Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (65,720) $ (2,746,881)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 108,457 41,519
Bad debt expense 106,131 110,451
Share based compensation 322,433 1,579,099
Change in operating assets and liabilities:    
Accounts receivable (1,093,354) 987,819
Agent annual fees receivable (494,929) (531,911)
Due from affiliates 2,561 575,029
Prepaid and other assets (620,649) 31,379
Accounts payable and accrued liabilities 1,427,273 (325,894)
Operating lease right of use assets 16,065 63,061
Operating lease liabilities (14,450) (61,694)
Due to affiliates (23,658) 13,594
Net cash used in operating activities (329,840) (264,429)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (25,878) (19,728)
Purchase of capitalized software (341,100) (232,780)
Net cash used in investing activities (366,978) (252,508)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on loan payable (12,793) (12,573)
Proceeds from issuance of common stock 83,014 576,000
Proceeds from the issuance of common stock in connection with public offering 34,300,000  
Payment of offering cost in connection with issuance of common stock in connection with public offering (3,183,284)  
Purchase of treasury stock (30,000)  
Extinguishment of note payable (500,000)  
Proceeds from note payable 453,581  
Net cash provided by financing activities 31,110,518 563,427
Net increase in cash and cash equivalents 30,413,700 46,490
Cash and cash equivalents at beginning of period 579,416 1,008,538
Cash and cash equivalents at end of period 30,993,116 1,055,028
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 81,803 81,945
Income taxes paid 5,361 12,505
Right of use assets obtained in exchange for lease liabilities   $ 261,814
Issuance of common stock warrants as offering costs in connection with public offering of common stock $ 677,082