Intellinetics (NYSE: INLX) grows SaaS in 2025 but posts larger net loss
Rhea-AI Filing Summary
Intellinetics, Inc. reported fourth quarter and full-year 2025 results showing solid SaaS growth but weaker overall performance. Q4 revenue inched up 1.0% to $4.3 million, driven by an 8.4% rise in SaaS revenue to $1.6 million, while net loss widened to $207,975, or $0.05 per share.
For 2025, total revenue declined 8.0% to $16.6 million as professional services activity fell, even though SaaS revenue grew 11.3% to $6.3 million. Net loss increased to $1.87 million, or $0.44 per share, and Adjusted EBITDA dropped to $469,694 from $2.38 million, reflecting higher operating expenses and growth investments. Management plans to focus on accelerating SaaS and recurring software revenue in 2026.
Positive
- SaaS revenue growth and mix improvement: 2025 SaaS revenue increased 11.3% to $6.3 million and Q4 SaaS rose 8.4% to $1.6 million, helping expand gross margin by 295 basis points for the year and 184 basis points in Q4.
Negative
- Revenue decline and margin pressure on earnings: 2025 total revenue fell 8.0% to $16.6 million while net loss more than tripled to $1.87 million and Adjusted EBITDA dropped from $2.38 million to $0.47 million, indicating materially weaker profitability.
Insights
SaaS grew in 2025, but revenue fell and losses widened as spending increased.
Intellinetics is shifting toward a software-led model. In 2025, SaaS revenue rose 11.3% to $6.3M, yet total revenue declined 8.0% to $16.6M as professional services contracted. Q4 showed only 1.0% growth, underscoring slower overall momentum.
Profitability weakened meaningfully. Net loss expanded from $0.55M to $1.87M, and Adjusted EBITDA fell from $2.38M to $0.47M despite a higher gross margin. Operating expenses grew 10.4%, reflecting sales, marketing, and structural investments outpacing revenue.
Management highlights a strategy focused on accelerating SaaS and recurring revenue in 2026, improving execution, and tightening go-to-market discipline. Cash was $2.53M at year-end and operating cash flow remained positive, which helps support the transition, but future results will depend on converting these investments into faster, profitable growth.
8-K Event Classification
Key Figures
Key Terms
Software as a Service (SaaS) financial
Adjusted EBITDA financial
Gross profit margin financial
Deferred revenues financial
Right of use assets financial
Earnings Snapshot
Management expects SaaS revenue to grow year over year in fiscal 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
(Exact name of Registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S Employer Identification No.) |
| (Address of principal executive offices) | (Zip code) |
Registrant’s
telephone number, including area code:
Intellinetics, Inc.
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.001 par value
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On March 30, 2026, the Company issued a press release announcing its financial results for the fiscal year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information reported under this Item 2.02 of Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Name of Exhibit | |
| 99.1 | Press release issued by Intellinetics, Inc., on March 30, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| INTELLINETICS, INC. | ||
| By: | /s/ Alison G. Forsythe | |
| Alison G. Forsythe | ||
| President and Chief Executive Officer | ||
| Dated: March 30, 2026 | ||
Exhibit 99.1
Intellinetics Reports Fourth Quarter and Full Year 2025 Financial Results
COLUMBUS, OH – March 30, 2026 – Intellinetics, Inc. (NYSE American: INLX), a digital transformation solutions provider, announced financial results for the three and 12 months ended December 31, 2025.
