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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (653,110) $ (951,479)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Deferred income tax expense 45,200 0
Depreciation expense 260,302 267,309
Provision for credit losses 7,566 35,858
Amortization of intangibles 573,137 501,094
Share-based compensation expense 417,783 140,116
Changes in assets and liabilities:    
Accounts receivable and unbilled receivables (5,317,052) (2,528,761)
Inventories (291,356) (17,294)
Other current assets (251,778) 15,790
Other assets (6,412) 0
Accounts payable and accrued expenses 3,909,794 113,869
Income tax payable (72,015) 55,703
Deferred revenue and other liabilities (178,728) (121,253)
Other liabilities 0 0
Net cash used in operating activities (1,556,669) (2,489,048)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (6,494) (96,721)
Capitalized hardware and software development costs 0 (262,549)
Proceeds from beneficial interest in sold receivables 259,125 0
Net cash provided by (used in) investing activities 252,631 (359,270)
CASH FLOWS FROM FINANCING ACTIVITIES    
Advances on bank line of credit 1,000,000 4,313,007
Repayments of bank line of credit advances (1,000,000) (4,313,007)
Principal repayments under finance lease obligations (137,469) (125,568)
Withholding taxes paid on behalf of employees on net settled restricted stock awards (218,783) (3,628)
Net cash used in financing activities (356,252) (129,196)
Net effect of exchange rate on cash 7,064 24,613
NET DECREASE IN CASH (1,653,226) (2,952,901)
CASH, beginning of period 6,921,160 7,530,864
CASH, end of period 5,267,934 4,577,963
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest 51,940 55,979
NONCASH INVESTING AND FINANCING ACTIVITIES    
Capitalized hardware and software development costs in accounts payable $ 0 $ 190,773