Note 17 - Subsequent Events

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

Note

17.

Subsequent Events

On

January 6, 2021,

the Company repurchased

11,860

shares of common stock for

$20,636

at the closing price on

January 6, 2021 

from Tom Jewell, the Company's Chief Financial Officer to cover taxes.

In early

January, 2021,

the Company's largest ACH customer went bankrupt and stopped processing transactions.   The customer represented

15%

of our total ACH volume in

2020

and

1.12%

of revenue for the Company. The volume loss has been more than offset by organic growth from existing ACH clients to the extent the Company processed more ACH transactions in

January 2021

than in

January 2020

and the Company will process more ACH transactions in the

first

quarter of

2021

as compared to the same period in

2020.

On

January 1, 2021,

the Company entered into a lease in Austin, Texas commencing on

January 1, 2021 

for its Austin technology organization. The lease is for a period of

25

 months and expires on

January 31, 2023.

The space leased is

1,890

 square feet. Annual rents during the lease term is 

$55,755.

 

On

February 5, 2021,

the Company issued

19,795

 shares of common stock to University FanCards, LLC in a cashless exercise at

$5.88

 per common share in exchange for

30,000

warrants exercised by FanCards, LLC.

On

March 15, 2021,

the Company entered into a lease amendment to the existing lease in San Antonio, Texas commencing

April 1, 2021

and expiring on

September 30, 2024

running concurrently with the existing lease.   The incremental space leased is

2,734

square feet.   The incremental annual rent during the lease term ranges from

$56,047

to

$60,148.

On

March 20, 2021,

the Company entered into a debit arrangement to finance

$165,996

for the purchase of an Output Solutions sorter. The loan is for a period of

36

months with a maturity date of

March 20, 2024.

The repayment amount is for

35

months at

$4,901.79

per month and a final payment of

$4,901.88.

Annual payments are

$58,821.

The financing is at an interest rate of

3.95%.