Quarterly
Annual
| Unit: USD | 2023-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||
net income | 10,646,516 | -540,882 | -13,759,210 | -392,897 | -574,481 | 534,884 |
adjustments to reconcile net income to net cash from operating activities: | ||||||
deferred income tax (benefit) expense | 148 | |||||
depreciation expense | 274,922 | 273,263 | 275,176 | 265,185 | 258,224 | 263,058 |
impairment charge - definite-lived intangible assets | ||||||
benefit from credit losses | ||||||
amortization of intangibles | 1,323,953 | 365,825 | 305,891 | 286,653 | 259,310 | 133,756 |
share-based compensation expense | 576,724 | 115,141 | 89,385 | 179,741 | 221,631 | 235,469 |
lease expense | ||||||
change in fair value of contingent consideration | 7,000 | -666,000 | -301,000 | |||
(gain) loss on disposal of fixed assets | ||||||
changes in assets and liabilities: | ||||||
accounts receivable and unbilled receivables | -7,491,549 | -313,613 | -1,295,269 | 4,413,557 | -3,523,450 | 2,239,634 |
inventories | -191,286 | 181,964 | -238,711 | 104,365 | 608,388 | -97,032 |
other current assets | -212,570 | -323,483 | 221,664 | 311,218 | ||
other assets | 5,608 | -306 | 27,160 | 1,112 | -2 | 1 |
accounts payable and accrued expenses | 2,756,691 | -888,359 | 3,478,057 | -1,509,330 | -18,047 | 319,070 |
income tax payable | -9,834 | 162,018 | -161,529 | 7,111 | -274,154 | 232,506 |
deferred revenue and other liabilities | 1,269,922 | -1,620 | 57,027 | -369,633 | -1,275,537 | 1,743,159 |
other liabilities | 0 | -79,345 | -278,655 | 0 | ||
net cash from operating activities | -2,592,099 | -962,497 | 1,354,418 | 2,825,426 | -4,682,640 | 3,871,432 |
capex | 31,031 | -25,137 | -10,822 | -203,274 | -95,145 | -72,729 |
free cash flows | -2,561,068 | -987,634 | 1,343,596 | 2,622,152 | -4,777,785 | 3,798,703 |
cash flows from investing activities | ||||||
purchases of property and equipment | 31,031 | -25,137 | -10,822 | -203,274 | -95,145 | -72,729 |
capitalized hardware and software development costs | 1,942,000 | -887,200 | -1,156,088 | -780,599 | -720,138 | -616,799 |
proceeds from beneficial interest in sold receivables | ||||||
net cash from investing activities | 2,442,135 | -912,337 | -1,166,910 | -983,873 | -5,504,112 | -689,528 |
cash flows from financing activities | ||||||
advances on bank line of credit | 2,037,761 | |||||
repayments of bank line of credit advances | -2,037,761 | |||||
principal repayments under finance lease obligations | -139,834 | -149,559 | -149,727 | -147,405 | -143,668 | -142,660 |
withholding taxes paid on behalf of employees on net settled restricted stock awards | 45,597 | 0 | 0 | -49,224 | -29 | 0 |
net cash from financing activities | 723,974 | -149,559 | -149,727 | -1,014,840 | -1,386,737 | 26,363 |
net effect of exchange rate on cash | ||||||
net increase in cash and restricted cash | ||||||
cash and restricted cash, beginning of period | ||||||
cash and restricted cash, end of period | ||||||
cash and restricted cash consisted of the following: | ||||||
cash | ||||||
restricted cash | ||||||
f-7 | ||||||
table of contents | ||||||
adjustments to reconcile net income to net cash provided by | ||||||
(used in) operating activities: | ||||||
deferred income tax expense | ||||||
impairment charge - goodwill | ||||||
loss on disposal of fixed assets | ||||||
common stock repurchased | 0 | 0 | -818,211 | |||
net increase in cash | 808,956 | -2,130,765 | ||||
cash, beginning of period | ||||||
cash, end of period | ||||||
f-6 | ||||||
deferred income tax benefit | 0 | |||||
goodwill impairment charge | 0 | |||||
(recovery) benefit from doubtful accounts | 555 | 99 | 0 | |||
warrants expense | 0 | 0 | 108,000 | |||
issuance of common stock/at-the-market offering, net of issuance costs | 29 | 0 | ||||
proceeds from exercise of stock options | 0 | 169,023 | ||||
net effect of exchange rate on cash and equivalents | -106,372 | -113,439 | -38,950 | -48,872 | -53,298 | |
cash and cash equivalents, beginning of period | 0 | 0 | 6,479,980 | 0 | 0 | |
cash and cash equivalents, end of period | -2,130,765 | -75,658 | 7,267,743 | -11,622,361 | 3,154,969 | |
net increase in cash and cash equivalents | 787,763 | |||||
amortization of deferred financing costs | ||||||
prepaid expenses and other current assets | -19,089 | -1,733,221 | ||||
acquisition of it authorities, net of cash acquired |
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