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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 483,888 $ 384,101
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Deferred income tax expense 179,544 34,652
Depreciation expense 297,190 273,923
(Recovery) provision for doubtful accounts (2,954) 7,610
Amortization of intangibles 125,656 198,816
Amortization of deferred financing costs 1,250 1,250
Share-based compensation expense 281,441 89,266
Changes in assets and liabilities:    
Accounts receivable and unbilled receivables (4,144,206) 1,151,421
Inventories 76,130 (104,992)
Prepaid expenses and other current assets 201,026 (45,286)
Other assets 17,913 (29,710)
Accounts payable and accrued expenses 5,722,287 961,804
Income tax payable (9,411) (8,339)
Deferred revenue and other liabilities (202,821) (486,385)
Net cash provided by operating activities 3,026,933 2,428,131
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (52,463) (83,797)
Software development costs (340,576) (58,461)
Net cash used in investing activities (393,039) (142,258)
CASH FLOWS FROM FINANCING ACTIVITIES    
Advances on bank line of credit 1,796,920 6,192,656
Repayments of bank line of credit advances (1,796,920) (6,192,656)
Principal repayments under capital lease obligations (143,637) (122,300)
Common stock repurchased (10,113) 0
Net cash used in financing activities (153,750) (122,300)
Net effect of exchange rate on cash and equivalents (33,265) (28,297)
NET INCREASE IN CASH AND CASH EQUIVALENTS 2,446,879 2,135,276
CASH AND CASH EQUIVALENTS, beginning of period 6,879,627 2,431,892
CASH AND CASH EQUIVALENTS, end of period 9,323,673 4,567,168
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest $ 82,655 $ 63,309