Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
REVENUES:    
Total Revenues $ 13,641,315 $ 12,048,619
COST OF REVENUES:    
Total Cost of Revenues 7,159,877 6,844,396
GROSS PROFIT 6,481,438 5,204,223
OPERATING EXPENSES:    
Selling and marketing expenses 421,535 289,140
Salaries, wages and contract labor 5,570,140 4,299,799
Research and development 431,425 488,694
Professional Fees 252,825 245,033
General and administrative expenses 2,212,035 1,451,461
Total Operating Expenses 8,887,960 6,774,127
LOSS FROM OPERATIONS (2,406,522) (1,569,904)
OTHER INCOME (EXPENSES):    
Interest expense (69,322) (17,180)
Other income, net 4,962 6,197
Total Other Income (Expense) (64,360) (10,983)
NET LOSS $ (2,470,882) $ (1,580,887)
Basic and Diluted Net Loss Per Share $ (1.39) $ (1.06)
Weighted Average Shares-Basic and Diluted 1,781,704 1,485,438
Project Revenues [Member]    
REVENUES:    
Total Revenues $ 11,963,438 $ 10,753,926
COST OF REVENUES:    
Total Cost of Revenues 6,510,658 6,373,684
Maintenance and Technical Support Revenues [Member]    
REVENUES:    
Total Revenues 1,377,459 1,170,215
COST OF REVENUES:    
Total Cost of Revenues 528,966 409,316
IT Asset Management Services Revenues [Member]    
REVENUES:    
Total Revenues 300,418 124,478
COST OF REVENUES:    
Total Cost of Revenues $ 120,253 $ 61,396