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Intellinetics, Inc. (INLX)

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Previous Close4.4800
Open4.5000
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range4.5000 - 4.5000
52 Week Range0.0800 - 9.8300
Volume121
Avg. Volume513
Market Cap12.649M
Beta (5Y Monthly)0.82
PE Ratio (TTM)N/A
EPS (TTM)-0.7590
Earnings DateNov 16, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • GlobeNewswire

    Intellinetics, Inc. Accelerates K-12 Market Growth with Leading Provider of K-12 Accounting Solutions

    Digital Forms and K12Docs Advisory Group Increase Platform Value and K-12 Market Insight COLUMBUS, Ohio, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Intellinetics, Inc., (OTCQB: INLX) a cloud-based document solutions provider, announced today that the company is expanding its partnership with Software Unlimited Inc. (SUI) to add integrated electronic forms allowing K-12 school districts an easy, affordable option to create mobile forms and automated workflows. SUI is a major software developer and provider of solutions for the K-12 market, and from that partnership Intellinetics’ footprint has grown to supporting over 1.5 million students across 16 states in 235 schools and districts, a 432% increase from a year ago. IntelliCloud™, Intellinetics’ flagship platform, is seamlessly integrated into SUI’s School Accounting System. Marketed as K12Docs, it enables users to add, search and view documents directly within SUI software’s user experience. With the addition of integrated e-forms, users can now replace paper forms with a paperless solution that streamlines the creation, distribution, and completion of school forms such as employee onboarding packages. “As school districts adapt to the COVID-education environmental, they realize, now more than ever, that paper documents are an obstacle to flexibility, efficiency, continuity, and safety,” said Corey Atkinson, Director of Sales & Marketing, Software Unlimited, Inc. “Schools of all sizes struggle with managing the volumes of financial records, student records, and HR documents. Leveraging mobile forms, integrated with K12Docs, dramatically improves business process efficiency and better protects students, staff, and others interacting with their school district.” “We have always known that our ability to embed our solution within a proven software platform is the building block for mutual growth,” said James F. DeSocio, President & CEO of Intellinetics. “The ability to add our platform, through our partnership with SUI, to 80 school districts in 8 states across the Great Plains and Midwest proves that not only were we on the right path but that we had partnered with the right company.” In addition, SUI and Intellinetics are facilitating a K12Docs Advisory Group comprised of a select group of K12Docs users to more effectively guide the evolution of the solutions’ capabilities to help school districts improve efficiencies while reducing costs and risk. “We are excited to be joining the K12Docs Advisory Board team and share our ideas directly with the developers,” said Lori Robertson, Business Manager of Clear Creek Amana School District. “Implementing the solution made us much better prepared to deal with the challenges brought on by the pandemic. Even with remote learning protocols, we are so efficient, and everything is at our fingertips. We can’t wait to see where the program goes from here.” About Intellinetics, Inc. Intellinetics, Inc., located in Columbus, Ohio, is a cloud-based document services software provider. Its IntelliCloud™ suite of solutions serve a mission-critical role for organizations in highly regulated, risk and compliance-intensive markets in Healthcare, K-12, Public Safety, Public Sector, Risk Management, Financial Services and beyond. IntelliCloud solutions make content secure, compliant, and process-ready to drive innovation, efficiencies, and growth. Through its Image Technology Group and production scanning department, hundreds of millions of images have been converted from paper to digital, paper to microfilm, and microfiche to microfilm for business and federal, county, and municipal governments. Its operations in Madison Heights, Michigan, also provides its clients with long-term paper and microfilm storage and retrieval options. For additional information, please visit www.intellinetics.com. About Software Unlimited, Inc. The mission at Software Unlimited, Inc. is to create, maintain, update, and support comprehensive and affordable fund accounting solutions tailored to meet the state specific reporting requirements for K-12 schools. In-house product developers, full-service training staff, and a knowledgeable customer service team guarantee customers will receive unlimited access to service and support from experienced professionals. Inclusive licensing covers unlimited updates, training, and support to help K-12 administrators focus on what is important. For additional information, please visit www.su-inc.com. CONTACT:Joe Spain, CFOIntellinetics, Inc. 614.921.8170 investors@intellinetics.com

