Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net income $ 75,605 $ 274,347
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Deferred income taxes 28,000 182,642
Depreciation and amortization 147,744 116,992
Amortization of intangibles 168,933 202,886
Bad debt expense 15,974 19,661
Share-based compensation 14,572 17,399
Common stock for services 45,306 47,500
Warrants in exchange for services 0 19,923
Changes in assets and liabilities:    
Accounts receivable (538,094) (62,474)
Unbilled services (137,157) (25,931)
Prepaid expenses and other current assets (24,037) (110,442)
Deposits and other assets 2,613 (4,445)
Accounts payable (448,229) (359,323)
Accrued expenses (123,317) 30,347
Income tax payable (52,754) 5,878
Accrued interest 2,186 372
Deferred revenues 612,762 432,882
Net cash (used in) provided by operating activities (209,893) 788,214
Cash flows from investing activities:    
Purchase of property and equipment (32,742) (155,296)
Acquisition of business (300,000) 0
Software development costs (329,987) (294,617)
Net cash used in investing activities (662,729) (449,913)
Cash flows from financing activities:    
Payment of cash dividend 0 (179,383)
Payment of contingent consideration (33,749) (36,156)
Payment of long term debt (115,966) (152,499)
Payment of capital lease obligations (58,878) (52,261)
Net cash used in financing activities (208,593) (420,299)
Net decrease in cash (1,081,215) (81,998)
Cash, beginning of period 2,235,347 1,621,049
Cash, end of period 1,154,132 1,539,051
Cash paid during period for:    
Interest 15,018 17,086
Income taxes $ 56,564 $ 165,521