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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,152,663) $ (1,793,552)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Deferred income tax expense 117,700 0
Depreciation expense 516,833 532,557
Provision for credit losses 13,725 34,037
Amortization of intangibles 1,223,491 1,007,555
Share-based compensation expense 783,741 235,570
Loss on disposal of fixed assets 0 3,211
Changes in assets and liabilities:    
Accounts receivable and unbilled receivables (11,774,202) (2,158,825)
Inventories 82,917 (85,066)
Other current assets (511,277) (54,040)
Other assets (6,412) 27,161
Accounts payable and accrued expenses 7,856,266 2,197,714
Income tax payable (90,629) 25,535
Deferred revenue and other liabilities 303,130 1,049,118
Net cash used in operating activities (2,637,380) 1,020,975
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (18,001) (103,014)
Capitalized hardware and software development costs 0 (614,914)
Proceeds from beneficial interest in sold receivables 259,125 143,116
Net cash provided by (used in) investing activities 241,124 (574,812)
CASH FLOWS FROM FINANCING ACTIVITIES    
Advances on bank line of credit 4,600,000 6,493,284
Repayments of bank line of credit advances (4,600,000) (6,493,284)
Principal repayments under finance lease obligations (278,574) (255,436)
Withholding taxes paid on behalf of employees on net settled restricted stock awards (258,381) (3,628)
Net cash used in financing activities (536,955) (259,064)
Net effect of exchange rate on cash 12,950 57,150
NET DECREASE IN CASH (2,920,261) 244,249
CASH, beginning of period 6,921,160 7,530,864
CASH, end of period 4,000,899 7,775,113
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest 117,521 115,019
NONCASH INVESTING AND FINANCING ACTIVITIES    
Capitalized hardware and software development costs in accounts payable $ 0 $ 77,873