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, 2018
Dec. 31, 2017
Cash Flows from Operating Activities:    
Net Income (loss) $ 236,671 $ (188,493)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 602,532 614,449
Stock-based compensation 32,003 183,703
Changes in Assets and Liabilities:    
Accounts receivable (124,852) 401,122
Other assets 9,923 (20,832)
Prepaid expenses and other current assets (47,674) 111,215
Employee loan 3,000 (3,000)
Accounts payable and accrued expenses (98,774) (266,270)
Deferred revenue (89,353) (352,372)
Deferred rent 17,829 (843)
Net Cash Provided by Operating Activities 541,305 478,679
Cash Flows from Investing Activities:    
Capital expenditures (69,783)
Net Cash Used in Investing Activities (69,783)
Cash Flows from Financing Activities:    
Repayments of capital lease obligations (347,871) (428,559)
Repayments of credit line (50,412)
Repayments of related party loans (150,386)
Net Cash Used in Financing Activities (347,871) (629,357)
Increase (Decrease) in Cash and Cash Equivalents 123,651 (150,678)
Cash and Cash Equivalents, Beginning of Year 105,139 255,817
Cash and Cash Equivalents, End of Year 228,790 105,139
Cash paid for interest 98,788 106,906
Cash paid for income taxes 5,604 1,877
Non-cash investing and financing activities:    
Assets acquired by capital lease 1,836,714
Accrual of preferred stock dividend $ 113,012 $ 114,536