  • Belmont County Clerk of Courts Utilizes CARES Act Funding to Implement Intellinetics Solutions and Services
    GlobeNewswire

    Belmont County Clerk of Courts Utilizes CARES Act Funding to Implement Intellinetics Solutions and Services

    New Capabilities Increase Safety by Enabling a More Virtual Work Model  While Advancing the Court’s Digital TransformationCOLUMBUS, Ohio, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Intellinetics, Inc., (OTCQB: INLX) a cloud-based document solutions provider, announced today that the Belmont County Clerk of Courts, utilizing funding from the CARES Act, has selected a combination of Intellinetics’ Document Scanning Services (DSS) and their IntelliCloud™ document management platform. The focus is on digitizing legacy Court files into an on-line platform to increase safety by reducing face-to-face interactions and enabling virtual work models for Court employees.The Belmont County Clerk of Courts Office is responsible for millions of pages of court documents that extend from the beginning of the formation of the county to present day. Each year hundreds of thousands of pieces of paper pass through the hands of deputy clerks. These documents provide the communications between the courts and those persons seeking resolutions to problems and issues dealing with the law.Under the current process, when a member of the public, or a deputy clerk, needs a particular document dated prior to 2008, the retrieval procedure is laborious, time consuming, and inefficient. The deputy clerk needs to physically retrieve the file from the records building, which is located approximately five miles away from the courthouse. The clerk must travel to the facility, interact with employees managing the facility, locate the files, and travel back to the courthouse with papers in hand. This scenario is repeated many times daily.While a plan to digitize these Court documents has been in place for some time, lack of adequate funding has prevented the Belmont County Clerk of Courts Office from moving forward. The COVID pandemic of 2020 has made this plan even more necessary. Safety of staff personnel needs to be balanced with the public’s ability to access documents, as well as the smooth and continuous operations of the Common Pleas Court. It is for this reason that the Belmont County Clerk of Courts Office sought and received funds from the CARES Act to implement the digitizing of Court files.“I feel fortunate to have this chance to move the Clerk of Courts Office forward with this project and to try and create a safer environment for the staff and the general public,” said Cynthia L. Fegiato, Belmont County Clerk of Courts.“Our partnership with the Belmont County Clerk of Courts Office captures how powerful our expanding solutions and services portfolio is to the market,” said Matt Chretien, Chief Strategy Officer of Intellinetics. “We provide the customer with the peace of mind that comes with knowing that their partner listened to exactly what was needed, tailored a solution, and has the competence to deliver on commitments.”About Intellinetics, Inc. Intellinetics, Inc., located in Columbus, Ohio, is a cloud-based content services software provider. Its IntelliCloud™ suite of solutions serve a mission-critical role for organizations in highly regulated, risk and compliance-intensive markets in Healthcare, K-12, Public Safety, Public Sector, Risk Management, Financial Services and beyond. IntelliCloud solutions make content secure, compliant, and process-ready to drive innovation, efficiencies and growth. For additional information, please visit www.intellinetics.com.CONTACT: Joe Spain, CFO Intellinetics, Inc. 614.921.8170 investors@intellinetics.com

  • Intellinetics, Inc. Reports Third Quarter and Nine Month Results
    GlobeNewswire

    Intellinetics, Inc. Reports Third Quarter and Nine Month Results

    Record Software as a Service and Overall Revenue;  Record Positive Net Income; Earnings per Share of $0.06COLUMBUS, OH, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Intellinetics, Inc. (OTCQB: INLX), a cloud-based document solutions provider, announced financial results for the three and nine months ended September 30, 2020.2020 Third Quarter Financial Highlights * Total Revenue increased 232% from the same period in 2019. * Software as a Service Revenue increased 32% from the same period in 2019. * Net Income of $155,673 compared to Net Loss of $398,753 from the same period in 2019. * Adjusted EBITDA of $374,614, an improvement of $467,447 compared to an adjusted EBITDA loss of $92,833 from the same period in 2019. * Earnings per share of $0.06.2020 Nine Month Financial Highlights * Total Revenue increased 191% from the same period in 2019. * Software as a Service Revenue increased 18% from the same period in 2019. * Net Loss of $772,894 improved from a Net Loss of $1,542,268 from the same period in 2019. * Adjusted EBITDA of $441,774, an improvement of $989,501 compared to an adjusted EBITDA loss of $547,727 from the same period in 2019.Summary – 2020 Third Quarter Results Revenues for the three months ended September 30, 2020 were $2,511,282 as