2025 Fourth Quarter Financial Highlights
| ● | Software as a Service (SaaS) revenue increased 8.4% year over year to $1.6 million. | |
| ● | Professional services revenue decreased 1.8% year over year. | |
| ● | Total revenue increased 1.0% year over year to $4.3 million, as SaaS growth more than offset a modest decline in professional services revenue. | |
| ● | Gross profit increased 3.9% year over year, with gross profit margin increasing 184 basis points due to a favorable revenue mix. | |
| ● | Net loss of $207,975, or ($0.05) per basic and fully diluted share, compared to net loss of $53,701, or ($0.01) per basic and fully diluted share, for the same period in 2024. | |
| ● | Adjusted EBITDA of $260,749, compared to $531,241 from the same period in 2024. | |
| ● | Cash at quarter end was approximately $2.5 million. |
2025 Full-Year Financial Highlights
| ● | SaaS revenue increased 11.3% year over year to $6.3 million. | |
| ● | Professional services revenue decreased 18.7% year over year. | |
| ● | Total revenue was $16.6 million, reflecting lower professional services activity. | |
| ● | Gross profit decreased 3.7% year over year, a function of volume, and gross profit margin increased 295 basis points due to a favorable revenue mix. | |
| ● | Net loss of $1,872,895, or ($0.44) per basic and fully diluted share, compared to net loss of $546,215, or ($0.13) per basic and fully diluted share, for the same period in 2024. | |
| ● | Adjusted EBITDA was $469,694, compared to $2,382,357 in the prior year. |
Fiscal year 2025 reflected continued progress in Intellinetics’ software-led business, with SaaS revenue continuing to grow and representing an increasing share of overall revenue. Total revenue declined compared to 2024, driven primarily by variability in professional services activity. During the year, the Company also strengthened its document management business, including securing a significant contractual win with its largest customer.
The Company continued to build its foundation for long-term growth by expanding its SaaS footprint, investing in go-to-market capabilities, and refining its focus on vertical markets where demand for secure document and workflow automation solutions remains strong.
Management believes these efforts position Intellinetics to improve revenue predictability, expand margins over time, and accelerate sustainable growth.
Alison Forsythe, President & CEO of Intellinetics, stated: “In 2025, under the leadership of my predecessor, Intellinetics continued to grow SaaS revenue while also strengthening our document management business, including a critical contractual win with our largest customer.
“I did my homework before accepting the role as CEO, and after spending my first weeks closely evaluating the business, it is even clearer that we have strong foundational assets—an established SaaS customer base, differentiated technology, and attractive vertical market opportunities. At the same time, there is a clear opportunity to improve execution, sharpen our go-to-market approach, and operate with greater discipline across both our software and document management businesses.
“Our software platform is the core of our business and the primary driver of our long-term growth. Looking ahead to 2026, our focus is on accelerating SaaS revenue and increasing recurring software revenue. We are aligning our organization, investments, and operating priorities around that objective while bringing greater consistency to our document management business. Together, these efforts position Intellinetics for more consistent performance and long-term value creation.”
Summary – 2025 Fourth Quarter Results
Revenues for the three months ended December 31, 2025 were $4,323,843, an increase of 1.0%, as compared with $4,280,071 for the same period in 2024. This increase was primarily due to an 8.4% increase in SaaS revenue, partially offset by a 1.8% decrease in professional services fees.
Total operating expenses increased 11.2% to $3,096,090, compared to $2,784,991 for the same period in 2024, driven by increases in sales and marketing expense of 14.4% and general and administrative expense of 11.2%. Loss from operations was $216,308 compared to loss from operations of 12,920 in the fourth quarter last year, primarily due to the sales and marketing increase and other security and infrastructure investments.
Intellinetics reported net loss of $207,975 compared to net loss of $53,701 for the same period in 2024. Basic and diluted net loss per share for the three months ended December 31, 2025 was $0.05, compared to $0.01 net loss per basic and diluted share for the period ended December 31, 2024. Adjusted EBITDA was $260,749 compared to $531,241 in 2024.
| For the quarters ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues: | ||||||||
| Software as a service | $ | 1,603,641 | $ | 1,479,250 | ||||
| Software maintenance services | 307,538 | 346,372 | ||||||
| Professional services | 2,201,246 | 2,241,662 | ||||||
| Storage and retrieval services | 211,418 | 212,787 | ||||||
| Total revenues | 4,323,843 | 4,280,071 | ||||||
Summary – 2025 Full-Year Results
Revenues for the year ended December 31, 2025 were $16,583,446, a decrease of 8.0% as compared with $18,018,373 for the same period in 2024. Total operating expenses increased 10.4% to $12,741,153, compared to $11,541,889 for the same period in 2024. Our increased structural investments for growth and scale, particularly sales and marketing expansion, more than offset reductions in variable compensation and share-based compensation expense decreases. Loss from operations was $1,788,569, compared to loss from operations of $173,505 for last year. Intellinetics reported net loss of $1,872,895, or $0.44 per basic and diluted share, compared to net loss of $546,215, or $0.13 per basic and diluted share, for the same period in 2024.
| For the years ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues: | ||||||||
| Software as a service | $ | 6,331,167 | $ | 5,688,936 | ||||
| Software maintenance services | 1,283,332 | 1,410,387 | ||||||
| Professional services | 8,141,155 | 10,017,974 | ||||||
| Storage and retrieval services | 827,792 | 901,076 | ||||||
| Total revenues | 16,583,446 | 18,018,373 | ||||||
2026 Outlook
Based on management’s current plans and assumptions, the Company expects that it will grow SaaS on a year-over-year basis for the fiscal year 2026.
