Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
CURRENT ASSETS:    
Cash and cash equivalents $ 3,491,160 $ 12,789,975
Investments 135,240 2,759,024
Trade accounts receivable, less allowance for doubtful accounts of $52,000 and $14,000, respectively 1,801,860 4,402,023
Inventories, net 194,506 136,264
Prepaid income taxes 3,374 35,948
Other current assets 901,755 556,953
Current assets held for sale   15,078,066
TOTAL CURRENT ASSETS 6,527,895 35,758,253
PROPERTY, PLANT AND EQUIPMENT, net 140,762 304,758
OTHER ASSETS:    
Investments 3,061,843 7,109,212
Goodwill 2,086,393 2,086,393
Right of use asset 159,643 284,251
Intangible assets 2,330,073 2,775,361
Other assets 173,953 171,619
Noncurrent assets held for sale 5,593,446 7,066,478
TOTAL OTHER ASSETS 13,405,351 19,493,314
TOTAL ASSETS 20,074,008 55,556,325
CURRENT LIABILITIES:    
Accounts payable 798,457 709,283
Accrued compensation and benefits 1,024,165 1,531,595
Operating lease liability 117,527 127,243
Other accrued liabilities 33,924 318,650
Accrued consideration   550,000
Dividends payable   16,147
Deferred revenue 635,894 456,912
Current liabilities held for sale   3,727,821
TOTAL CURRENT LIABILITIES 2,609,967 7,437,651
LONG TERM LIABILITIES:    
Long-term compensation plans   116,460
Operating lease liability 50,170 167,697
Deferred revenue 396,360 310,179
Long term liabilities held for sale   29,611
TOTAL LONG-TERM LIABILITIES 446,530 623,947
COMMITMENTS AND CONTINGENCIES (Footnote 10)
STOCKHOLDERS’ EQUITY    
Preferred stock, par value $1.00 per share; 3,000,000 shares authorized; none issued
Common stock, par value $0.05 per share; 30,000,000 shares authorized; 9,720,627 and 9,321,927 shares issued and outstanding, respectively 486,031 466,096
Additional paid-in capital 44,878,533 43,572,114
(Accumulated deficit) retained earnings (28,349,336) 4,135,284
Accumulated other comprehensive loss 2,283 (678,767)
TOTAL STOCKHOLDERS’ EQUITY 17,017,511 47,494,727
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 20,074,008 $ 55,556,325