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 ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 218,445 $ 53,744
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 111,123 6,821
Stock option compensation 220,455 7,171
Changes in operating assets and liabilities:    
Accounts receivable (820,954) (931,517)
Prepaid expenses and other current assets (140,015) 461,592
Contract assets 210,688 (89,404)
Other assets 16,663 0
Accounts payable 508,408 317,048
Contract liabilities (868,839) (132,574)
Accrued payroll and related liabilities and other accrued liabilities 63,404 334,325
Commissions payable 54,812 11,363
Net cash (used in) provided by operating activities (425,810) 38,569
Cash flows from investing activities    
Acquisition of property and equipment (56,010) (58,640)
Acquisition of Tellenger, net of cash acquired (2,233,884) 0
Net cash used in investing activities (2,289,894) (58,640)
Cash flows from financing activities    
Borrowing under revolving line of credit 502,306 0
Repayments under revolving line of credit (100,000) 0
Proceeds from note payable 1,000,000 450,000
Principal payments - long-term note (251,849) 0
Net proceeds from issuance of stock 3,294,554 0
Proceeds from from exercise of stock options 95,146 0
Net cash provided by financing activities 4,540,157 450,000
Net increase in cash and cash equivalents 1,824,453 429,929
Cash and cash equivalents, beginning of the period 1,858,160 1,039,442
Cash and cash equivalents, end of the period 3,682,613 1,469,371
Supplemental cash flow Information    
Interest paid (32,197) 0
Value of common stock issued in connection with the acquisition of Tellenger, Inc. $ 200,000 $ 0