<SEC-DOCUMENT>0001654954-21-010535.txt : 20210929
<SEC-HEADER>0001654954-21-010535.hdr.sgml : 20210929
<ACCEPTANCE-DATETIME>20210929145114
ACCESSION NUMBER:		0001654954-21-010535
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210928
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210929
DATE AS OF CHANGE:		20210929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PARK CITY GROUP INC
		CENTRAL INDEX KEY:			0000050471
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				371454128
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34941
		FILM NUMBER:		211291191

	BUSINESS ADDRESS:	
		STREET 1:		5282 SOUTH COMMERCE DRIVE
		STREET 2:		SUITE D292
		CITY:			MURRAY
		STATE:			UT
		ZIP:			84107
		BUSINESS PHONE:		435-645-2000

	MAIL ADDRESS:	
		STREET 1:		5282 SOUTH COMMERCE DRIVE
		STREET 2:		SUITE D292
		CITY:			MURRAY
		STATE:			UT
		ZIP:			84107

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIELDS TECHNOLOGIES INC
		DATE OF NAME CHANGE:	20010626

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERINET GROUP COM INC
		DATE OF NAME CHANGE:	19990803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EQUITY GROWTH SYSTEMS INC /DE/
		DATE OF NAME CHANGE:	19951214
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>pcyg8k_sep282021.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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UNITED STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
Washington, D.C. 20549</font></div>
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FORM 8-K</font></div>
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CURRENT REPORT</font></div>
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Pursuant to Section&#xA0;13 or 15(d) of the</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
Securities Exchange Act of 1934</font></div>
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<font style="font-family: Calibri; font-size: 13px"><font style="color: #000000">Date of Report (Date of earliest event
reported):&#xA0;&#xA0;</font><font style="text-decoration: underline; color: #000000">September 28,
2021</font></font></div>
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<font style="font-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
PARK CITY GROUP, INC.</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
(Exact name of Registrant as specified in its Charter)</font></div>
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Nevada</font></font></font></div>
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<font style="text-decoration: underline"><font style="text-decoration: underline"><font style="font-family: Calibri; font-size: 13px; text-decoration: underline;">
001-34941</font></font></font></div>
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<font style="text-decoration: underline"><font style="text-decoration: underline"><font style="font-family: Calibri; font-size: 13px; text-decoration: underline;">
37-1454128</font></font></font></div>
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<font style="font-family: Calibri; font-size: 13px">(State or other
jurisdiction of incorporation)</font></div>
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<font style="font-family: Calibri; font-size: 13px">(Commission
File No.)</font></div>
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<font style="font-family: Calibri; font-size: 13px">(IRS Employer
Identification No.)</font></div>
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<font style="text-decoration: underline"><font style="color: #000000; font-family: Calibri; font-size: 13px">5282 South
Commerce Drive, Suite D292, Murray, Utah 84107</font></font></div>
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<font style="font-family: Calibri; font-size: 13px">(Address of
principal executive offices)</font></div>
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<font style="text-decoration: underline"><font style="font-family: Calibri; font-size: 13px">(435)
645-2000</font></font></div>
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<font style="font-family: Calibri; font-size: 13px">(Registrant&#x2019;s
Telephone Number)</font></div>
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<font style="text-decoration: underline"><font style="font-family: Calibri; font-size: 13px">Not
Applicable</font></font></div>
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<font style="font-family: Calibri; font-size: 13px">(Former name or
address, if changed since last report)</font></div>
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Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):</font></div>
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<font style="color: #000000; font-family: Calibri; font-size: 13px">
[&#xA0; ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</font></div>
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[&#xA0; ] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</font></div>
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[&#xA0; ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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<font style="color: #000000; font-family: Calibri; font-size: 13px">
[&#xA0; ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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<font style="color: #000000; font-family: Calibri; font-size: 13px">
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17
CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934
(17 CFR 240.12b-2)</font></div>
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<font style="color: #000000; font-family: Calibri; font-size: 13px">
Emerging growth company [ ]</font></div>
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<font style="color: #000000; font-family: Calibri; font-size: 13px">
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. [
]</font></div>
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<font style="color: #000000; font-family: Calibri; font-size: 13px">
Securities registered pursuant to Section 12(b) of the
Act:</font></div>
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<font style="color: #000000; font-family: Calibri; font-size: 13px">
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<font style="text-decoration: underline"><font style="text-decoration: underline"><font style="font-family: Calibri; font-size: 13px; text-decoration: underline;">
&#xA0;<font style="font-weight: bold; text-decoration: underline;">Title of each
class</font></font></font></font></div>
</td>
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&#xA0;<font style="font-weight: bold; text-decoration: underline;">Trading
Symbol(s)</font></font></font></font></div>
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<font style="text-decoration: underline"><font style="text-decoration: underline"><font style="font-family: Calibri; font-size: 13px; text-decoration: underline;">
&#xA0;<font style="font-weight: bold; text-decoration: underline;">Name of exchange
on which registered</font></font></font></font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;Common
stock, par value $0.01 per share</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;PCYG</font></div>
