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, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 484,968 $ (258,601)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Deferred income taxes 211,167 (251,780)
Depreciation and amortization 157,619 165,633
Amortization of intangibles 251,739 183,946
Amortization of right of use assets 247,045 230,960
Bad debt expense (50,000) 9,175
Share-based compensation 49,932 6,798
Changes in assets and liabilities:    
Accounts receivable 159,851 553,788
Unbilled services (86,676) (477,478)
Prepaid expenses and other current assets (1,118,597) 159,945
Deposits and other assets 4,907 354
Accounts payable (732,378) (598,332)
Accrued expenses (268,411) 292,666
Income tax payable (235,000) 173,000
Accrued interest 1,423 373
Deferred revenues 330,632 310,888
Operating lease obligations (247,045) (230,960)
Net cash (used in) provided by operating activities (838,824) 270,375
Cash flows from investing activities:    
Purchase of property and equipment (72,121) (78,858)
Acquisition of business (145,703) 0
Escrow accounts receivable 0 575,000
Net cash (used in) provided by investing activities (217,824) 496,142
Cash flows from financing activities:    
Payment of cash dividend 0 (2,250,636)
Proceeds from PPP loan 0 3,150,832
Payment of PPP loan 0 (3,150,832)
Proceeds from issuance of stock, net of expenses 4,104,468 0
Payment of long-term debt (98,247) (92,112)
Payment of long-term convertible debt (46,725) (137,860)
Payment of finance lease obligations (70,904) (85,280)
Net cash provided by (used in) financing activities 3,888,592 (2,565,888)
Net increase (decrease) in cash 2,831,944 (1,799,371)
Cash, beginning of period 6,595,416 8,658,401
Cash, end of period 9,427,360 6,859,030
Cash paid during period for:    
Interest 15,769 21,796
Income taxes $ 312,800 $ 25,648