v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash $ 6,859,030 $ 8,658,401
Escrow accounts receivable 575,000 1,150,000
Accounts receivable, net of allowance of $375,000 1,966,582 2,529,545
Unbilled services 660,962 183,484
Prepaid expenses and other current assets 295,489 455,434
Total current assets 10,357,063 12,976,864
Property and equipment, net 625,852 712,627
Operating lease right-of-use assets 1,375,542 698,840
Intangible assets, net 2,423,355 2,607,301
Goodwill 891,000 891,000
Deferred tax assets 1,126,262 874,482
Deposits and other assets 191,804 192,158
Total assets 16,990,878 18,953,272
Current liabilities:    
Accounts payable 1,612,286 2,210,618
Accrued expenses 1,482,412 1,189,746
Accrued dividend 0 2,250,636
Accrued interest 15,751 15,378
Income taxes payable 325,355 152,355
Long term debt – current portion 69,100 131,795
Long term convertible debt – current portion 279,888 277,106
Finance lease obligations – current portion 136,861 162,625
Operating lease liabilities – current portion 434,523 262,020
Deferred revenue 2,317,871 2,006,983
Total current liabilities 6,674,047 8,659,262
Long term debt net of current portion 34,656 64,072
Long term convertible debt net of current portion 576,839 717,482
Finance lease obligations net of current portion 121,460 180,976
Operating lease liabilities net of current portion 941,019 436,820
Total liabilities 8,348,021 10,058,612
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, value
Common stock, value 46 46
Additional paid-in capital 9,536,996 9,530,198
Accumulated deficit (894,185) (635,584)
Total stockholders’ equity 8,642,857 8,894,660
Total liabilities and stockholders’ equity 16,990,878 18,953,272
Series A Preferred Stock [Member]    
Stockholders’ equity:    
Preferred stock, value $ 0 $ 0
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues $ 9,672,945 $ 9,119,418 $ 19,752,468 $ 18,426,732
Cost of revenues 5,734,340 5,642,520 11,961,654 11,187,211
Gross profit 3,938,605 3,476,898 7,790,814 7,239,521
Selling, general and administrative expenses:        
Selling and marketing expenses 1,733,472 1,565,966 3,674,795 3,308,416
General and administrative expenses 1,981,248 2,077,595 4,107,389 4,132,371
Share-based compensation expenses 3,399 3,398 6,798 10,111
Depreciation and amortization expenses 173,044 186,570 349,579 360,798
Total selling, general and administrative expenses 3,891,163 3,833,529 8,138,561 7,811,696
Income (loss) from continuing operations 47,442 (356,631) (347,747) (572,175)
Other income (expense):        
Other income 5,686 0 11,411 0
Interest income (expense) (8,246) (24,131) (647) (40,611)
Total other income (expense) (2,560) (24,131) 10,764 (40,611)
Income (loss) from continuing operations before taxes 44,882 (380,762) (336,983) (612,786)
Provision (benefit) for income taxes 11,368 (79,960) (78,382) (128,685)
Income (loss) from continuing operations 33,514 (300,802) (258,601) (484,101)
Discontinued operations        
Income from discontinued operations 0 378,648 0 734,021
Provision for income taxes 0 80,736 0 156,774
Income from discontinued operations 0 297,912 0 577,247
Net (loss) income $ 33,514 $ (2,890) $ (258,601) $ 93,146
Basic earnings (loss) per share applicable to common shareholders:        
Continuing operations (in Dollars per share) $ 0.01 $ (0.07) $ (0.06) $ (0.11)
Discontinued operations (in Dollars per share) 0 0.07 0 0.13
Net (loss) income (in Dollars per share) 0.01 0.00 (0.06) 0.02
Diluted earnings (loss) per share applicable to common shareholders:        
Continuing operations (in Dollars per share) 0.01 (0.07) (0.06) (0.11)
Discontinued operations (in Dollars per share) 0 0.07 0 0.13
Net (loss) income (in Dollars per share) $ 0.01 $ 0.00 $ (0.06) $ 0.02
Weighted average shares outstanding:        
Basic (in Shares) 4,501,271 4,500,755 4,501,271 4,500,755
Diluted (in Shares) 4,714,070 4,500,755 4,501,271 4,500,755
Product [Member]        
Revenues $ 1,926,697 $ 1,424,639 $ 3,695,867 $ 3,030,915
Cost of revenues 1,233,165 910,939 2,362,557 1,807,389
Service Net [Member]        
Revenues 7,746,248 7,694,779 16,056,601 15,395,817
Cost of revenues $ 4,501,175 $ 4,731,581 $ 9,599,097 $ 9,379,822
v3.20.2
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