</td>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;Nasdaq
Capital Market</font></div>
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<font style="font-family: Calibri; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; background-color: #FFFFFF; font-weight: bold; font-family: Calibri; font-size: 13px">
Item 2.02 Results of Operations and Financial
Condition.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; background-color: #FFFFFF; font-family: Calibri; font-size: 13px">
&#xA0;</font></div>
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<font style="font-family: Calibri; font-size: 13px"><font style="color: #000000; background-color: #FFFFFF">On September 28, 2021,
Park City Group, Inc. (the &#x201C;</font><font style="font-style: italic; color: #000000; background-color: #FFFFFF">Company</font><font style="color: #000000; background-color: #FFFFFF">&#x201D;)
issued a press release and hosted an earnings call to announce the
Company&#x2019;s financial results for the fourth quarter and fiscal
year ended June 30, 2021. A copy of the press release and the
earnings call transcript are attached hereto as Exhibit 99.1 and
99.2, respectively.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Calibri; font-size: 13px"><font style="color: #000000; background-color: #FFFFFF">In accordance with
General Instruction B.2 for Form 8-K, the information in this Form
8-K, including Exhibits 99.1 and 99.2, shall not be deemed
&#x201C;filed&#x201D; for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the &#x201C;</font><font style="font-style: italic; color: #000000; background-color: #FFFFFF">Exchange
Act</font><font style="color: #000000; background-color: #FFFFFF">&#x201D;), or otherwise
subject to the liabilities of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of
1933, as amended, or the Exchange Act, except as expressly set
forth by specific reference in such filing.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
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<font style="color: #000000; background-color: #FFFFFF; font-weight: bold; font-family: Calibri; font-size: 13px">
Item 7.01 Regulation FD Disclosure.</font></div>
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<font style="color: #000000; background-color: #FFFFFF; font-family: Calibri; font-size: 13px">
See Item 2.02.</font></div>
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<font style="color: #000000; background-color: #FFFFFF; font-weight: bold; font-family: Calibri; font-size: 13px">
Item 9.01 Financial Statements and Exhibits.</font></div>
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(d) Exhibits</font></div>
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<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
Exhibit Number</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
Description</font></div>
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<td style="vertical-align: middle; width: 10%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="ex99-1.htm"><font style="color: #0000FF; font-family: Calibri; font-size: 13px">99.1</font></a></div>
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<div><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Press Release,
dated September 28, 2021</font></div>
</td>
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<td style="vertical-align: middle; width: 10%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="ex99-2.htm"><font style="color: #0000FF; font-family: Calibri; font-size: 13px">99.2</font></a></div>
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<div><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Earnings Call
Transcript</font></div>
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<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
SIGNATURES</font></div>
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<font style="font-family: Calibri; font-size: 13px">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</font></div>
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<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
PARK CITY GROUP INC.</font></div>
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<font style="font-family: Calibri; font-size: 13px">September 29,
2021</font></div>
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<font style="font-family: Calibri; font-size: 13px">/s/ John
Merrill</font></div>
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<font style="font-family: Calibri; font-size: 13px">John
Merrill</font></div>
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<font style="font-family: Calibri; font-size: 13px">Chief Financial
Officer</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE, DATED SEPTEMBER 28, 2021
<TEXT>
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<head>
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<title>ex99-1</title>
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<font style="font-family: Calibri; font-size: 13px;"><font style="font-weight: bold">Exhibit 99.1</font><br></font></div>
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<font style="font-family: Calibri; font-size: 13px;">&#xA0;</font></div>
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<font style="color: #000000; font-weight: bold; font-family: Calibri; font-size: 13px">
Park City Group Reports 158% Increase in Net Income for Fiscal
Full-Year 2021</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #000000; font-family: Calibri; font-size: 13px">
Company Ends Fiscal Year with $24.0 Million in Cash</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Calibri; font-size: 13px"><font style="font-weight: bold; color: #000000">Salt Lake City, UT &#x2013;
September 28, 2021 &#x2013;</font> <font style="color: #000000">Park
City Group, Inc. (NASDAQ: PCYG), the parent company of ReposiTrak,
Inc., which operates a B2B ecommerce, compliance, and supply chain
platform that partners with retailers, wholesalers, and their
suppliers, to accelerate sales, control risk, improve supply chain
efficiencies, and source hard-to-find items, today announced
financial results for the fourth fiscal quarter and full-year
period ended June 30, 2021.</font></font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Calibri; font-size: 13px">
Full-Year Financial Highlights:</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">Total
revenue increased 5% to $21.0 million from $20.0 million in the
prior fiscal year due to higher MarketPlace revenue and an increase
in SaaS subscription revenue, partially offset by lower one-time
revenue.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">Recurring
SaaS revenue increased 11% to $17.7 million. The annualized run
rate (ARR) of recurring revenue exiting the year was $18.4
million.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">Total
operating expenses declined 2% to $18.1 million from $18.6 million
in the prior fiscal year.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">GAAP net
income increased 158% to $4.1 million vs. GAAP net income of $1.6
million in the prior fiscal year.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">Net income
to common shareholders of $3.5 million, up 251% compared to $1.0
