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, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:    
Net Income $ 259,921 $ 173,359
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,284,345 1,032,566
Stock based compensation 171,798 158,728
Gain on forgiveness of debt (798,840)
Gain on contingent liability (350,000)
Deferred income taxes, release of valuation allowance (399,631)
Loss on disposal of assets 44,732
Changes in Assets and Liabilities:    
Accounts receivable (440,517) 136,849
Other assets (6,417) 16,126
Prepaid expenses and other current assets (169,355) (132,132)
Right of use asset (180,407) 82,356
Accounts payable and accrued expenses (142,232) 44,619
Deferred revenue (163,770) 28,951
Operating lease liability 179,684 (80,743)
Net Cash Provided by (Used in) Operating Activities (360,690) 1,110,679
Cash Flows from Investing Activities:    
Deposit (25,000)
Capital expenditures (455,835) (181,072)
Cash acquired in business acquisition 212,068
Cash consideration for business acquisition (6,149,343)
Net Cash Used in Investing Activities (6,418,110) (181,072)
Cash Flows from Financing Activities:    
Proceeds from issuance of note payable 481,977
Proceeds from line of credit 50,000
Repayments of finance lease obligations related party (968,420) (718,690)
Repayments of finance lease obligations (156,845) (56,281)
Proceeds from issuance of common stock and warrants 16,944,380
Cash received for the exercised of Warrants 3,381,271
Cash received for the exercised of options 5,400
Repayments of Dividend payable (1,179,357)
Repayment of line of credit (50,024) (74,976)
Net Cash Provided by (Used) in Financing Activities 18,021,005 (362,570)
Increase in Cash and Cash Equivalents 11,242,205 567,037
Cash and Cash Equivalents, Beginning of Year 893,598 326,561
Cash and Cash Equivalents, End of Year 12,135,803 893,598
Supplemental Disclosures:    
Cash paid for interest 116,682 168,837
Cash paid for income taxes
Non-cash investing and financing activities:    
Accrual of preferred stock dividend 63,683 144,677
Assets acquired by finance lease $ 164,754 $ 808,261