Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities:    
Net Income $ 135,901 $ 142,786
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 577,044 494,467
Stock based compensation 76,221 74,386
Gain on forgiveness of debt (307,300) (0)
Gain on contingent liability 0 (350,000)
Loss on disposal of equipment 29,732 0
Changes in Assets and Liabilities:    
Accounts receivable 385,134 72,069
Other assets (344) 16,125
Prepaid expenses and other current assets (25,443) (71,168)
Right of use asset 43,362 40,473
Accounts payable and accrued expenses 53,857 (55,529)
Deferred revenue (99,582) 56,517
Operating lease liability (43,565) (39,168)
Net Cash Provided by Operating Activities 825,017 380,958
Cash Flows from Investing Activities:    
 Capital expenditures (303,228) (101,850)
 Cash consideration for business acquisition (5,937,275) 0
Net Cash Used in Investing Activities (6,240,503) (101,850)
Cash Flows from Financing Activities:    
Proceeds from issuance of note payable 0 481,977
Repayments of finance lease obligations related party (603,495) (397,719)
Repayments of finance lease obligations (74,010) (4,109)
Proceeds from issuance of common stock and warrants 9,454,894 0
Cash received for the exercised of options 0 5,400
Repayments of Dividend payable (1,179,357) 0
Repayment of line of credit (24) (74,976)
Net Cash Provided by Financing Activities 7,598,008 10,573
Increase in Cash and Cash Equivalents 2,182,522 289,681
Cash and Cash Equivalents, Beginning of Period 893,598 326,561
Cash and Cash Equivalents, End of Period 3,076,120 616,242
Supplemental Disclosures    
Cash paid for interest 78,136 77,095
Cash paid for income taxes 0 0
Non-cash investing and financing activities:    
Accrual of preferred stock dividend 63,683 69,227
Assets acquired by finance lease $ 50,000 $ 663,078