Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities:    
Net Income (Loss) $ 184,721 $ (43,707)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 754,243 678,927
Stock-based compensation 116,557 6,525
Gain on contingent liability (350,000)
Changes in Assets and Liabilities:    
Accounts receivable (241,675) 2,248
Other assets 16,125
Prepaid expenses and other current assets (98,874) 76,116
Right of use asset 61,233 (344,716)
Accounts payable and accrued expenses 252,717 (137,683)
Deferred revenue 61,687 63,260
Deferred rent (18,890)
Operating lease liability (60,647) 352,348
Net Cash Provided by Operating Activities 696,087 634,428
Cash Flows from Investing Activities:    
Capital expenditures (164,796) (33,354)
Net Cash Used in Investing Activities (164,796) (33,354)
Cash Flows from Financing Activities:    
Proceeds from issuance of note payable 481,977
Repayments of finance lease obligations related party (641,170) (546,182)
Repayments of finance lease obligations (24,320)
Cash received for the exercised of options 5,400
Repayment of line of credit (74,976)
Net Cash Provided by (Used) in Financing Activities (253,089) (546,182)
Increase in Cash and Cash Equivalents 278,202 54,892
Cash and Cash Equivalents, Beginning of Period 326,561 228,790
Cash and Cash Equivalents, End of Period 604,763 283,682
Supplemental Disclosures:    
Cash paid for interest 124,297 137,425
Cash paid for income taxes
Non-cash investing and financing activities:    
Accrual of preferred stock dividend 105,877 93,234
Assets acquired by finance lease $ 808,261 $ 1,560,021