Conference Call
Intellinetics is holding a conference call to discuss these results on a live webcast at 4:30 p.m. ET today. Interested parties can access the webcast through the Intellinetics website at https://ir.intellinetics.com/. Investors can also dial in to the webcast by calling (877) 407-8133 (toll-free) or (201) 689-8040. A replay of the call can also be accessed via phone through April 30, 2026 by dialing (877) 660-6853 (toll-free) or (201) 612-7415 and using replay access code 13759543.
About Intellinetics, Inc.
Intellinetics, Inc. (NYSE American: INLX) is enabling the digital transformation. Intellinetics empowers organizations to manage, store and protect their important documents and data. The Company’s flagship solution, the IntelliCloud™ content management platform, delivers advanced security, compliance, workflow and collaboration features critical for highly regulated, risk-intensive markets. IntelliCloud connects documents to users and the processes they support anytime, anywhere to accelerate innovation and empower organizations to think and work in new ways. In addition, Intellinetics offers business process outsourcing (BPO), document and micrographics scanning services, and records storage. From highly regulated industries like Healthcare/Human Service Providers, K-12, Public Safety, and State and Local Governments, to businesses looking to move away from paper-based processes, Intellinetics is the all-in-one, compliant, document management solution. Intellinetics is headquartered in Columbus, Ohio. For additional information, please visit www.intellinetics.com.
Cautionary Statement
Statements in this press release which are not purely historical, including statements regarding future business; improved revenue predictability; expanded margins; predictable and sustainable growth, including the growth of SaaS business; future revenues, including the “2026 Outlook” for revenues; improved business execution and go-to-market approach; execution of our business plan, strategy, direction and focus; and other intentions, beliefs, expectations, representations, projections, plans or strategies regarding future growth, financial results, and other future events are forward-looking statements. The forward-looking statements involve risks and uncertainties including, but not limited to, the risks associated with the effect of changing economic conditions including inflationary pressures, challenges with hiring and maintaining a stable workforce, our ability to execute on our business plan and strategy including our transition to a SaaS-based company, customary risks attendant to trends in the products markets, variations in Intellinetics’ cash flow or adequacy of capital resources, market acceptance risks, the success of Intellinetics’ solutions providers, including human services, health care, and education, technical development risks, and other risks, uncertainties and other factors discussed from time to time in its reports filed with or furnished to the Securities and Exchange Commission, including in Intellinetics’ most recent annual report on Form 10-K as well as subsequently filed reports on Form 8-K. Intellinetics cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Intellinetics disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release. Expanded and historical information is made available to the public by Intellinetics on its website at www.intellinetics.com or at www.sec.gov.
CONTACT:
Joe Spain, CFO
Intellinetics, Inc.
614.921.8170 investors@intellinetics.com
Non-GAAP Financial Measures
Intellinetics uses non-GAAP Adjusted EBITDA as supplemental measures of our performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (GAAP). A non-GAAP financial measure is a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of a company.
Adjusted EBITDA: Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to net income, operating income, or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities or a measure of our liquidity. Intellinetics urges investors to review the reconciliation of non-GAAP Adjusted EBITDA to the comparable GAAP Net Income, which is included in this press release, and not to rely on any single financial measure to evaluate Intellinetics’ financial performance.
We believe that Adjusted EBITDA is a useful performance measure and is used by us to facilitate a comparison of our operating performance on a consistent basis from period-to-period and to provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone. We define “Adjusted EBITDA” as earnings before interest expense, any income taxes, depreciation and amortization expense, non-cash share-based compensation, note conversion and note or equity offer warrant or stock expense, gain or loss on debt extinguishment, change in fair value of contingent consideration, and transaction costs.
