Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net (loss) income $ (40,656) $ 354,679
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Deferred income taxes 2,088 128,469
Depreciation and amortization 98,425 78,304
Amortization of intangibles 190,457 120,237
Amortization of right of use assets 360,768 127,933
Share-based compensation 45,945 992
Changes in assets and liabilities:    
Accounts receivable 164,565 (323,815)
Unbilled services (337,150) (458,691)
Prepaid expenses and other current assets (302,141) (532,229)
Accounts payable 35,918 (428,036)
Accrued expenses 147,344 22,208
Accrued interest (5,592) 1,236
Deferred revenues (7,449) 536,185
Operating lease obligations (360,768) (127,933)
Net cash used in operating activities (8,246) (500,461)
Cash flows used in investing activities:    
Purchase of property and equipment (30,548) 0
Acquisition of business (150,000) 0
Net cash used in investing activities (180,548) 0
Cash flows (used in) provided by financing activities:    
Proceeds from issuance of common stock, net of expenses 0 3,382,352
Payment of long-term debt (81,901) (39,445)
Payment of long-term convertible debt 0 (46,725)
Payment of finance lease obligations (56,989) (35,001)
Net cash (used in) provided by financing activities (138,890) 3,261,181
Net (decrease) increase in cash (327,684) 2,760,720
Cash, beginning of period 6,814,117 6,595,416
Cash, end of period 6,486,433 9,356,136
Cash paid during period for:    
Interest 24,534 9,614
Income taxes $ 0 $ 0