compared with $755,568 for the same period in 2019. The increase in our professional services and storage and retrieval services revenues is primarily due to the addition of revenues from our subsidiary, Graphic Sciences, Inc., acquired March 2, 2020, and the increase in software maintenance services is primarily due to the addition of revenues from the acquisition of the assets of CEO Imaging Systems, Inc. on April 24, 2020. Intellinetics reported net income of $155,673 for the three months ended September 30, 2020 and a net loss of $398,753 for the three months ended September 30, 2019, representing an improvement of $554,426. The improved net income results were primarily the result of improved operating results as well as lower interest expense. Basic and diluted net income per share for the three months ended September 30, 2020 and 2019 was $0.06 and $1.08, respectively.Summary – 2020 Nine Month Results Revenues for the nine months ended September 30, 2020 were $5,557,586 as compared with $1,911,561 for the same period in 2019. The increase in our professional services and storage and retrieval services revenues is primarily due to the addition of revenues from our recently-acquired subsidiary, Graphic Sciences, Inc., and the increase in software maintenance services is primarily due to the addition of revenues from the acquisition of the assets of CEO Imaging Systems, Inc. Intellinetics reported a net loss of $772,894 and $1,542,268 for the nine months ended September 30, 2020 and 2019, respectively, representing a decrease in net loss of $769,374. The decreased net loss was primarily the result of improved operating income contribution, as well as a gain on extinguishment of debt of $287,426, and income tax benefit of $188,300, offset by acquisition-related transaction costs of $636,440. Basic and diluted net loss per share for the nine months ended September 30, 2020 and 2019 was $0.34 and $4.17, respectively.2020 Operational Highlights * Positive net income for three months ended September 30, 2020. * Positive adjusted EBITDA for three and nine months ended September 30, 2020.  * Integration of acquisitions of Graphic Sciences (March 2, 2020) and CEO Imaging Systems, Inc. (April 24, 2020) progressing at or ahead of schedule despite pandemic challenges. * Maintaining benefits for employees furloughed from March through June due to state stay-at-home orders, supported by temporary management salary reductions and other cost savings measures. James F. DeSocio, President & CEO of Intellinetics, stated, “I could not be more proud of our team for the grit and resolve demonstrated during the quarter. Their work is reflected in the continued rapid integration of our acquisitions, the relationships maintained with customers and prospects, and, critically, in our improved operating results. Together, we have delivered a positive net income at Intellinetics for the first quarter since our business began operating as a public company in 2012. We also are reporting our highest ever quarterly software as a service revenues and overall revenues. While we celebrate this achievement, we have our eyes on the future. The COVID pandemic is still affecting our customers and the way we all do business. As a result, we need to be creative and nimble in pursuing revenue streams from new and existing customers. “Our teams have been focused on exactly that, and we have bundled new packages and developed new solutions that help our customers better navigate their own challenges in an environment demanding increased distancing and remote work. One example is a bundled scanning and document solution for customers to transform their records from paper to the cloud, without ever being unable to access a critical document when needed.“I am focused on sustaining the momentum we have achieved. We are maintaining our goal, set last quarter, to continue to deliver positive Adjusted EBITDA for the remainder of 2020. Similarly, despite the lingering pandemic, we expect to deliver revenues in the fourth quarter that are in line with our third quarter results.”Conference Call Intellinetics is holding a conference call to discuss these results on Monday, November 16, 2020, at 9:30 a.m. Eastern Time. The conference call can be accessed by dialing +1 929 205 6099 and providing passcode 81918576516. If you are unable to participate during the live call, a replay of the conference call will be available approximately two hours after the completion of the call through November 30, 2020. To listen to the replay, the call will be archived on the company's website at https://www.intellinetics.com/company-news/.About Intellinetics, Inc. Intellinetics, Inc., located in Columbus, Ohio, is a cloud-based document services software provider. Its IntelliCloud™ suite of solutions serve a mission-critical role for organizations in highly regulated, risk and compliance-intensive markets in Healthcare, K-12, Public Safety, Public Sector, Risk Management, Financial Services and beyond. IntelliCloud solutions make content secure, compliant, and process-ready to drive innovation, efficiencies and growth. Through its