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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 208,908 $ 110,694
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 686,193 576,342
Amortization of right-of-use assets 65,449 59,058
Amortization of debt issuance costs and debt discount 380,900 377,261
Bad debt (recovery) expense (53,094) 37,855
Deferred income tax (4,809) (15,294)
Stock-based compensation 141,242 244,923
Changes in operating assets and liabilities:    
Accounts receivable 221,881 (2,263,475)
Income tax receivable (31,639) (20,869)
Prepaid expenses and other current assets 227,221 290,566
Other assets 19,051 (86,025)
Accounts payable 25,105 1,716,315
Accrued expenses (284,139) (1,603,191)
Revenue contract liability (166,507) (15,960)
Operating lease liabilities (69,133) (60,418)
Net cash provided by (used in) operating activities 1,366,629 (652,218)
Cash flows from investing activities:    
Investment in internally developed software (169,523) (283,049)
Acquisition of property and equipment   (6,908)
Acquisition of assets deployed at client locations (484,385) (301,487)
Transfer of title of assets deployed at client locations to perpetual license customer 302,574 287,550
Net cash used in investing activities (351,334) (303,894)
Cash flows from financing activities:    
Payments of debt issuance costs   (6,829)
Proceeds from stock option exercises 24,200  
Principal payments on long-term debt (243,961) (899,410)
Net cash used in financing activities (219,761) (906,239)
Effect of exchange rate changes on cash 254 11,299
Net increase (decrease) in cash and cash equivalents 795,788 (1,851,052)
Cash and cash equivalents – beginning of period 16,691,514 18,237,513
Cash and cash equivalents – end of period 17,487,302 16,386,461
Supplemental cash flow information:    
Cash paid for interest $ 2,012,964 1,823,227
Cash paid for income taxes   $ 18,350

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