ (7,645,812 ) Denominator Weighted average shares outstanding used in computing net loss per share Basic 16,992,100 18,122,500 17,043,793 18,000,958 Effect of dilutive stock options, warrants, and stock grants — — — — Diluted 16,992,100 18,122,500 17,043,793 18,000,958 Net loss per share Basic $ (0.24 ) $ (0.21 ) $ (0.62 ) $ (0.42 ) Diluted $ (0.24 ) $ (0.21 ) $ (0.62 ) $ (0.42 )
Schedule of Vesting of Certain Restricted Stock Units	The number of common shares potentially issuable upon the exercise of certain options and the vesting of certain restricted stock units that were excluded from the diluted loss per common share calculation are reflected in the table below. Three Months Ended Six Months Ended Weighted average number of shares for the periods ended 2023 2022 2023 2022 Options 19,824 156,018 24,923 176,996 Unvested restricted stock unit awards 24,922 63,541 24,922 77,221 Total 44,746 219,559 49,845 254,217

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2023
Nature of Business and Basis of Presentation [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	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Cash, Cash Equivalents and Short-Term Investments (Details) [Line Items]
Held-to-maturity	$ 52.9	$ 55.9
Maturity description	Our held-to-maturity United States’ Treasury Bills have maturity dates between July 2023 and September 2023

Capitalized Software Costs (Det

Capitalized Software Costs (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Capitalized Software Costs [Abstract]
Amortization of software expense	$ 95,108	$ 226,819
Accumulates capitalizable costs	$ 1,300,000	$ 0

Revenues (Details)

Revenues (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Revenues [Abstract]
Accounts receivable	$ 2,975,040	$ 3,582,735
Deferred revenue	$ 451,787	$ 164,309

Revenues (Details) - Schedule o

Revenues (Details) - Schedule of Deferred Revenue - USD ($)	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Schedule Of Deferred Revenue Abstract
Balance	$ 735,140	$ 164,309	$ 1,293,044	$ 1,389,907
Revenue recognized	(9,619,380)	(8,778,893)	(7,373,802)	(6,013,181)
Amount collected	9,336,027	9,349,724	7,122,677	5,916,318
Balance	$ 451,787	$ 735,140	$ 1,041,919	$ 1,293,044

Revenues (Details) - Schedule_2

Revenues (Details) - Schedule of Revenue Recognition - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue, Major Customer [Line Items]
Total Revenue	$ 13,818,166	$ 13,978,665	$ 26,821,076	$ 27,710,195
Revenue recognized over time [Member]
Revenue, Major Customer [Line Items]
Total Revenue	13,033,714	12,169,710	25,606,135	25,123,323
Revenue recognized at a point in time [Member]
Revenue, Major Customer [Line Items]
Total Revenue	$ 784,452	$ 1,808,955	$ 1,214,941	$ 2,586,872

Leases (Details)

Leases (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Weighted average remaining lease term	8 months 12 days
Weighted average discount rate	4.50%
Lease liabilities	$ 44,708	$ 45,599
Payments on lease obligation	49,359	52,168
Amortization on the right of use assets	$ 49,472	$ 52,662

Leases (Details) - Schedule of

Leases (Details) - Schedule of Lease Cost - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Schedule of Lease Cost [Abstract]
Operating lease cost	$ 49,472	$ 49,747
Short-term lease cost	8,340	21,899
Total lease cost	$ 57,812	$ 71,646

Leases (Details) - Schedule o_2

Leases (Details) - Schedule of Future Minimum Lease Payments	Jun. 30, 2023 USD ($)
Schedule of Future Minimum Lease Payments [Abstract]
2023	$ 10,170
2024	5,085
Total	15,255
Less: discount	1,236
Total lease liabilities	$ 14,019

