Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities:    
Net Income (loss) $ 29,323 $ 236,671
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 896,697 602,532
Stock-based compensation 41,340 32,003
Changes in Assets and Liabilities:    
Accounts receivable (160,191) (124,852)
Other assets 9,923
Prepaid expenses and other current assets 87,163 (47,674)
Employee loan 3,000
Right of use asset (324,267)
Accounts payable and accrued expenses (81,862) (98,774)
Deferred revenue (2,464) (89,353)
Deferred rent (18,890) 17,829
Operating lease liability 332,817
Net Cash Provided by Operating Activities 799,666 541,305
Cash Flows from Investing Activities:    
Capital expenditures (40,355) (69,783)
Net Cash Used in Investing Activities (40,355) (69,783)
Cash Flows from Financing Activities:    
Repayments of capital lease obligations (741,940) (347,871)
Cash received for the exercised of options 5,400
Advance from Credit Line 75,000
Net Cash Used in Financing Activities (661,540) (347,871)
Increase in Cash and Cash Equivalents 97,771 123,651
Cash and Cash Equivalents, Beginning of Year 228,790 105,139
Cash and Cash Equivalents, End of Year 326,561 228,790
Supplemental Disclosures:    
Cash paid for interest 177,451 98,788
Cash paid for income taxes 5,604
Non-cash investing and financing activities:    
Accrual of preferred stock dividend 124,312 113,012
Assets acquired by finance lease $ 1,560,320