v3.20.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash $ 6,481,183 $ 8,658,401
Escrow accounts receivable 575,000 1,150,000
Accounts receivable, net of allowance of $375,000 2,947,447 2,529,545
Unbilled services 455,247 183,484
Prepaid expenses and other current assets 382,746 455,434
Total current assets 10,841,623 12,976,864
Property and equipment, net 675,077 712,627
Operating lease right-of-use assets 1,488,839 698,840
Intangible assets, net 2,515,328 2,607,301
Goodwill 891,000 891,000
Deferred tax assets 1,137,482 874,482
Deposits and other assets 192,158 192,158
Total assets 17,741,507 18,953,272
Current liabilities:    
Accounts payable 1,800,664 2,210,618
Accrued expenses 1,062,389 1,189,746
Accrued dividend 0 2,250,636
Accrued interest 15,565 15,378
Income taxes payable 325,355 152,355
Long term debt – current portion 100,546 131,795
Long term convertible debt – current portion 278,493 277,106
Finance lease obligations – current portion 149,902 162,625
Operating lease liabilities – current portion 443,856 262,020
Deferred revenue 3,066,600 2,006,983
Total current liabilities 7,243,370 8,659,262
Long term debt net of current portion 49,384 64,072
Long term convertible debt net of current portion 647,336 717,482
Finance lease obligations net of current portion 150,490 180,976
Operating lease liabilities net of current portion 1,044,983 436,820
Total liabilities 9,135,563 10,058,612
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, value
Common stock, value 46 46
Additional paid-in capital 9,533,597 9,530,198
Accumulated deficit (927,699) (635,584)
Total stockholders’ equity 8,605,944 8,894,660
Total liabilities and stockholders’ equity 17,741,507 18,953,272
Series A Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock, value $ 0 $ 0
v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues $ 10,079,524 $ 9,307,314
Cost of revenues 6,227,314 5,544,690
Gross profit 3,852,210 3,762,624
Selling, general and administrative expenses:    
Selling and marketing expenses 1,941,324 1,742,450
General and administrative expenses 2,126,141 2,054,777
Share-based compensation expenses 3,399 6,713
Depreciation and amortization expenses 176,536 174,228
Total selling, general and administrative expenses 4,247,400 3,978,168
Loss from continuing operations (395,190) (215,544)
Other income (expense):    
Other income 5,725 0
Interest income (expense) 7,600 (16,480)
Total other income (expense) 13,325 (16,480)
Loss from continuing operations before taxes (381,865) (232,024)
Provision (benefit) for income taxes (89,750) 0
Loss from continuing operations (292,115) (232,024)
Discontinued operations    
Income from discontinued operations 0 355,373
Provision for income taxes 0 (27,313)
Income from discontinued operations 0 328,060
Net (loss) income $ (292,115) $ 96,036
Basic earnings (loss) per share applicable to common shareholders:    
Continuing operations (in Dollars per share) $ (0.06) $ (0.05)
Discontinued operations (in Dollars per share) 0 0.07
Net (loss) income (in Dollars per share) (0.06) 0.02
Diluted earnings (loss) per share applicable to common shareholders:    
Continuing operations (in Dollars per share) (0.06) (0.05)
Discontinued operations (in Dollars per share) 0 0.07
Net (loss) income (in Dollars per share) $ (0.06) $ 0.02
Weighted average shares outstanding:    
Basic (in Shares) 4,501,271 4,500,755
Diluted (in Shares) 4,501,271 4,500,755
Product [Member]    
Revenues $ 1,769,171 $ 1,606,276
Cost of revenues 1,129,392 896,449
Service Net [Member]    
Revenues 8,310,353 7,701,038
Cost of revenues $ 5,097,922 $ 4,648,241
v3.20.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net (loss) income $ (292,115) $ 96,036
Net income from discontinued operations 0 328,060
Net loss from continuing operations (292,115) (232,024)
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities:    
Deferred income taxes (263,000) 24,000
Depreciation and amortization 84,563 74,386
Amortization of intangibles 91,973 99,843
Amortization of right of use assets 117,663 67,682
Bad debt expense 5,574 0
Share-based compensation 3,399 6,714
Changes in assets and liabilities:    
Accounts receivable (423,476) (819,639)
Unbilled services (271,762) (227,845)
Prepaid expenses and other current assets 72,688 (49,470)
Deposits and other assets 0 (1,942)
Accounts payable (409,953) 28,001
Accrued expenses (127,360) (709,065)
Income tax payable 173,000 3,313
Accrued interest 187 184
Deferred revenues 1,059,617 625,057
Operating lease obligations (117,663) (67,682)
Net cash used in operating activities of continuing operations (296,665) (1,178,487)
Cash flows from investing activities:    
Purchase of property and equipment (47,012) (2,393)
Acquisition of business 0 (60,000)
Software development costs 0 (76,010)
Escrow accounts receivable 575,000 0
Net cash provided by (used in) investing activities of continuing operations 527,988 (138,403)
Cash flows from financing activities:    
Payment of cash dividend (2,250,636) (225,038)
Payment of contingent consideration 0 (14,194)
Payment of long term debt (45,937) (58,440)
Payment of long term convertible debt (68,759) (67,397)
Payment of finance lease obligations (43,209) (24,399)
Net cash used in financing activities of continuing operations (2,408,541) (389,468)
Operating activities of discontinued operations 0 520,820
Investing activities of discontinued operations 0 (62,203)
Net cash provided by discontinued operations 0 458,617
Net decrease in cash (2,177,218) (1,247,741)
Cash, beginning of period 8,658,401 1,900,857
Cash, end of period 6,481,183 653,116
Cash paid during period for:    
Interest 8,487 16,296
Income taxes $ 25,250 $ 0