million last year.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">EPS
increased 251% to $0.18 vs. $0.05 in the prior fiscal
year.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">Cash from
operations increased 29% to $5.4 million from $4.2 million in the
prior fiscal year.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Calibri; font-size: 13px">
Fourth Quarter Financial Highlights:</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">Total
revenue decreased 21% to $4.6 million from $5.8 million in the
prior fiscal quarter due to lower MarketPlace revenue.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">Recurring
SaaS revenue increased 8% to $4.5 million.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">Total
operating expenses declined 35% to $3.4 million from $5.3 million
in the prior fiscal quarter due to lower cost of goods associated
with lower Marketplace revenue.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">GAAP net
income increased 143% to $1.2 million vs. GAAP net income of
$480,000 in the prior fiscal quarter.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">Net income
to common shareholders increased 206% to $1.0 million, vs. $333,000
in the prior fiscal quarter.</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="color: #000000; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #000000; font-family: Calibri; font-size: 13px">EPS
increased 207% to $0.05 vs. $0.02 in the prior fiscal
quarter.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px"><a name="_Hlk39224273"><!--anchor--></a><font style="color: #000000">Randall K. Fields, Chairman and CEO of Park City
Group commented, &#x201C;We continue to grow our recurring revenue,
our earnings per share and our cash balances. We are laser focused
on growing long-term and increasing profitability as we expand our
offerings. Recurring revenue increased 11% this year, and our net
income grew 158%, enabling us to increase our cash balances by
nearly $4 million. We achieved this while simultaneously buying
back $1.3 million in common stock &#x2013; all in the midst of a
global pandemic.&#x201D;</font></font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
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<font style="color: #000000; font-family: Calibri; font-size: 13px">
&#x201C;We enter fiscal 2022 with the strongest balance sheet in our
history,&#x201D; added Mr. Fields. &#x201C;Our $17.7 million in base
recurring revenue covers our SaaS cash fixed costs. And, we
continue to offer a growing portfolio of solutions which our
customers need and demand. Our current fiscal year is off to a
strong start, with both of our SaaS family of products continuing
the momentum from last year. In response to the FDA&#x2019;s
traceability rule as part of the Food Safety Modernization Act
(FSMA), we are collaborating closely with industry thought leaders
to bring a sophisticated and affordable Track and Trace solution to
the larger market. Several of our customers have already begun to
utilize our traceability solution with their suppliers. We already
provide Track and Trace, affordably, effectively and at scale, so
we are uniquely qualified to address this traceability requirement
&#x2013; it&#x2019;s what we do.&#x201D;</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px"><font style="font-weight: bold; color: #000000">Fiscal 2021 Full-Year
Results</font> <font style="color: #000000; font-size: 13px">(fiscal year ended June 30, 2021
vs. fiscal year ended June 30, 2020):</font></font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Total revenue increased 5% to $21.0 million, as compared to $20.0
million last year. Total operating expense was $18.1 million, a
decrease of 2% from $18.6 million a year ago. GAAP net income was
$4.1 million versus $1.6 million a year ago, and GAAP net income to
common shareholders was $3.5 million, or $0.18 per diluted share,
compared to $1.0 million, or $0.05 per diluted share, a year
ago.</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px"><font style="font-weight: bold; color: #000000; font-size: 13px">Fourth Quarter
Financial Results</font><font style="color: #000000; font-size: 13px">&#xA0;</font><font style="color: #000000">(</font><font style="font-style: italic; color: #000000">three months ended June 30,
2021 vs. three months ended June 30, 2020):</font></font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Total revenue decreased 21% to $4.6 million as compared to $5.8
million due largely to decreases in MarketPlace revenue as demand
for COVID items began to abate. This is partially offset by an 8%
increase in quarterly recurring revenue. Total operating expense
decreased 35% to $3.4 million due to a decrease in cost of goods
related to the lower MarketPlace revenue. GAAP net income was $1.2
million, versus $480,000. GAAP net income to common shareholders
was $1.0 million, or $0.05 per diluted share, compared to $333,000,
or $0.02 per diluted share.</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
Share Repurchases:</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px"><font style="color: #000000">In the fourth quarter, the</font> <font style="color: #000000">Company repurchased 126,927 shares at an average
price of $6.30 for a total of $800,000. To date, the Company has
repurchased 710,713 shares at an average price of $5.55 for a total
of $3.95 million.</font></font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Subsequent to the end of the fiscal year, Park City Group&#x2019;s
Board of Directors authorized an additional $12 million
buyback.</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
Balance Sheet:</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
The Company had $24.0 million in cash and cash equivalents at June
30, 2021, compared to $20.3 million at June 30, 2020, an 18%
increase.</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
Conference Call:</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">The Company
will host a conference call at 4:15 p.m. Eastern today to discuss
the Company&#x2019;s results. The conference call will also be
webcast and will be available via the investor relations section of
the Company&#x2019;s website, www.parkcitygroup.com.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Participant
Dial-In Numbers:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Date: Tuesday,
September 28th</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Time: 4:15 p.m.
ET (1:15 p.m. PT)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Toll-Free:
1-877-407-9716</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Toll/International
1<font style="font-family: Calibri; font-size: 13px">&#xA0;</font>-201-493-6779</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Conference ID:
13722947</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Replay Dial-In
Numbers:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Toll Free: 1-844-512-2921</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Toll/International: 1-412-317-6671</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Replay Start: Tuesday September 28, 2021, 7:15 p.m. ET</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Replay Expiry: Thursday October 28, 2021, 11:59 p.m.
