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 ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities:    
Net Income (Loss) $ 142,786 $ 89,583
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 494,467 452,136
Stock-based compensation 74,386 4,350
Gain on contingent liability (350,000)
Changes in Assets and Liabilities:    
Accounts receivable 72,069 (10,848)
Other assets 16,125 (321)
Prepaid expenses and other current assets (71,168) 27,230
Right of use asset 40,473 (323,531)
Accounts payable and accrued expenses (55,529) (199,877)
Deferred revenue 56,517 (33,239)
Deferred rent (18,890)
Operating lease liability (39,168) 330,415
Net Cash Provided by Operating Activities 380,958 317,008
Cash Flows from Investing Activities:    
Capital expenditures (101,850) (33,354)
Net Cash Used in Investing Activities (101,850) (33,354)
Cash Flows from Financing Activities:    
Proceeds from issuance of note payable 481,977
Repayments of capital lease obligations related party (397,719) (320,432)
Repayments of capital lease obligations (4,109)
Cash received for the exercised of options 5,400
Repayment of line of credit (74,976)
Net Cash Provided by (Used) in Financing Activities 10,573 (320,432)
Increase in Cash and Cash Equivalents 289,681 (36,778)
Cash and Cash Equivalents, Beginning of Period 326,561 228,790
Cash and Cash Equivalents, End of Period 616,242 192,012
Supplemental Disclosures:    
Cash paid for interest 77,095 91,119
Cash paid for income taxes
Non-cash investing and financing activities:    
Accrual of preferred stock dividend 69,227 62,156
Assets acquired by finance lease $ 663,078 $ 1,560,021