Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2019
Dec. 31, 2018
CURRENT ASSETS:    
Cash $ 56,249 $ 1,209,301
Accounts receivable, net 2,611,608 1,538,793
Contract assets 1,375,920 1,208,604
Prepaid expenses and other current assets 716,598 235,198
Total Current Assets 4,760,375 4,191,896
Property and equipment, net 260,181 204,226
Operating lease right of use asset 430,146
OTHER ASSETS:    
Software development costs, net 20,000 40,000
Patents and trademarks, net 61,598 53,871
Total Other Assets 81,598 93,871
TOTAL ASSETS 5,532,300 4,489,993
CURRENT LIABILITIES:    
Accounts payable 2,641,437 1,416,716
Accounts payable - related parties 12,791 13,473
Notes payable - financing agreements 42,299 48,330
Notes payable - related parties, net of discounts 905,373
Line of credit 27,615 31,201
Payroll taxes payable 115,111 317,573
Accrued expenses 393,272 222,328
Current portion - financing lease 45,072
Current portion-operating lease obligations 239,688
Contract liabilities 8,661 2,248,829
Deferred revenue 936,428 362,528
Total Current Liabilities 5,367,747 4,660,978
Finance lease payable, less current portion 89,026
Operating lease obligations, less current portion 202,797
Total Liabilities 5,659,570 4,660,978
Commitments and Contingencies (Note 11)
STOCKHOLDERS' DEFICIT:    
Preferred stock: $0.001 par value, 10,000,000 authorized, 9,485,000 shares available to be designated
Common stock: $0.001 par value; 500,000,000 shares authorized, 1,982,039 and 1,505,883 shares issued, 1,980,715 and 1,505,426 shares outstanding at December 31, 2019 and December 31, 2018, respectively 1,982 1,505
Additional paid-in capital 31,063,915 27,416,802
Total stock & paid-in-capital 32,770,897 30,248,307
Accumulated deficit (32,740,715) (30,269,833)
Sub-total 30,182 (21,526)
Less: Treasury stock (1,324 and 457 shares of common stock at December 31, 2019 and December 31, 2018, respectively) (157,452) (149,459)
Total Stockholders' Deficit (127,270) (170,985)
Total Liabilities and Stockholders' Deficit 5,532,300 4,489,993
Series A Convertible Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock: $0.001 par value, 10,000,000 authorized, 9,485,000 shares available to be designated
Series B Convertible Preferred Stock [Member]    
STOCKHOLDERS' DEFICIT:    
Preferred stock: $0.001 par value, 10,000,000 authorized, 9,485,000 shares available to be designated $ 1,705,000 $ 2,830,000