Reconciliation of Net Income to Adjusted EBITDA
For the Three Months Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Net loss – GAAP | $ | (207,975 | ) | $ | (53,701 | ) | ||
| Interest (income) expense, net | (8,333 | ) | 40,781 | |||||
| Depreciation and amortization | 315,067 | 302,242 | ||||||
| Share-based compensation | 155,351 | 241,919 | * | |||||
| Transaction costs | 6,639 | - | ||||||
| Adjusted EBITDA | $ | 260,749 | $ | 531,241 | ||||
| For the Twelve Months Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Net loss - GAAP | $ | (1,872,895 | ) | $ | (546,215 | ) | ||
| Interest expense, net | 84,326 | 372,710 | ||||||
| Depreciation and amortization | 1,245,640 | 1,128,613 | ||||||
| Share-based compensation | 1,003,843 | 1,429,247 | * | |||||
| Transaction costs | 8,780 | - | ||||||
| Adjusted EBITDA | $ | 469,694 | $ | 2,382,357 | ||||
* 2024 balances have been updated to align with management’s revised 2025 definition, which clarifies the classification of “non-cash” share-based compensation.
INTELLINETICS, INC. and SUBSIDIARIES
Consolidated Balance Sheets
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | 2,528,281 | $ | 2,489,236 | ||||
| Accounts receivable, net | 1,239,802 | 1,111,504 | ||||||
| Accounts receivable, unbilled | 909,574 | 1,296,524 | ||||||
| Parts and supplies, net | 173,295 | 100,561 | ||||||
| Prepaid expenses and other current assets | 378,305 | 476,731 | ||||||
| Total current assets | 5,229,257 | 5,474,556 | ||||||
| Property and equipment, net | 1,092,694 | 1,093,867 | ||||||
| Right of use assets, operating | 1,394,806 | 1,894,866 | ||||||
| Right of use assets, finance | 164,998 | 237,741 | ||||||
| Intangible assets, net | 2,906,188 | 3,399,029 | ||||||
| Goodwill | 5,789,821 | 5,789,821 | ||||||
| Other assets | 727,808 | 685,076 | ||||||
| Total assets | $ | 17,305,572 | $ | 18,574,956 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 284,680 | $ | 310,623 | ||||
| Accrued compensation | 410,368 | 493,700 | ||||||
| Accrued expenses | 199,995 | 172,421 | ||||||
| Lease liabilities, operating - current | 721,879 | 842,468 | ||||||
| Lease liabilities, finance - current | 67,935 | 69,261 | ||||||
| Deferred revenues | 3,371,263 | 3,411,852 | ||||||
| Notes payable - current | - | 781,936 | ||||||
| Notes payable - related party - current | - | 515,512 | ||||||
| Total current liabilities | 5,056,120 | 6,597,773 | ||||||
| Long-term liabilities: | ||||||||
| Lease liabilities, operating - net of current portion | 749,346 | 1,161,404 | ||||||
| Lease liabilities, finance - net of current portion | 116,090 | 184,024 | ||||||
| Total long-term liabilities | 865,436 | 1,345,428 | ||||||
| Total liabilities | 5,921,556 | 7,943,201 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock, $0.001 par value, 25,000,000 shares authorized; 4,479,123 and 4,249,735 shares issued and outstanding at December 31, 2025 and 2024, respectively | 4,479 | 4,250 | ||||||
| Additional paid-in capital | 34,893,670 | 32,268,743 | ||||||
| Accumulated deficit | (23,514,133 | ) | (21,641,238 | ) | ||||
| Total stockholders’ equity | 11,384,016 | 10,631,755 | ||||||
| Total liabilities and stockholders’ equity | $ | 17,305,572 | $ | 18,574,956 | ||||
INTELLINETICS, INC. and SUBSIDIARIES
Consolidated Statements of Income
| For the Twelve Months Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues: | ||||||||
| Software as a service | $ | 6,331,167 | 5,688,936 | |||||
| Software maintenance services | 1,283,332 | 1,410,387 | ||||||
| Professional services | 8,141,155 | 10,017,974 | ||||||
| Storage and retrieval services | 827,792 | 901,076 | ||||||
| Total revenues | 16,583,446 | 18,018,373 | ||||||
| Cost of revenues: | ||||||||
| Software as a service | 942,885 | 856,774 | ||||||
