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 ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 244,939 $ (203,396)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Deferred income taxes 142,245 (393,454)
Depreciation and amortization 248,540 240,479
Amortization of intangibles 388,024 288,157
Amortization of right of use assets 272,597 361,199
Bad debt recovery (50,000) (486)
Share-based compensation 98,810 10,194
Changes in assets and liabilities:    
Accounts receivable 665 546,530
Unbilled services (137,450) (415,965)
Prepaid expenses and other current assets (328,970) 141,257
Deposits and other assets 4,558 354
Accounts payable (493,633) (318,105)
Accrued expenses 231,293 220,574
Income tax payable (235,000) 311,531
Accrued interest 1,612 561
Deferred revenues 161,011 (181,096)
Operating lease obligations (272,597) (361,199)
Net cash provided by operating activities 276,644 247,135
Cash flows from investing activities:    
Purchase of property and equipment (119,129) (97,995)
Acquisition of business (145,703) (185,000)
Escrow accounts receivable 0 1,150,000
Net cash (used in) provided by investing activities (264,832) 867,005
Cash flows from financing activities:    
Payment of cash dividend (3,081,706) (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 4,180,904 0
Payment of long-term debt (288,532) (117,246)
Payment of long-term convertible debt (46,725) (207,309)
Payment of finance lease obligations (118,933) (124,755)
Net cash provided by (used in) financing activities 645,008 (2,699,946)
Net increase (decrease) in cash 656,820 (1,585,806)
Cash, beginning of period 6,595,416 8,658,401
Cash, end of period 7,252,236 7,072,595
Cash paid during period for:    
Interest 38,437 29,567
Income taxes $ 219,136 $ 35,019