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)		3 Months Ended				6 Months Ended	12 Months Ended
	Apr. 16, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2022
Stockholders' Equity (Details) [Line Items]
Preferred stock, shares authorized		10,000,000				10,000,000	10,000,000
Preferred stock, par value (in Dollars per share)		$ 0.001				$ 0.001	$ 0.001
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, shares authorized		166,666,667				166,666,667	166,666,667
Common stock par value (in Dollars per share)		$ 0.001				$ 0.001
Net of shares held in treasury		1,741,397				1,741,397	1,214,398
Shares of common stock issued			9,668			10,000
Received proceeds (in Dollars)						$ 105,100
Shares issued valued (in Dollars)						$ 243,361
Company issued shares of common stock	86,685				13,627
Common stock value share						240,741
Common stock value share issued (in Dollars)						$ 9,374,455
Outstanding common stock (in Dollars)							$ 20,000,000
Shares of our common stock repurchased		526,999				526,999
Commissions paid on repurchases (in Dollars)		$ 7,522,426				$ 7,522,426
Repurchased shares							1,214,398
Commissions paid (in Dollars)							$ 20,021,830
Common Stock [Member]
Stockholders' Equity (Details) [Line Items]
Common stock outstanding		16,635,374				16,635,374	17,074,173
Shares of common stock issued					28,006	43,701
Received proceeds (in Dollars)			$ 40,606
Received proceeds (in Dollars)				$ 258,128		$ 572,347
Shares of common stock issued		35,260	33,272
Shares issued						23,217
Common stock value share		35,260	33,272		13,627
Outstanding common stock (in Dollars)			$ 15,000,000
Repurchased shares

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($) $ / shares in Millions		1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 16, 2023	Oct. 31, 2021	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock Based Compensation (Details) [Line Items]
Remaining to expense				$ 12,254,201
Expense remaining over a period				1 year 10 months 20 days
Total intrinsic value of outstanding options				$ 309,383
Restricted stock granted remains value				$ 13,252,855
Remains to be recognized over period				2 years 3 days
Restricted stock units (in Shares)	86,685		13,627
Stock options (in Shares)	161,698
Grant date fair value (in Dollars per share)	$ 2.5
Market-based restricted stock units (in Shares)		182,398
Monte carlo simulation total				$ 1,900,000
Stock Options [Member]
Stock Based Compensation (Details) [Line Items]
Compensation expense				3,121,464	$ 2,242,554
Compensation Expense [Member]
Stock Based Compensation (Details) [Line Items]
Compensation expense				351,765	129,515
Restricted Stock [Member]
Stock Based Compensation (Details) [Line Items]
Compensation expense				$ 4,762,162	$ 4,956,867

Loss Per Share (Details) - Sche

Loss Per Share (Details) - Schedule of Basic and Diluted Net Loss Per Share - USD ($)	3 Months Ended		6 Months Ended		15 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023
Numerator
Net loss (in Dollars)	$ (4,161,449)		$ (10,559,163)	$ (7,645,812)	$ (3,884,714)
Weighted average shares outstanding used in computing net loss per share
Basic	16,992,100	18,122,500	17,043,793	18,000,958	18,122,500
Effect of dilutive stock options, warrants, and stock grants
Diluted	16,992,100	18,122,500	17,043,793	18,000,958	18,122,500
Net loss per share
Basic (in Dollars per share)	$ (0.24)	$ (0.21)	$ (0.62)	$ (0.42)	$ (0.21)
Diluted (in Dollars per share)	$ (0.24)	$ (0.21)	$ (0.62)	$ (0.42)	$ (0.21)

Loss Per Share (Details) - Sc_2

Loss Per Share (Details) - Schedule of Vesting of Certain Restricted Stock Units - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Vesting of Certain Restricted Stock Units [Abstract]
Options	19,824	156,018	24,923	176,996
Unvested restricted stock unit awards	24,922	63,541	24,922	77,221
Total	44,746	219,559	49,845	254,217

Income Taxes (Details)

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

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)		6 Months Ended
	Jun. 02, 2023	Jun. 30, 2023
Subsequent Events [Abstract]
Obligated term of lease	$ 2,800	$ 5,800
Capital over term lease	$ 3,500