Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 313,972 $ (160,959)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 55,973 2,986
Stock option compensation 139,573 806
Changes in operating assets and liabilities:    
Accounts receivable (43,819) (299,175)
Prepaid expenses and other current assets 10,997 411,991
Contract assets (266,580) (13,918)
Accounts payable 359,906 (40,585)
Contract liabilities (841,000) (399,879)
Accrued payroll and related liabilities and other accrued liabilities 80,400 (16,628)
Commissions payable 74,448 (4,112)
Net cash used in operating activities (116,130) (519,473)
Cash flows from investing activities    
Acquisition of property and equipment (22,454) (8,797)
Acquisition of Tellenger, net of cash acquired (2,233,884) 0
Net cash used in investing activities (2,256,338) (8,797)
Cash flows from financing activities    
Net borrowing under revolving line of credit 402,306 0
Short-term borrowing - acquisition 150,000 0
Borrowing under long-term note 1,000,000 450,000
Principal payments - long-term note (83,333) 0
Net proceeds from issuance of stock 494,554 0
Proceeds from issuance of stock from exercise of options 83,545 0
Net cash provided by financing activities 2,047,072 450,000
Net decrease in cash and cash equivalents (325,396) (78,270)
Cash and cash equivalents, beginning of the period 1,858,160 1,039,442
Cash and cash equivalents, end of the period 1,532,764 961,172
Supplemental cash flow Information    
Interest paid 11,422 0
Tellenger, Inc. [Member]    
Non-cash investing and financiang activities    
Value of common stock issued in connection with the acquisition of Tellenger, Inc. $ 200,000 $ 0