ET</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Replay Pin Number: 13722947</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
About Park City Group:</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px"><font style="color: #000000">Park City Group, Inc. (NASDAQ:PCYG), the parent
company of ReposiTrak, Inc., a compliance, supply chain, and
e-commerce platform that enables retailers, wholesalers, and their
suppliers, to accelerate sales, control risk, and improve supply
chain efficiencies. More information is available at</font>
<font style="text-decoration: underline; color: #0000FF">www.parkcitygroup.com</font>
<font style="color: #000000">and</font> <font style="text-decoration: underline; color: #0563C1">www.repositrak.com</font><font style="color: #000000">.</font></font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Specific disclosure relating to Park City Group, including
management's analysis of results from operations and financial
condition, are contained in the Company's annual report on Form
10-K for the fiscal year ended June 30, 2020 and other reports
filed with the Securities and Exchange Commission. Investors are
encouraged to read and consider such disclosure and analysis
contained in the Company's Form 10-K and other reports, including
the risk factors contained in the Form 10-K.</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Calibri; font-size: 13px">
Forward-Looking Statement</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Any statements contained in this document that are not historical
facts are forward-looking statements as defined in the U.S. Private
Securities Litigation Reform Act of 1995. Words such as
&#x201C;anticipate,&#x201D; &#x201C;believe,&#x201D;
&#x201C;estimate,&#x201D; &#x201C;expect,&#x201D;
&#x201C;forecast,&#x201D; &#x201C;intend,&#x201D; &#x201C;may,&#x201D;
&#x201C;plan,&#x201D; &#x201C;project,&#x201D; &#x201C;predict,&#x201D;
&#x201C;if&#x201D;, &#x201C;should&#x201D; and &#x201C;will&#x201D; and
similar expressions as they relate to Park City Group, Inc.
(&#x201C;Park City Group&#x201D;) are intended to identify such
forward-looking statements. Park City Group may from time-to-time
update these publicly announced projections, but it is not
obligated to do so. Any projections of future results of operations
should not be construed in any manner as a guarantee that such
results will in fact occur. These projections are subject to change
and could differ materially from final reported results. For a
discussion of such risks and uncertainties, see &#x201C;Risk
Factors&#x201D; in Park City&#x2019;s annual report on Form 10-K, its
quarterly report on Form 10-Q, and its other reports filed with the
Securities and Exchange Commission under the Securities Exchange
Act of 1934, as amended. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the dates on which they are made.</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Calibri; font-size: 13px">
Investor Relations Contact:</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
John Merrill, CFO</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; color: #0000FF; font-family: Calibri; font-size: 13px">
investor-relations@parkcitygroup.com</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Or</font></div>
<div><font style="font-family: Calibri; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
FNK IR</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
Rob Fink</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Calibri; font-size: 13px">
646.809.4048</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; color: #0000FF; font-family: Calibri; font-size: 13px">
rob@fnkir.com</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
PARK CITY GROUP, INC.</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
Consolidated Balance Sheets</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-style: italic; font-family: Calibri; font-size: 13px">
Assets</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;">June
30,</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;">2021</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;">June
30,</font></div>
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;">2020</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Current
Assets</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Calibri;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Calibri;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Cash</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">24,070,322</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">20,345,330</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Receivables, net of
allowance for doubtful accounts of $234,693 and $<font style="color: #000000">251,954</font> at June 30, 2021 and 2020,
respectively</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">3,891,699</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">4,007,316</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Contract asset &#x2013;
unbilled current portion</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,248,936</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">2,300,754</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Prepaid expense and other
current assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">490,817</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">495,511</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Total
Current Assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">29,701,774</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">27,148,911</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Property
and equipment, net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,589,194</font><font style="text-align: left; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">&#xA0;</font><font style="text-align: right; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,003,402</font><font style="text-align: left; font-family:Calibri;font-weight:bold;vertical-align:bottom;display:inline-block;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Other
Assets:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Deposits, and other
assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">22,414</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">22,414</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Prepaid expense &#x2013;
less current portion</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">47,987</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">77,030</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Contract asset &#x2013;
unbilled long-term portion</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">408,925</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">838,726</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Operating lease &#x2013;
right-of-use asset</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">695,371</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">781,137</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Customer
relationships</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">525,600</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">657,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Goodwill</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">20,883,886</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">20,883,886</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Capitalized software costs,
net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">171,732</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">18,539</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Total
Other Assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">22,755,915</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">23,278,732</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Total
Assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">55,046,883</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">53,431,045</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-style: italic; font-family: Calibri; font-size: 13px">
Liabilities and Shareholders&#x2019; Equity</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Current
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Accounts
payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">467,194</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">407,497</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Accrued
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">988,092</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,123,528</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Contract liability -
deferred revenue</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,755,341</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,845,347</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Lines of
credit</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">6,000,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">4,660,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Operating lease liability -
current</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">90,156</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">85,767</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Current portion of notes
payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">310,242</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Current portion of paycheck
protection program loans</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">479,866</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Total
current liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">9,300,783</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">8,912,247</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Long-term
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Operating lease liability
&#x2013; less current portion</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">605,214</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">695,369</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Notes payable, less current
portion</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">610,512</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Paycheck protection program
loans</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">629,484</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Total
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">9,905,997</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">10,847,612</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Commitments
and contingencies</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Stockholders&#x2019;
equity:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Preferred
Stock; $0.01 par value, 30,000,000 shares authorized;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Series B
Preferred, 700,000 shares authorized; 625,375 shares issued and
outstanding at June 30, 2021 and 2020;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">6,254</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">6,254</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="color: #000000; font-family: Calibri; font-size: 13px">Series B-1
