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 ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 118,027 $ (2,508,001)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 63,771 23,633
Bad debt expense 99,656 81,694
Share based compensation 225,214 1,555,124
Change in operating assets and liabilities:    
Accounts receivable (899,178) 784,693
Agent annual fees receivable (513,424) (388,122)
Due from affiliates 1,085 188,621
Prepaid and other assets 13,192 10,641
Accounts payable and accrued liabilities 1,540,699 (198,592)
Operating lease right of use assets 51,639 42,674
Operating lease liabilities (50,563) (41,735)
Due to affiliates (571) 1
Net cash provided by (used in) operating activities 649,547 (449,369)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (9,369) (11,137)
Purchase of capitalized software (227,400) (136,600)
Net cash used in investing activities (236,769) (147,737)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on loan payable (8,511) (8,364)
Proceeds from issuance of common stock 83,014 576,000
Purchase of treasury stock (30,000)  
Proceeds from note payable 453,581  
Net cash provided by financing activities 498,084 567,636
Net increase (decrease) in cash and cash equivalents 910,862 (29,470)
Cash and cash equivalents at beginning of period 579,416 1,008,538
Cash and cash equivalents at end of period 1,490,278 979,068
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 65,560 54,500
Income taxes paid $ 2,261 12,505
Right of use assets obtained in exchange for lease liabilities   $ 261,814