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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 585,424 $ 483,888
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Deferred income tax (benefit) expense (20,303) 179,544
Depreciation expense 250,899 297,190
Provision for doubtful accounts (209) (2,954)
Amortization of intangibles 119,083 125,656
Amortization of deferred financing costs 0 1,250
Share-based compensation expense 182,842 281,441
Changes in assets and liabilities:    
Accounts receivable and unbilled receivables 20,467,818 (4,144,206)
Inventories 332,201 76,130
Prepaid expenses and other current assets (266,393) 201,026
Other assets 0 17,913
Accounts payable and accrued expenses (20,897,329) 5,722,287
Income tax payable 30,567 (9,411)
Deferred revenue and other liabilities (75,693) (202,821)
Other liabilities 246,037 0
Net cash provided by operating activities 954,944 3,026,933
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (71,292) (52,463)
Capitalized software development costs (569,947) (340,576)
Net cash used in investing activities (641,239) (393,039)
CASH FLOWS FROM FINANCING ACTIVITIES    
Advances on bank line of credit 0 1,796,920
Repayments of bank line of credit advances 0 (1,796,920)
Principal repayments under finance lease obligations (143,916) (143,637)
Withholding taxes paid on behalf of employees on net settled restricted stock awards (140,894) 0
Common stock repurchased 0 (10,113)
Issuance of common stock/At-the-market offering, net of issuance costs 1,088,398 0
Proceeds from exercise of stock options 10,250 0
Net cash used in financing activities 813,838 (153,750)
Net effect of exchange rate on cash and equivalents (65,929) (33,265)
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,061,614 2,446,879
CASH AND CASH EQUIVALENTS, beginning of period 15,996,749 6,879,627
CASH AND CASH EQUIVALENTS, end of period 17,058,363 9,326,506
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest $ 70,951 $ 82,655