Preferred, 550,000 shares authorized; 212,402 shares issued and
outstanding at June 30, 2021 and 2020, respectively</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">2,124</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">2,124</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Common Stock, $0.01 par
value, 50,000,000 shares authorized; 19,351,935 and <font style="color: #000000">19,484,485</font> issued and outstanding at June
30, 2021 and 2020, respectively</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">193,522</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">194,847</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Additional paid-in
capital</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">74,298,924</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">75,271,097</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: justify; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Accumulated
deficit</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(29,359,938</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(32,890,889</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Total
stockholders&#x2019; equity</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">45,140,886</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">&#xA0;</font><font style="text-align: right; border-bottom:solid 2px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">42,583,433</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:2px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-weight: bold; font-family: Calibri; font-size: 13px">Total
liabilities and stockholders&#x2019; equity</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">55,046,883</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Calibri;font-size:13px;">$</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Calibri;font-size:13px;">53,431,045</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Calibri; font-size: 13px">-4-</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
PARK CITY GROUP, INC. AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
Consolidated Statements of Operations</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;">For the
Years Ended June 30,</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;">2021</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;">2020</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Calibri;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Calibri;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Revenue</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Calibri;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">21,007,076</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Calibri;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">20,038,054</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Operating
expense:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Cost of revenue and product
support</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">6,884,647</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">6,997,424</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Sales and
marketing</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">4,995,578</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">5,775,309</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">General and
administrative</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">5,214,936</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">4,948,443</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Depreciation and
amortization</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">1,019,515</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">838,866</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Total operating
expense</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">18,114,676</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">18,560,042</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Income from
operations</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">2,892,400</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,478,012</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Other income
(expense):</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Interest
income</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">237,269</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">224,908</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Interest
expense</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(106,680</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(67,732</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Unrealized gain on short
term investments</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">61,953</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Gain on debt
extinguishment</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">1,109,350</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Income&#xA0;before income
taxes</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">4,194,292</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">1,635,188</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">(Provision) for income
taxes</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(76,897</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(41,919</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Net income</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">4,117,395</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">1,593,269</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Dividends on Preferred
Stock</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(586,444</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(586,444</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Net income applicable to
common shareholders</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">3,530,951</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,006,825</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Weighted average shares,
basic</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">19,502,000</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">19,651,000</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Weighted average shares,
diluted</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">19,754,000</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">19,863,000</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Basic earnings per
share</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.18</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.05</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Diluted earnings per
share</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.18</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.05</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Calibri; font-size: 13px">-5-</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
PARK CITY GROUP, INC. AND SUBSIDIARIES</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
Consolidated Statements of Cash Flows</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;">
<div><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;">For the
Years Ended June 30,</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:5%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;">2021</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Calibri;">2020</font></div>
</font><font style="text-align: left; padding-bottom:2px;width:10%;vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Cash flows from operating
activities:</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Calibri;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Calibri;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Net income</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">4,117,395</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,593,269</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Adjustments to reconcile
net income to net cash provided by operating
activities:&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Calibri; font-size: 13px">Depreciation and
amortization</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,019,515</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">803,002</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Calibri; font-size: 13px">Amortization of operating
right of use asset</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">85,766</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">81,604</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Calibri; font-size: 13px">Stock compensation
expense</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">336,695</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">399,681</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Calibri; font-size: 13px">Bad debt
expense</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,056,205</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">800,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Calibri; font-size: 13px">Gain on debt
extinguishment</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(1,109,350</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Calibri; font-size: 13px">Decrease (increase)
in:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Trade
receivables</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(199,437</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(205,718</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Long-term receivables,
prepaids and other assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">465,978</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,279,674</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Calibri; font-size: 13px">Increase (decrease)
in:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Accounts
payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">59,697</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(122,797</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Accrued
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(254,601</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(278,255</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Operating lease
liability</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(85,766</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(81,605</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Deferred
revenue</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(90,282</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(72,716</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:24px;"><font style="font-family: Calibri; font-size: 13px">Net cash provided by
operating activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">5,401,815</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">4,196,139</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Cash flows from investing
activities:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Purchase