Image Technology Group and production scanning department, hundreds of millions of images have been converted from paper to digital, paper to microfilm, and microfiche to microfilm for business and federal, county, and municipal governments. Its operations in Madison Heights, Michigan, also provides its clients with long-term paper and microfilm storage and retrieval options. For additional information, please visit www.intellinetics.com.Cautionary Statement Statements in this press release which are not purely historical, including statements regarding future business and growth, future revenues, including fourth quarter revenues and future revenue streams from new and existing customers, fourth quarter Adjusted EBITDA, cash flow and other synergies associated with our recent acquisition of Graphic Sciences and CEO Imaging and the success of our integration efforts, our other product and service offerings and partnerships mentioned in this release, and in any other industry, market, initiative, service or innovation; cross-selling opportunities Intellinetics’ future revenues, revenue consistency, growth and long-term value, including trends in revenue growth and mix; growth of software as a service, professional services, and maintenance revenue; market penetration; execution of Intellinetics’ business plan, strategy, direction and focus; and other intentions, beliefs, expectations, representations, projections, plans or strategies regarding future growth, financial results, and other future events are forward-looking statements. The forward-looking statements involve risks and uncertainties including, but not limited to, the risks associated with the effect of changing economic conditions, the impact of COVID-19 and related governmental actions and orders on customers, suppliers, employees and the economy and our industry, Intellinetics’ ability to execute on its business plan and strategy, customary risks attendant to acquisitions, trends in the products markets, variations in Intellinetics’ cash flow or adequacy of capital resources, market acceptance risks, the success of Intellinetics’ solutions providers, including human services, health care, and education, technical development risks, and other risks, uncertainties and other factors discussed from time to time in its reports filed with or furnished to the Securities and Exchange Commission, including in Intellinetics’ most recent annual report on Form 10-K as well as subsequently filed reports on Form 8-K. Intellinetics cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Intellinetics disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release. Expanded and historical information is made available to the public by Intellinetics on its website at www.intellinetics.com or at www.sec.gov.CONTACT: Joe Spain, CFO Intellinetics, Inc. 614.921.8170 investors@intellinetics.comNon-GAAP Financial Measure Intellinetics uses non-GAAP Adjusted EBITDA as a supplemental measure of our performance that is not required by, or presented in accordance with, accounting principles generally accepted in the United States (GAAP).A non-GAAP financial measure is a numerical measure of a company's financial performance that excludes or includes amounts so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of a company. Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to net income, operating income, or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities or a measure of our liquidity. Intellinetics urges investors to review the reconciliation of non-GAAP Adjusted EBITDA to the comparable GAAP Net Loss, which is included in this press release, and not to rely on any single financial measure to evaluate Intellinetics’ financial performance.We believe that Adjusted EBITDA is a useful performance measure and is used by us to facilitate a comparison of our operating performance on a consistent basis from period-to-period and to provide for a more complete understanding of factors and trends affecting our business than measures under GAAP can provide alone. We define “Adjusted EBITDA” as earnings before interest expense, any income taxes, depreciation and amortization expense, stock-based compensation, note conversion and note or equity offer warrant or stock expense, gain or loss on debt extinguishment, and significant transaction costs.Reconciliation of Net Income (Loss) to Adjusted EBITDA  For the Three Months Ended September 30,    2020  2019  Net income (loss) - GAAP $155,673  $(398,753) Interest expense, net  115,497   245,156  Depreciation and amortization  89,475   1,901  Stock-based compensation  13,969   58,863  Adjusted EBITDA $374,614  $(92,833)   For the Nine Months Ended September 30,    2020  2019  Net loss - GAAP $(772,894) $(1,542,268) Interest expense, net  522,724   717,650  Significant transaction costs  495,440   -  Stock and warrant issue expense  377,761   -  Depreciation and amortization  204,317   5,908  Stock-based compensation  90,152   270,983  Income tax benefit, net  (188,300)  -  Gain on extinguishment of debt  (287,426)  -  Adjusted EBITDA $441,774  $(547,727) 2020 Second Quarter Adjusted