v3.20.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash $ 8,658,401 $ 1,900,857
Escrow accounts receivable 1,150,000 0
Accounts receivable, net of allowance of $375,000 2,529,545 1,900,336
Unbilled services 183,484 166,593
Prepaid expenses and other current assets 455,434 433,727
Current assets held for sale 0 484,242
Total current assets 12,976,864 4,885,755
Property and equipment, net 712,627 688,122
Operating lease right-of-use assets 698,840 0
Intangible assets, net 2,607,301 2,916,367
Goodwill 891,000 885,000
Deferred tax assets 874,482 1,292,055
Deposits and other assets 192,158 39,791
Other assets held for sale 0 1,037,295
Total assets 18,953,272 11,744,385
Current liabilities:    
Accounts payable 2,210,618 2,028,218
Accrued expenses 1,189,746 1,422,555
Accrued dividend 2,250,636 225,038
Accrued interest 15,378 14,628
Income taxes payable 152,355 20,000
Contingent consideration – current portion 0 22,548
Long term debt – current portion 131,795 154,727
Long term convertible debt – current portion 277,106 271,623
Finance lease obligations – current portion 162,625 87,355
Operating lease liabilities – current portion 262,020 0
Deferred revenue 2,006,983 1,386,618
Current liabilities held for sale 0 599,916
Total current liabilities 8,659,262 6,233,226
Long term debt net of current portion 64,072 73,900
Long term convertible debt net of current portion 717,482 994,587
Finance lease obligations net of current portion 180,976 108,512
Operating lease liabilities net of current portion 436,820 0
Total liabilities 10,058,612 7,410,225
Commitments and Contingencies
Stockholders’ equity:    
Preferred stock, value
Common stock, value 46 46
Additional paid-in capital 9,530,198 11,763,923
Accumulated deficit (635,584) (7,429,810)
Total stockholders’ equity 8,894,660 4,334,160
Total liabilities and stockholders’ equity 18,953,272 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 $ 0 $ 1
v3.20.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Revenues $ 38,502,482 $ 36,103,818
Cost of revenues 23,824,028 22,248,968
Gross profit 14,678,454 13,854,850
Operating expenses:    
Selling and marketing expenses 6,838,745 6,312,304
General and administrative expenses 8,772,965 7,980,917
Share-based compensation expenses 16,910 73,305
Impairment of intangible assets 236,860 0
Depreciation and amortization expenses 720,035 649,427
Total selling, general and administrative expenses 16,585,515 15,015,953
Loss from continuing operations (1,907,061) (1,161,103)
Other (expense) income:    
Other income 24,005 0
Interest expense, net (39,814) (41,682)
Total other (expense) income (15,809) (41,682)
Loss from continuing operations before taxes (1,922,870) (1,202,785)
Benefit (Provision) for income tax 455,006 281,212
Loss from continuing operations (1,467,864) (921,573)
Income from discontinued operations 988,525 1,573,863
Gain on sale of discontinued operations 10,307,155 0
Provision for income taxes (3,033,590) (389,858)
Income from discontinued operations 8,262,090 1,184,005
Net income $ 6,794,226 $ 262,432
Continuing operations (in Dollars per share) $ (0.33) $ (0.20)
Discontinued operations (in Dollars per share) 1.84 0.26
Net income (in Dollars per share) 1.51 0.06
Continuing operations (in Dollars per share) (0.33) (0.20)
Discontinued operations (in Dollars per share) 1.84 0.26
Net income (in Dollars per share) $ 1.51 $ 0.06
Basic (in Shares) 4,500,827 4,499,559
Diluted (in Shares) 4,500,827 4,499,559
Product [Member]    
Revenues $ 6,876,682 $ 5,321,822
Cost of revenues 4,179,592 3,321,506
Service Net [Member]    
Revenues 31,625,800 30,781,996
Cost of revenues $ 19,644,436 $ 18,927,462
v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net income $ 6,794,226 $ 262,432
Net income from discontinued operations 8,262,090 1,184,005
Net loss from continuing operations (1,467,864) (921,573)
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Deferred income taxes (455,006) (281,212)
Depreciation and amortization 338,103 326,285
Amortization of intangibles 381,933 322,126
Amortization of right of use assets 212,164 0
Bad debt expense 139,270 96,024
Share-based compensation 16,910 28,000
Impairment of intangible asset 236,860 0
Common stock for services 0 45,307
Changes in assets and liabilities:    
Accounts receivable (605,611) 61,748
Unbilled services (16,888) 170,894
Prepaid expenses and other current assets (21,707) (76,859)
Deposits and other assets (152,368) 3,757
Accounts payable 182,400 (66,078)
Accrued expenses (232,808) 468,410
Income tax payable 132,350 (77,097)
Accrued interest 750 750
Deferred revenues 620,365 (367,968)
Operating lease obligations (212,160) 0
Net cash used in operating activities of continuing operations (903,307) (267,486)
Cash flows from investing activities:    
Purchase of property and equipment (70,672) (146,001)
Acquisition of business (60,000) (300,000)
Proceeds from sale of EDI practice, net of fees and taxes 8,365,192 0
Software development costs (81,730) (251,821)
Net cash provided by (used in) investing activities of continuing operations 8,152,790 (697,822)
Cash flows from financing activities:    
Payment of cash dividend (225,038) 0
Payment of contingent consideration (22,548) (83,087)
Payment for repurchase of common stock 0 (3,661)
Payment of long term debt (206,760) (213,307)
Payment of long term convertible debt (271,622) (133,690)
Payment of capital lease obligations (144,202) (131,762)
Net cash used in financing activities of continuing operations (870,170) (565,507)
Cash flows from discontinued operations    
Operating activities of discontinued operations 505,910 1,562,048
Investing activities of discontinued operations (127,679) (365,723)
Net cash provided by discontinued operations 378,231 1,196,325
Net increase (decrease) in cash 6,757,544 (334,490)
Cash, beginning of year 1,900,857 2,235,347
Cash, end of year 8,658,401 1,900,857
Income taxes 1,907,382 217,210
Interest $ 39,814 $ 43,337