Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities:    
Net Income $ 173,359 $ 29,323
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,032,566 896,697
Stock-based compensation 158,728 41,340
Gain on extinguishment of contingent liability (350,000)
Changes in Assets and Liabilities:    
Accounts receivable 136,849 (160,191)
Other assets 16,126
Prepaid expenses and other current assets (132,132) 87,163
Right of use asset 82,356 (324,267)
Accounts payable and accrued expenses 44,620 (81,862)
Deferred revenue 28,951 (2,464)
Deferred rent (18,890)
Operating lease liability (80,743) 332,817
Net Cash Provided by Operating Activities 1,110,679 799,666
Cash Flows from Investing Activities:    
Capital expenditures (181,072) (40,355)
Net Cash Used in Investing Activities (181,072) (40,355)
Cash Flows from Financing Activities:    
Repayments of capital lease obligations
Proceeds from issuance of note payable 481,977
Repayments of finance lease obligations related party (718,690) (741,940)
Repayments of finance lease obligations (56,281)
Cash received for the exercised of options 5,400 5,400
Advance from Credit Line 75,000
Repayment of Credit Line (74,976)
Net Cash Used in Financing Activities (362,570) (661,540)
Increase in Cash and Cash Equivalents 567,037 97,771
Cash and Cash Equivalents, Beginning of Year 326,561 228,790
Cash and Cash Equivalents, End of Year 893,598 326,561
Supplemental Disclosures:    
Cash paid for interest 168,837 177,451
Cash paid for income taxes
Non-cash investing and financing activities:    
Accrual of preferred stock dividend 144,677 124,312
Assets acquired by finance lease $ 808,261 $ 1,560,021