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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 2,039,478 $ 260,050
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Deferred income tax expense 236,115 82,237
Depreciation expense 870,175 832,651
Provision for doubtful accounts 571 23,460
Amortization of intangibles 376,965 596,446
Amortization of deferred financing costs 1,667 3,750
Share-based compensation expense 650,924 536,828
Changes in assets and liabilities:    
Accounts receivable and unbilled receivables (17,870,622) 330,286
Inventories (2,151) 65,161
Prepaid expenses and other current assets 131,403 128,468
Other assets 18,334 61,661
Accounts payable and accrued expenses 19,588,012 2,487,865
Income tax payable (40,747) 6,133
Deferred revenue and other liabilities (4,295) 37,535
Net cash provided by operating activities 5,995,829 5,452,531
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (225,883) (214,072)
Capitalized software development costs (752,837) (146,767)
Net cash used in investing activities (978,720) (360,839)
CASH FLOWS FROM FINANCING ACTIVITIES    
Advances on bank line of credit 1,895,659 6,354,455
Repayments of bank line of credit advances (1,895,659) (6,354,455)
Principal repayments under capital lease obligations (452,841) (356,924)
Debt issuance costs 0 (5,000)
Common stock repurchased (10,113) 0
Offering costs for the issuance of common stock/At-the-market offering (131,436) 0
Net cash used in financing activities (594,390) (361,924)
Net effect of exchange rate on cash and equivalents 70,556 (62,043)
NET INCREASE IN CASH AND CASH EQUIVALENTS 4,493,275 4,667,725
CASH AND CASH EQUIVALENTS, beginning of period 6,879,627 2,431,892
CASH AND CASH EQUIVALENTS, end of period 11,372,902 7,099,617
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest 229,795 213,233
Cash paid for income taxes 0 8,857
NONCASH INVESTING AND FINANCING ACTIVITIES    
Insurance policies financed by short term notes payable 0 77,386
Cashless exercise of stock options 169 0
Leased assets obtained in exchange for new lease liabilities $ 943,290 $ 0