| Software maintenance services | 54,838 | 57,667 | ||||||
| Professional services | 4,356,066 | 5,387,545 | ||||||
| Storage and retrieval services | 277,073 | 348,003 | ||||||
| Total cost of revenues | 5,630,862 | 6,649,989 | ||||||
| Gross profit | 10,952,584 | 11,368,384 | ||||||
| Operating expenses: | ||||||||
| General and administrative | 8,690,615 | 8,010,025 | ||||||
| Sales and marketing | 2,804,898 | 2,403,251 | ||||||
| Depreciation and amortization | 1,245,640 | 1,128,613 | ||||||
| Total operating expenses | 12,741,153 | 11,541,889 | ||||||
| Loss from operations | (1,788,569 | ) | (173,505 | ) | ||||
| Interest income (expense), net | (84,326 | ) | (372,710 | ) | ||||
| Net loss | $ | (1,872,895 | ) | $ | (546,215 | ) | ||
| Basic net loss per share: | $ | (0.44 | ) | $ | (0.13 | ) | ||
| Diluted net loss per share: | $ | (0.44 | ) | $ | (0.13 | ) | ||
| Weighted average number of common shares outstanding - basic | 4,301,131 | 4,201,401 | ||||||
| Weighted average number of common shares outstanding - diluted | 4,301,131 | 4,201,401 | ||||||
INTELLINETICS, INC. and SUBSIDIARIES
Consolidated Statements of Cash Flows
| For the Twelve Months Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (1,872,895 | ) | $ | (546,215 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 1,245,640 | 1,128,613 | ||||||
| Bad debt expense (recovery) | 81,087 | (9,117 | ) | |||||
| Loss on disposal of fixed assets | 29,622 | 547 | ||||||
| Amortization of deferred financing costs | 42,052 | 152,604 | ||||||
| Amortization of right of use assets, financing | 72,743 | 71,326 | ||||||
| Share-based compensation | 1,287,242 | 1,496,774 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (209,385 | ) | 747,988 | |||||
| Accounts receivable, unbilled | 386,950 | 24,313 | ||||||
| Parts and supplies | (72,734 | ) | 9,711 | |||||
| Prepaid expenses and other current assets | 98,426 | 30,912 | ||||||
| Accounts payable and accrued expenses | (81,701 | ) | 280,303 | |||||
| Operating lease assets and liabilities, net | (32,587 | ) | (13,643 | ) | ||||
| Deferred revenues | (40,589 | ) | 484,044 | |||||
| Total adjustments | 2,806,766 | 4,404,375 | ||||||
| Net cash provided by operating activities | 933,871 | 3,858,160 | ||||||
| Cash flows from investing activities: | ||||||||
| Capitalization of internal use software | (469,602 | ) | (388,570 | ) | ||||
| Purchases of property and equipment | (354,378 | ) | (439,203 | ) | ||||
| Net cash used in investing activities | (823,980 | ) | (827,773 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of common stock | 1,797,106 | - | ||||||
| Offering costs paid on issuance of common stock | (175,781 | ) | - | |||||
| Principal payments on financing lease liability | (69,260 | ) | (61,874 | ) | ||||
| Payments to taxing authorities in connection with shares directly withheld from employees | (283,399 | ) | (69,525 | ) | ||||
| Exercise of stock warrants | (12 | ) | - | |||||
| Repayment of notes payable | (807,331 | ) | (1,307,169 | ) | ||||
| Repayment of notes payable - related parties | (532,169 | ) | (317,831 | ) | ||||
| Net cash (used in) financing activities | (70,846 | ) | (1,756,399 | ) | ||||
| Net increase in cash | 39,045 | 1,273,988 | ||||||
| Cash - beginning of period | 2,489,236 | 1,215,248 | ||||||
| Cash - end of period | $ | 2,528,281 | $ | 2,489,236 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid during the period for interest | $ | 74,425 | $ | 258,646 | ||||
| Cash paid during the period for income taxes | $ | 28,027 | $ | 20,259 | ||||
| Supplemental disclosure of non-cash financing activities: | ||||||||
| Right-of-use asset obtained in exchange for operating lease liability | $ | 311,368 | $ | - | ||||
| Right-of-use asset obtained in exchange for finance lease liability | $ | - | $ | 89,289 | ||||