of property and equipment</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(147,140</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(650,422</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;Capitalization of
software development costs</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(171,733</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">-</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Net
cash used in investing activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(318,873</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(650,422</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Cash flows from financing
activities:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Proceeds
from employee stock purchase plans</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">117,487</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">120,923</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;
Proceeds from issuance of note payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,109,350</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Net
increase in lines of credit</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,340,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Dividends
paid</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(586,444</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(586,444</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Common
stock buy-back</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(1,308,238</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">(2,158,471</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Payments
on notes payable and capital leases</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(920,755</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(295,168</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Net
cash used in financing activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(1,357,950</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(1,809,810</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Net increase in cash and
cash equivalents</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">3,724,992</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">1,735,907</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Cash and cash equivalents
at beginning of period</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">20,345,330</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Calibri;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">18,609,423</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">Cash and cash equivalents
at end of period</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">24,070,322</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Calibri;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">20,345,330</font><font style="text-align: left; font-family:Calibri;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Calibri;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Calibri; font-size: 13px">-6-</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex99-2.htm
<DESCRIPTION>EARNINGS CALL TRANSCRIPT
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C O R P O R A T E P A R T I C I P A N T S</font></div>
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<font style="font-family: Calibri; font-size: 13px"><font style="font-weight: bold; color: #000000">Rob Fink,</font> <font style="font-style: italic; color: #000000">Managing Partner, FNK
IR</font></font></div>
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<font style="font-family: Calibri; font-size: 13px"><font style="font-weight: bold; color: #000000">John Merrill,</font>
<font style="font-style: italic; color: #000000">Chief Financial
Officer</font></font></div>
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<font style="font-family: Calibri; font-size: 13px"><font style="font-weight: bold; color: #000000">Randy Fields,</font>
<font style="font-style: italic; color: #000000">Chairman and Chief
Executive Officer</font></font></div>
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C O N F E R E N C E C A L L P A R T I C I P A N T S</font></div>
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<font style="font-family: Calibri; font-size: 13px"><font style="font-weight: bold">Tom Forte,</font> <font style="font-style: italic">D.A. Davidson</font></font></div>
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P R E S E N T A T I O N</font></div>
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Operator</font></div>
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<font style="font-family: Calibri; font-size: 13px">Greetings, and
welcome to Park City Group Fiscal Fourth Quarter and Full Year 2021
Earnings Call.</font></div>
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<font style="font-family: Calibri; font-size: 13px">As a reminder,
this conference is being recorded.</font></div>
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<font style="font-family: Calibri; font-size: 13px">I'd now like to
turn the conference over to your host, Rob Fink.</font></div>
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Rob Fink</font></div>
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<font style="font-family: Calibri; font-size: 13px">Thank you,
Operator.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Good afternoon,
everyone. Thank you for joining us today for Park City Group's
Fiscal Fourth Quarter and Full Year Earnings Conference Call.
Hosting the call today are Randy Fields, Park City Group's CEO and
Chairman, and John Merrill, Park City Group's CFO.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Before we
begin, I would like to remind everyone that this call could contain
forward-looking statements about Park City Group within the meaning
of the Private Securities Litigation Reforms Act of 1995.
Forward-looking statements are statements that are not subject to
historical facts. Such forward-looking statements are based on
current beliefs and expectations. Park City Group Management are
subject to risks and uncertainties, which could cause actual
results to differ materially from those forward-looking statements.
Such risks are fully disclosed in the Company's filings with the
Securities and Exchange Commission. The information set forth
herein should be considered in light of such risks.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Park City Group
does not assume any obligation to update information contained in
this conference call.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Shortly after
the market close today, the Company issued a press release
overviewing the financial results that will be discussed on today's
call. Investors can visit the Investor Relations section of the
Company's website at parkcitygroup.com to access this press
release.</font></div>
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<font style="font-family: Calibri; font-size: 13px">With all that
said, I would now like to turn the call over to John
Merrill.</font></div>
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<font style="font-family: Calibri; font-size: 13px">John, the call
is yours.</font></div>
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<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
John Merrill</font></div>
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<font style="font-family: Calibri; font-size: 13px">Thanks, Rob,
and good afternoon, everyone.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">We continue to
execute on our stated strategy, delivering another profitable
quarter and year of growth. We've established a profit-oriented
business model with significant recurring revenue, low fixed costs,
and a growing operating margin. Our business is now easy to model,
and on an annual basis, we have significant confidence in
consistent growth. Each incremental dollar from here largely falls
to the bottom line, meaning our profitability will grow
substantially faster than our revenue, as it did in the fourth
fiscal quarter and all of last year. This yields a strong free cash
flow.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Highlights of
the fiscal year ended June 30 are as follows.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Recurring
revenue for our SaaS business, which includes compliance and supply
chain, was up 11% to $17.7 million.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Recurring
revenue as a percentage of total revenue increased from 80% to
84%.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Our annual
recurring revenue run rate, or ARR, as of June 30, 2021, was $18.4
million &#x2013; a baseline of recurring revenue for Fiscal
2022.</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">MarketPlace
revenue increased 11% to $3.2 million.</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">With
across-the-board growth, total revenue increased 5% to $21
million.</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">SG&amp;A
expenses decreased 5% against the 5% revenue growth.</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Net income
increased 158% to more than $4.1 million.</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Cash from
operations grew to $5.4 million, up 29%,</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">And we ended
the year with $24 million in cash or approximately $1.23 per
share.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">We have
successfully built a scalable, profitable and growing business made
up of two components: a recurring SaaS business, and a
transactional MarketPlace business. We continue to drive both
components with a modest SG&amp;A cost structure, which enables us
to grow our bottom line faster than our top line. Our MarketPlace
offering has matured and its value to our customers has been
proven, albeit with a significantly less contribution
margin.</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">In order to
improve the margin of MarketPlace, we are planning some structural
changes in how we go to market to bring its contribution more in
line with our SaaS offerings. In other words, we intend to convert
MarketPlace from a transactional, highly unpredictable business to
a software-as-a-service comparable to our compliance and supply
chain offerings. We were successful at converting $5 million to $6
million a year in one-time license and service revenue to SaaS, so
I'm confident over the course of time we can do the same with
MarketPlace. In the meantime, MarketPlace remains largely
transactional and unpredictable.</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">As mentioned,
our full year recurring revenue at June 30 was $17.7 million. Our
annualized recurring revenue exit rate at June 30, 2021, was $18.4
million for Fiscal 2022, assuming no growth. Our stated goal, as we
have said in the past, is to grow recurring revenue by 10% to 20%
per year. As we have experienced very low attrition and we are
effectively at a 100% recurring revenue for the software side of
the business, our base recurring revenue is now highly predictable.
