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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 915,577 $ 2,039,478
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Deferred income tax (benefit) expense (20,150) 236,115
Depreciation expense 767,856 870,175
(Recovery) provision for doubtful accounts (24,544) 571
Amortization of intangibles 373,089 376,965
Amortization of deferred financing costs 0 1,667
Share-based compensation expense 662,132 650,924
Changes in assets and liabilities:    
Accounts receivable and unbilled receivables 30,807,310 (17,870,622)
Inventories (207,823) (2,151)
Prepaid expenses and other current assets (1,755,636) 131,403
Other assets 27,161 18,334
Accounts payable and accrued expenses (30,169,455) 19,588,012
Income tax payable 272,523 (40,747)
Deferred revenue and other liabilities 1,566,000 (4,295)
Other liabilities 246,037 0
Net cash provided by operating activities 3,460,077 5,995,829
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (163,031) (225,883)
Capitalized hardware and software development costs (1,776,382) (752,837)
Net cash used in investing activities (1,939,413) (978,720)
CASH FLOWS FROM FINANCING ACTIVITIES    
Advances on bank line of credit 0 1,895,659
Repayments of bank line of credit advances 0 (1,895,659)
Principal repayments under finance lease obligations (428,415) (452,841)
Withholding taxes paid on behalf of employees on net settled restricted stock awards (140,865) 0
Common stock repurchased 0 (10,113)
Issuance of common stock/At-the-market offering, net of issuance costs 1,071,045 (131,436)
Proceeds from exercise of stock options 179,273 0
Net cash provided by (used in) financing activities 681,038 (594,390)
Net effect of exchange rate on cash and equivalents (96,110) 70,556
NET INCREASE IN CASH AND CASH EQUIVALENTS 2,105,592 4,493,275
CASH AND CASH EQUIVALENTS, beginning of period 15,996,749 6,879,627
CASH AND CASH EQUIVALENTS, end of period 18,102,341 11,372,902
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest   229,795
Cash paid for income taxes 186,063 0
NONCASH INVESTING AND FINANCING ACTIVITIES    
Capitalized hardware and software development costs in accounts payable mgkhg 75,558 0
Cashless exercise of stock options 0 169
Leased assets obtained in exchange for new lease liabilities $ 0 $ 943,290