EBITDA Corrections The following tables reflect corrections to our 2020 Second Quarter Adjusted EBITDA amounts, as reported in our earnings release dated August 14, 2020. Our Adjusted EBITDA for the three and six month periods ended June 30, 2020 were $59,374 and $67,160, respectively, and the Adjusted EBITDA reconciliation tables for such periods, as corrected, are fully set forth below. There are no errors or corrections in our historical GAAP financial information for the same periods as reported, as these errors in the computation of our Adjusted EBITDA calculation for those periods did not affect the computation or reporting of our Net Loss or any other historical financial information for those periods. In addition, commencing with the second quarter results, we have included significant transaction costs as an adjustment to EBITDA.For the Three Months Ended June 30, 2020:Significant transaction costs was changed from $175,673 to $131,073, and Adjusted EBITDA was changed from $103,974 to $59,374.  For the Three Months Ended June 30,    2020  2019  Net loss - GAAP $(282,356) $(473,662) Significant transaction costs  131,073   -  Interest expense, net  116,796   239,347  Depreciation and amortization  86,751   2,099  Stock-based compensation  7,110   68,496  Adjusted EBITDA $59,374  $(163,720) For the Six Months Ended June 30, 2020: Significant transaction costs was changed from $636,440 to $495,440, interest expense was changed from $583,331 to $407,227, and Adjusted EBITDA was changed from $384,264 to $67,160.  For the Six Months Ended June 30,    2020  2019  Net loss - GAAP $(928,567) $(1,143,515) Significant transaction costs  495,440   -  Interest expense, net  407,227   472,494  Income tax benefit, net  (188,300)  -  Depreciation and amortization  114,842   4,007  Stock-based compensation  76,183   212,120  Stock and warrant issue expense  377,761   -  Gain on extinguishment of debt  (287,426)  -  Adjusted EBITDA $67,160  $(454,894) INTELLINETICS, INC. and SUBSIDIARY Condensed Consolidated Statements of Operations (Unaudited)  For the Three Months Ended September 30,  For the Nine Months Ended September 30,    2020  2019  2020  2019                Revenues:                 Sale of software $53,767  $170,738  $153,999  $179,590  Software as a service  281,810   214,237   756,497   643,402  Software maintenance services  340,129   248,343   915,483   753,692  Professional services  1,615,445   122,250   3,221,154   334,877  Storage and retrieval services  220,131   -   510,453   -  Total revenues  2,511,282   755,568   5,557,586   1,911,561                    Cost of revenues:                 Sale of software  -   1,469   40,117   4,479  Software as a service  65,712   67,643   209,508   195,911  Software maintenance services  49,354   17,894   127,439   67,813  Professional services  841,016   60,684   1,637,308   152,056  Storage and retrieval services  64,906   -   136,283   -  Total cost of revenues  1,020,988   147,690   2,150,655   420,259                    Gross profit  1,490,294   607,878   3,406,931   1,491,302                    Operating expenses:                 General and administrative  844,186   510,817   2,533,046   1,570,835  Significant transaction costs  -   -   636,440   -  Sales and marketing  285,462   248,757   759,024   739,177  Depreciation and amortization  89,475   1,901   204,317   5,908                    Total operating expenses  1,219,123   761,475   4,132,827   2,315,920                    Income (loss) from operations  271,171   (153,597)  (725,896)  (824,618)                   Other income (expense)                 Gain on extinguishment of debt  -   -   287,426   -  Income tax benefit  -   -   188,300   -  Interest expense, net  (115,498)  (245,156)  (522,724)  (717,650)                   Total other expense  (115,498)  (245,156)  (46,998)  (717,650)                   Net income (loss) $155,673  $(398,753) $(772,894) $(1,542,268)                   Basic and diluted net income (loss) per share: $0.06  $(1.08) $(0.34) $(4.17)                   Weighted average number of common shares outstanding – basic and diluted  2,810,865   370,497   2,271,169   370,205  INTELLINETICS, INC. and SUBSIDIARY Condensed Consolidated Balance Sheets  (Unaudited)       September 30,  December 31,    2020  2019          ASSETS  Current assets:         Cash $1,511,990  $404,165  Accounts receivable, net  1,078,862   329,571  Accounts receivable, unbilled  503,642   23,371  Parts and supplies, net  79,975   4,184  Prepaid expenses and other current assets  207,201   110,841  Total current assets  3,381,670   872,132            Property and equipment, net  716,000   6,919  Right of use assets  2,703,978   97,239  Intangible assets, net  1,239,090   -  Goodwill  2,322,887   -  Other assets  18,784   10,284  Total assets $10,382,409  $986,574            LIABILITIES AND STOCKHOLDERS’ EQUITY(DEFICIT)            Current liabilities:         Accounts payable $183,327  $160,911  Accrued compensation  261,638   70,027  Accrued expenses, other  156,567   140,079  Lease liabilities - current  516,206   47,397  Deferred revenues  1,022,252   754,073  