Furthermore, our sales team is incentivized on growing recurring
revenue beyond the base.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">We operate our
cash fixed costs of $12 million per annum, absent MarketPlace. With
$17.7 million in recurring revenue against $12 million in cash
costs, we are structurally a profitable Company. This is reflected
in our $5.4 million cash generated from operations. As I've said
before, about 80-85 percent of any incremental SaaS revenue over
the $12 million base falls to the bottom line, as we can scale our
revenue with very little incremental costs. MarketPlace on the
other hand roughly provides a 5% to 10% contribution margin. It's
not the software side of the business at north of an 80% margin,
but it does meet a customer demand despite its long-term
uncertainty. Our customers really like the service and we believe a
subscription model similar to an Amazon Prime will be well
received.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">To summarize,
we have a combination of solutions that enables customers to be
compliant, provide more actionable visibility into their supply
chain, replace vendors, and source hard to find items. More now
than ever before we are an important resource for our customers,
simultaneously driving top-line revenue growth, profitability, and
cash.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Turning to the
quarterly numbers, Fiscal Year 2021 fourth quarter revenue was $4.6
million, down 20.5% from $5.8 million in the same quarter last
year. The decrease was due to lower transactional MarketPlace
revenue. At the height of COVID, many of our MarketPlace customers
demanded nitrile gloves and masks. As the larger pandemic concern
has abated over the last six months, so has the demand for
hard-to-find COVID-related items. Again, MarketPlace is
transactional revenue, highly unpredictable, but does fill a
customer demand.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Total operating
expense decreased 35% from $5.3 million in Q4 2020 to $3.4 million
in Q4 2021. The decrease in total operating expenses reflects
largely a $2 million decrease in the cost of goods sold, associated
with lower MarketPlace revenue. Sales and marketing expenses
increased from $1.3 million in Q4 2020 to $1.4 million in Q4 2021.
This 8% increase was the result of an increase in sales travel,
trade shows and other sales-related costs as longer-term COVID
concerns slowly continue to abate.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">G&amp;A costs
increased from $1.4 million in Q4 2020 to $1.6 million in Q4 2021.
This was primarily the result of an increase in higher liability
insurance costs and an increase in the reserve for doubtful
accounts. As I have said in previous calls, while we have not
experienced a significant customer default, we believe it is
prudent to increase our reserves, given some delayed payments we
received and given the ongoing disruptions in the supply chain have
affected some customers more than others.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">For the fourth
quarter of Fiscal 2021, GAAP net income was $1.2 million or 26.1%
of revenue versus $480,000 or 8.3% of revenue. Net income to common
Shareholders was $1 million or $0.05 per common share versus
$333,000 or $0.02 per common share in the same period in Fiscal
2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Turning to the
full year numbers. For the year ended June 30, 2021, total revenue
was $21 million compared to $20 million last year. This 5% increase
in revenue is due to both growth in recurring subscription revenue
and MarketPlace revenue. Full year recurring revenue growth in the
software business was 11%. MarketPlace growth was 10.6%. Cost of
services and product support was $6.9 million compared to $7
million last year. This modest decrease is primarily the result of
higher expense associated to MarketPlace and the sales of PPE,
partially offset by lower overall development costs, a reduction in
outside consulting services and other cost cutting measures
implemented in response to COVID.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">While we've
experienced a significant increase in MarketPlace revenue and cost
during the pandemic due to demand in PPE, it is unclear what level
of ongoing MarketPlace costs we may experience if the pandemic
continues to abate.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Sales and
marketing expenses were $5 million compared to $5.8 million last
year, a 15.6% decrease. The decrease is due to a reduction in trade
show expense and lower overall sales and marketing expenses,
particularly travel expense.</font></div>
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<font style="font-family: Calibri; font-size: 13px">G&amp;A expense
was $5.2 million compared to $4.9 million last year, a 5.4%
increase. G&amp;A expense increased year-over-year due to an
increase in bad debt expense and higher insurance costs. These
increases were partially offset by lower general overhead due to
cost cutting measures and natural reductions due to our work from
home status since April of 2020.</font></div>
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<font style="font-family: Calibri; font-size: 13px">For the year
ended June 30, 2021, GAAP net income was $4.1 million compared to
$1.6 million for the same period of Fiscal 2020. This 158% increase
in net income is largely due to an increase in revenue and lower
SG&amp;A expenses. Fiscal 2021 net income to common Shareholders
was $3.5 million or $0.18 per common share compared to $1 million
or $0.05 per common share for the same period in 2020.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Turning now to
cash flow and cash balances. For the Fiscal Year 2021, we generated
cash from operations of $5.4 million compared to $4.2 million last
year, an increase of 29%. Total cash at June 30, 2021, was $24
million compared to $20.3 million at the end of Fiscal Year 2020,
an 18% increase.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">With respect to
our stock buyback program, as we said during the height of the
pandemic, we made the prudent decision to halt our buyback program.
