Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income $ 582,232 $ 428,796
Adjustments to reconcile net income to net cash provided by operating activities    
Deferred income taxes (171,500) 51,000
Depreciation and amortization 116,927 84,682
Amortization of intangibles 300,010 177,373
Share-based compensation 28,952 119,161
Stock warrants in exchange for services 20,000 0
Common stock issued in exchange for services 36,300 69,500
Changes in assets and liabilities:    
Accounts receivable (118,430) (349,432)
Unbilled services (700,682) (398,000)
Prepaid expenses and other current assets (212,188) (63,146)
Deposits and other assets (1,034) (3,739)
Accounts payable (208,779) (14,694)
Accrued expenses (285,720) 430,625
Income tax payable 196,791 0
Accrued interest (202) 1,401
Deferred revenue 311,159 377,297
Net cash (used in) provided by operating activities (106,164) 910,824
Cash flows from investing activities:    
Purchase of property and equipment (42,801) (10,344)
Acquisition of businesses (563,471) 0
Net cash used in investing activities (606,272) (10,344)
Cash flows from financing activities:    
Repayment of long-term debt (204,880) (170,653)
Principal payments under capital leases obligations (63,640) (42,946)
Proceeds from issuance of common stock and warrants, net of fees 812,023 0
Net cash provided by (used in) financing activities 543,503 (213,599)
Net (decrease) increase in cash and cash equivalents (168,933) 686,881
Cash and cash equivalents – beginning of period 1,308,337 762,892
Cash and cash equivalents – end of period 1,139,404 1,449,773
Cash paid during period for:    
Interest 42,550 48,391
Income taxes $ 83,041 $ 66,299