v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash $ 1,807,171 $ 2,235,347
Accounts receivable, net of allowance of $375,000 3,024,865 2,336,481
Unbilled services 706,963 428,208
Prepaid expenses and other current assets 344,146 403,911
Total current assets 5,883,145 5,403,947
Property and equipment, net 512,728 567,532
Intangible assets, net 2,743,360 2,640,457
Goodwill 401,000 401,000
Deferred tax assets 1,342,000 1,363,000
Deposits and other assets 36,312 36,312
Total assets 10,918,545 10,412,248
Current liabilities:    
Bank line of credit 0 0
Accounts payable 2,289,691 2,094,297
Accrued expenses 912,510 1,071,515
Accrued interest 14,062 16,283
Income taxes payable 100,052 97,097
Contingent consideration – current portion 54,667 63,380
Long term debt - current portion 194,485 257,846
Capital lease obligations – current portion 77,559 94,443
Deferred revenue 2,673,295 2,150,771
Total current liabilities 6,316,321 5,845,632
Contingent consideration net of current portion 26,056 42,255
Long term debt net of current portion 179,583 228,626
Capital lease obligations net of current portion 57,338 68,614
Total liabilities 6,579,298 6,185,127
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, value 0 0
Common stock, value 46 46
Additional paid-in capital 11,973,055 11,919,316
Accumulated deficit (7,633,855) (7,692,242)
Total stockholders’ equity 4,339,247 4,227,121
Total liabilities and stockholders’ equity 10,918,545 10,412,248
Series A Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock, value 0 0
Series B Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock, value $ 1 $ 1
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues:    
Revenues $ 9,310,074 $ 8,002,572
Cost of revenues:    
Cost of revenues 5,369,336 4,615,523
Gross profit 3,940,738 3,387,049
Selling, general and administrative expenses :    
Selling and marketing expenses 1,596,373 1,146,656
General and administrative expenses 2,059,669 1,704,976
Share based compensation expenses 53,740 76,389
Depreciation and amortization expenses 142,634 170,836
Total selling, general and administrative expenses 3,852,416 3,098,857
Income from operations 88,322 288,192
Other income (expense)    
Interest expense, net (6,689) (8,461)
Total other income (expense) (6,689) (8,461)
Income before taxes 81,633 279,731
Provision for income taxes 23,246 125,878
Net income $ 58,387 $ 153,853
Net income per common share – basic and fully diluted (in Dollars per share) $ 0.01 $ 0.03
Weighted average shares    
Basic (in Shares) 4,493,617 4,486,153
Diluted (in Shares) 4,497,617 4,490,153
Product [Member]    
Revenues:    
Revenues $ 1,635,061 $ 906,905
Cost of revenues:    
Cost of revenues 877,861 434,909
Service Net [Member]    
Revenues:    
Revenues 7,675,013 7,095,667
Cost of revenues:    
Cost of revenues $ 4,491,475 $ 4,180,614
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 58,387 $ 153,853
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Deferred income taxes 21,000 120,000
Depreciation and amortization 71,138 55,986
Amortization of intangibles 71,496 114,850
Bad debt expense 15,974 0
Share-based compensation 8,433 8,966
Common stock for services 45,306 47,500
Warrants in exchange for services 0 19,923
Changes in assets and liabilities:    
Accounts receivable (704,358) 235,015
Unbilled services (278,755) (243,454)
Prepaid expenses and other current assets 12,722 (3,994)
Deposits and other assets 0 (13,353)
Accounts payable 195,394 (295,441)
Accrued expenses (159,005) (138,623)
Income tax payable 2,955 5,053
Accrued interest 184 185
Deferred revenues 522,524 67,051
Net cash (used in) provided by operating activities (116,605) 133,517
Cash flows from investing activities:    
Purchase of property and equipment (16,334) (64,928)
Software development costs (174,399) (128,671)
Net cash used in investing activities (190,733) (193,599)
Cash flows from financing activities:    
Payment of cash dividend 0 (89,566)
Payment of contingent consideration (24,912) (7,823)
Payment of long term debt (67,766) (76,041)
Payment of capital lease obligations (28,160) (26,608)
Net cash used in financing activities (120,838) (200,038)
Net decrease in cash (428,176) (260,120)
Cash, beginning of period 2,235,347 1,621,049
Cash, end of period 1,807,171 1,360,929
Cash paid during period for:    
Interest 6,505 8,276
Income taxes $ 0 $ 825