Deferred compensation  100,828   117,166  Earnout liabilities - current  287,390   -  Accrued interest payable - current  4,505   1,212,498  Notes payable - current  612,539   3,339,963  Notes payable - related party - current  -   1,467,400  Total current liabilities  3,145,252   7,309,514            Long-term liabilities:         Notes payable  1,817,681   -  Lease liabilities - net of current portion  2,262,445   53,318  Earnout liabilities - net of current portion  601,810   -  Total long-term liabilities  4,681,936   53,318  Total liabilities  7,827,188   7,362,832            Stockholders’ equity (deficit):         Common stock, $0.001 par value, 25,000,000 shares authorized; 2,810,865 and 370,497 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively  2,811   371  Additional paid-in capital  24,121,370   14,419,437  Accumulated deficit  (21,568,960)  (20,796,066) Total stockholders’ equity (deficit)  2,555,221   (6,376,258) Total liabilities and stockholders’ equity (deficit) $10,382,409  $986,574  INTELLINETICS, INC. and SUBSIDIARY Condensed Consolidated Statements of Cash Flows (Unaudited)  For the Nine Months Ended September 30,    2020  2019          Cash flows from operating activities:         Net loss $(772,894) $(1,542,268) Adjustments to reconcile net loss to net cash used in operating activities:         Depreciation and amortization  204,317   5,908  Bad debt expense  40,325   14,340  Parts and supplies reserve change  10,500   -  Amortization of deferred financing costs  91,156   137,888  Amortization of beneficial conversion option  11,786   53,038  Amortization of debt discount  62,222   -  Amortization of right of use asset  278,879   30,982  Stock issued for services  57,500   87,500  Stock options compensation  32,652   183,483  Note conversion stock issue expense  141,000   -  Warrant issue expense  236,761   -  Interest on converted debt  176,106   -  Gain on extinguishment of debt  (287,426)  -  Amortization of original issue discount on notes  18,296   -  Changes in operating assets and liabilities:         Accounts receivable  333,121   (227,594) Accounts receivable, unbilled  (204,248)  29,766  Parts and supplies  5,105   1,533  Prepaid expenses and other current assets  (25,790)  4,155  Right of use assets  0   (138,549)  Accounts payable and accrued expenses  (589,461)  65,798  Lease liabilities, current and long-term  (269,748)  111,476  Deferred compensation  (16,338)  (35,077) Accrued interest, current and long-term  4,504   523,085  Deferred revenues  69,520   (50,903) Total adjustments  380,739   796,829  Net cash used in operating activities  (392,155)  (745,439)           Cash flows from investing activities:         Cash paid to acquire business, net of cash acquired  (4,019,098)  -     0   -  Purchases of property and equipment  (55,603)  (5,489) Net cash used in investing activities  (4,074,701)  (5,489)           Cash flows from financing activities:         Proceeds from issuance of common stock  3,167,500   -  Offering costs paid on issuance of common stock  (307,867)  -  Payment of deferred financing costs  (175,924)  -  Proceeds from notes payable  3,008,700   -  Repayment of notes payable  (70,000)  -  Repayment of notes payable - related parties  (47,728)  (34,622) Net cash provided by/(used in) financing activities  5,574,681   (34,622)           Net increase (decrease) in cash  1,107,825   (785,550) Cash - beginning of period  404,165   1,088,630  Cash - end of period $1,511,990  $303,080            Supplemental disclosure of cash flow information:         Cash paid during the period for interest     $6,241  Cash paid during the period for taxes $142,018  $-            Supplemental disclosure of non-cash financing activities:         Accrued interest notes payable converted to equity $796,074  $-  Accrued interest notes payable related parties converted to equity  238,883   -  Discount on notes payable for beneficial conversion feature  320,000   -  Discount on notes payable for warrants  135,292   -  Notes payable converted to equity  3,421,063   -  Notes payable converted to equity - related parties  1,465,515   -            Supplemental disclosure of non-cash investing activities relating to business acquisitions:         Cash $17,269  $-  Accounts receivable  1,122,737   -  Accounts receivable, unbilled  276,023   -  Parts and supplies  91,396   -  Prepaid expenses  73,116   -  Other current assets  5,954   -  Right of use assets  2,885,618   -  Property and equipment  735,885   -  Intangible assets  1,361,000   -  Accounts payable  (168,749)  -  Accrued expenses  (162,426)  -  Lease liabilities  (2,947,684)  -  Federal and state taxes payable  (168,900)  -  Deferred revenues  (198,659)  -  Deferred tax liabilities, net  (149,900)  -  Net assets acquired in acquisition  2,772,680   -  Total goodwill acquired in acquisition  2,322,887   -  Total purchase price of acquisition  5,095,567   -  Purchase price of business acquisition financed with earnout liability  (889,200)  -  Purchase price of business acquisition financed with installment payments  (170,000)  -  Cash used in business acquisition $4,036,367  $-