Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net (loss) income $ (258,601) $ 93,146
Net income from discontinued operations 0 577,247
Net loss from continuing operations (258,601) (484,101)
Adjustments to reconcile net loss from continuing operations to net cash provided by (used in) operating activities:    
Deferred income taxes (251,780) (132,774)
Depreciation and amortization 165,633 161,112
Amortization of intangibles 183,946 199,687
Amortization of right of use assets 230,960 139,742
Bad debt expense 9,175 0
Share-based compensation 6,798 10,111
Changes in assets and liabilities:    
Accounts receivable 553,788 (835,652)
Unbilled services (477,478) (469,940)
Prepaid expenses and other current assets 159,945 27,361
Deposits and other assets 354 (2,642)
Accounts payable (598,332) (325,692)
Accrued expenses 292,666 (439,639)
Income tax payable 173,000 3,313
Accrued interest 373 371
Deferred revenues 310,888 924,194
Operating lease obligations (230,960) (139,742)
Net cash provided by (used in) operating activities of continuing operations 270,375 (1,364,291)
Cash flows from investing activities:    
Purchase of property and equipment (78,858) (23,693)
Acquisition of business 0 (60,000)
Software development costs 0 (80,534)
Escrow accounts receivable 575,000 0
Net cash provided by (used in) investing activities of continuing operations 496,142 (164,227)
Cash flows from financing activities:    
Payment of cash dividend (2,250,636) (225,038)
Proceeds from PPP loan 3,150,832 0
Payment of PPP loan (3,150,832) 0
Payment of contingent consideration 0 (22,548)
Payment of long term debt (92,112) (115,784)
Payment of long term convertible debt (137,860) (135,133)
Payment of finance lease obligations (85,280) (58,539)
Net cash used in financing activities of continuing operations (2,565,888) (557,042)
Operating activities of discontinued operations 0 806,189
Investing activities of discontinued operations 0 (93,826)
Net cash provided by discontinued operations 0 712,363
Net decrease in cash (1,799,371) (1,373,197)
Cash, beginning of period 8,658,401 1,900,857
Cash, end of period 6,859,030 527,660
Cash paid during period for:    
Interest 21,796 40,611
Income taxes $ 25,648 $ 901