XML 16 R7.htm IDEA: XBRL DOCUMENT v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) income $ (392,897) $ 585,424
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Deferred income tax benefit 0 (20,303)
Depreciation expense 265,185 250,899
(Recovery) provision for doubtful accounts 0 (209)
Amortization of intangibles 286,653 119,083
Share-based compensation expense 179,741 182,842
Warrants expense 108,000 0
Change in fair value of contingent consideration 301,000 0
Changes in assets and liabilities:    
Accounts receivable and unbilled receivables 4,413,557 20,467,818
Inventories 104,365 332,201
Other current assets 311,218 (266,393)
Other assets 1,112 0
Accounts payable and accrued expenses (1,509,330) (20,897,329)
Income tax payable 7,111 30,567
Deferred revenue and other liabilities (369,633) (75,693)
Other liabilities 278,655 246,037
Net cash provided by operating activities 2,825,426 954,944
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (203,274) (71,292)
Capitalized hardware and software development costs 780,599 569,947
Net cash used in investing activities (983,873) (641,239)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal repayments under finance lease obligations (147,405) (143,916)
Withholding taxes paid on behalf of employees on net settled restricted stock awards (49,224) (140,894)
Common stock repurchased (818,211) 0
Issuance of common stock/At-the-market offering, net of issuance costs 0 1,088,398
Proceeds from exercise of stock options 0 10,250
Net cash (used in) provided by financing activities (1,014,840) 813,838
Net effect of exchange rate on cash and equivalents (38,950) (65,929)
NET INCREASE IN CASH AND CASH EQUIVALENTS 787,763 1,061,614
CASH AND CASH EQUIVALENTS, beginning of period 6,479,980 15,996,749
CASH AND CASH EQUIVALENTS, end of period 7,267,743 17,058,363
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest 63,521 70,951
Cash paid for income taxes 27,559 0
NONCASH INVESTING AND FINANCING ACTIVITIES    
Capitalized hardware and software development costs in accounts payable 213,770 0
Leased assets and lease liabilities terminated $ 876,281 $ 0