v3.19.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash $ 653,116 $ 1,900,857
Accounts receivable, net of allowance of $375,000 2,950,300 2,378,144
Unbilled services 403,525 172,447
Prepaid expenses and other current assets 490,103 434,307
Total current assets 4,497,044 4,885,755
Property and equipment, net 616,131 688,122
Operating lease right-of-use assets 843,318 0
Intangible assets, net 4,191,122 3,953,662
Goodwill 885,000 885,000
Deferred tax assets 1,268,055 1,292,055
Deposits and other assets 41,732 39,791
Total assets 12,342,402 11,744,385
Current liabilities:    
Bank line of credit 0 0
Accounts payable 2,056,220 2,028,218
Accrued expenses 764,900 1,785,306
Accrued interest 14,812 14,628
Income taxes payable 23,313 20,000
Contingent consideration – current portion 8,354 22,548
Long term debt - current portion 467,241 426,350
Finance lease obligations – current portion 82,500 87,355
Operating lease liabilities – current portion 262,620 0
Deferred revenue 2,480,107 1,848,821
Total current liabilities 6,160,067 6,233,226
Long term debt net of current portion 1,075,759 1,068,487
Finance lease obligations net of current portion 88,969 108,512
Operating lease liabilities net of current portion 580,698 0
Total liabilities 7,905,493 7,410,225
Commitments and contingencies
Stockholders’ equity:    
Common stock, value 46 46
Additional paid-in capital 11,770,636 11,763,923
Accumulated deficit (7,333,774) (7,429,810)
Total stockholders’ equity 4,436,909 4,334,160
Total liabilities and stockholders’ equity 12,342,402 11,744,385
Series A Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock, value 0 0
Series B Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock, value $ 1 $ 1
v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenues:    
Revenues $ 10,492,758 $ 9,310,074
Cost of revenues:    
Cost of revenues 6,015,866 5,369,336
Gross profit 4,476,892 3,940,738
Selling, general and administrative expenses:    
Selling and marketing expenses 1,840,062 1,596,373
General and administrative expenses 2,281,149 2,059,669
Share based compensation expenses 6,713 53,740
Depreciation and amortization expenses 209,139 142,634
Total selling, general and administrative expenses 4,337,063 3,852,416
Income from operations 139,829 88,322
Other income (expense)    
Interest expense (16,480) (6,689)
Total other income (expense) (16,480) (6,689)
Income before taxes 123,349 81,633
Provision for income taxes 27,313 23,246
Net income $ 96,036 $ 58,387
Net income per common share – basic and fully diluted (in Dollars per share) $ 0.02 $ 0.01
Weighted average shares    
Basic (in Shares) 4,500,755 4,493,617
Diluted (in Shares) 4,800,523 4,497,617
Product [Member]    
Revenues:    
Revenues $ 1,734,958 $ 1,635,061
Cost of revenues:    
Cost of revenues 898,516 877,861
Service Net [Member]    
Revenues:    
Revenues 8,757,800 7,675,013
Cost of revenues:    
Cost of revenues $ 5,117,350 $ 4,491,475
v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 96,036 $ 58,387
Adjustments to reconcile net income to net cash used in operating activities:    
Deferred income taxes 24,000 21,000
Depreciation and amortization 74,385 71,138
Amortization of intangibles 134,754 71,496
Amortization of right of use assets 67,682 0
Bad debt expense 0 15,974
Share-based compensation 6,713 8,433
Common stock for services 0 45,306
Accounts receivable (572,156) (704,358)
Unbilled services (231,078) (278,755)
Prepaid expenses and other current assets (55,796) 12,722
Deposits and other assets (1,941) 0
Accounts payable 28,002 195,394
Accrued expenses (795,369) (159,005)
Income tax payable 3,313 2,955
Accrued interest 184 184
Deferred revenues 631,286 522,524
Operating lease obligations (67,682) 0
Net cash used in operating activities (657,667) (116,605)
Cash flows from investing activities:    
Purchase of property and equipment (2,394) (16,334)
Software development costs (138,214) (174,399)
Acquisition of business (60,000) 0
Net cash used in investing activities (200,608) (190,733)
Cash flows from financing activities:    
Payment of cash dividend (225,038) 0
Repayment of contingent consideration (14,194) (24,912)
Repayment of long term debt (125,836) (67,766)
Payment of finance lease obligations (24,398) (28,160)
Net cash used in financing activities (389,466) (120,838)
Net decrease in cash (1,247,741) (428,176)
Cash, beginning of period 1,900,857 2,235,347
Cash, end of period 653,116 1,807,171
Cash paid during period for:    
Interest 16,296 6,505
Income taxes $ 0 $ 0