v3.22.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 6,486,433 $ 6,814,117
Accounts receivable, net of allowance of $330,311 1,762,294 1,926,859
Unbilled services 621,368 284,218
Prepaid expenses and other current assets 1,487,869 1,685,728
Total current assets 10,357,964 10,710,922
Property and equipment, net 569,024 636,901
Operating lease right-of-use assets 604,222 964,990
Intangible assets, net 4,935,448 3,492,234
Goodwill 1,011,952 1,011,952
Deferred tax assets 988,870 990,958
Deposits and other assets 190,805 190,805
Total assets 18,658,285 17,998,762
Current liabilities:    
Accounts payable 2,073,943 2,038,025
Accrued expenses 1,890,492 1,743,148
Accrued interest 23,192 28,784
Income taxes payable 69,614 69,614
Long-term debt – current portion 528,501 293,696
Long-term – related party – current portion 103,333 108,309
Finance lease obligations – current portion 143,569 166,571
Operating lease liabilities – current portion 348,048 465,813
Deferred revenue 2,541,805 2,475,583
Total current liabilities 7,722,497 7,389,543
Long-term debt net of current portion 1,061,872 463,602
Long-term – related party - net of current portion 103,333 103,333
Finance lease obligations net of current portion 152,297 186,284
Operating lease liabilities net of current portion 256,174 499,177
Total liabilities 9,296,173 8,641,939
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, value
Common stock, value 52 52
Additional paid-in capital 9,997,087 9,951,142
Accumulated deficit (635,027) (594,371)
Total stockholders’ equity 9,362,112 9,356,823
Total liabilities and stockholders’ equity 18,658,285 17,998,762
Series A Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock, value $ 0 $ 0
v3.22.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues $ 11,023,844 $ 10,879,468
Cost of revenues 6,318,977 6,132,931
Gross profit 4,704,867 4,746,537
Selling, general and administrative expenses:    
Selling and marketing expenses 1,775,811 1,719,308
General and administrative expenses 2,640,977 2,334,918
Share-based compensation expenses 45,945 992
Depreciation and amortization expenses 261,850 198,046
Total selling, general and administrative expenses 4,724,583 4,253,264
(Loss) income from operations (19,716) 493,273
Other expense: 0  
Interest expense, net (18,852) (10,025)
Total other expense (18,852) (10,025)
(Loss) income before taxes (38,568) 483,248
Provision for income taxes 2,088 128,569
Net (loss) income $ (40,656) $ 354,679
Net (loss) income per common share – basic and fully diluted (in Dollars per share) $ (0.01) $ 0.07
Weighted average shares outstanding:    
Basic (in Shares) 5,136,177 4,765,292
Diluted (in Shares) 5,136,177 4,766,702
Product [Member]    
Revenues $ 2,610,962 $ 2,004,011
Cost of revenues 1,524,579 1,150,054
Service Net [Member]    
Revenues 8,412,882 8,875,457
Cost of revenues $ 4,794,398 $ 4,982,877
v3.22.1
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