We recommenced the program in the third fiscal quarter and
continued our activity in the fourth quarter, repurchasing 126,927
shares at an average price of $6.30 per share for a total of
$800,000.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">As our business
in its current and future cash flows have continued to increase in
their visibility and likelihood, the Board decided to increase the
size of our buyback by $10 million. This takes our total
authorization to $12 million. As said before, we believe our stock,
given the predictability of business, continues to be a very good
long-term investment for us and our Shareholders.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Thanks,
everyone, for your time today, and at this point, I'll pass the
call over to Randy.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Randy.</font></div>
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<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
Randy Fields</font></div>
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<font style="font-family: Calibri; font-size: 13px">Thanks,
John.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">To sum up the
year, we grew our recurring revenue by 11%. We more than tripled
our net income to common Shareholders. We generated more than $5
million of cash and we ended the year with more than $24 million of
cash. Our annualized recurring revenue run rate at the end of the
fiscal year was $18.4 million, which more than covers our cash SaaS
expenses of $12 million. It should be noted that we achieved all of
this during the most significant disruption of our lifetime, a
global pandemic.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">The results
again demonstrate the progress we've made in building the
predictable earnings model of the Company. Our model we believe is
the definition of sustained profitability and cash flow. There is
no doubt that the pandemic is continuing to impact our business.
Our customers are once again battling supply chain issues and
shortages, and now they have a new challenge to face. In the last
call, we mentioned the proposed FDA food traceability requirement
of the Food Safety Modernization Act, or FSMA. This is a new and
frankly burdensome regulation for our customers.</font></div>
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<font style="font-family: Calibri; font-size: 13px">This new rule
is proposed with aggressive deadlines, an aggressive phase-in
period, and very few exceptions. In short, the proposed rule
imposes new requirements on those who manufacture, process, pack or
hold foods on the food traceability list and requiring them to
create and to store literally mountains of records. The effect of
the rule is to make compliance using paper-based systems nearly
impossible and simultaneously massively increase requirements for
data retention and data exchange; think literally tens of billions
of new records, our core competency.</font></div>
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<font style="font-family: Calibri; font-size: 13px">At the outset,
Rule 204, as it's called, will only relate to certain high-risk
products in 15 categories, things like soft cheeses, produce. And
it doesn't matter whether they're sold standalone or used as
ingredients; think tomatoes, for example. As products using these
fruits, vegetables, etc., move through the supply chain, each step
is required to add additional record keeping and/or record exchange
with other businesses in its supply chain. It's also clear the FDA
intends to expand this initiative over time.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">The FDA has
explicitly said they hope the concept is adopted industry wide,
covering nearly everything. Simply put, the opportunity here is not
just large, but our customers need us to help. Since we already do
track and trace affordably and at scale as part of our supply chain
platform, this is right in our wheelhouse. In fact, we're the
obvious vendor to address it. We have the technology needed to do
the record retention and data exchange. We have the industry
knowledge, we have the largest in place network of suppliers and
our customers. It's perfect and we're using our already developed
existing platform.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Our plan for
traceability is simple, make it very low cost and very easy to
adopt, make it a simple expansion of our existing compliance and
supply chain offerings. In short, it's an add-on to what we do now
for our customers; but the industry needs this soon and will have
no choice but to adopt some technology. The current fiscal year
will be about lining this all up. We anticipate little revenue from
traceability in this year; but longer term, we expect that this
initiative could add to our already expected top-line revenue
growth at 10% to 20% a year.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">The uncertainty
of the timing, etc., is obviously still there, but this is likely
to be a win. We are the experts in compliance. We are exclusively
endorsed by industry leaders and we have built the industry's
largest database of compliance suppliers. We are the ideal partner
to help our customers address the challenge. The FDA's urgent
timeline makes this a top priority for us, for our customers, and
our suppliers. People are concerned; in fact, the press is
interested in the problem. Incidentally, there'll be a nice
interview on <font style="font-style: italic">MorningNewsBeat</font> tomorrow, Wednesday,
which is really kind of the food industry insiders' daily update.
It's worth looking at.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">We've made the
prep in the rollout of traceability an all-hands-on-deck priority.
There are some differences in our marketing strategy and execution
strategy that we need to work on. We're organizing ourselves around
that. Will this solution become an increasingly important part of
our compliance offering? Will it become a fourth leg of our stool?
Time will tell. But this will be the key focus of our fiscal year
and a possible driver for growth for us in the years to
come.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">To ensure
getting proper focus on this product, we're taking a hard look at
some of our legacy offerings and making some calculated
adjustments. We're going to sunset one of our offerings that
doesn't seem to have the upside potential of track and trace and
we're slowly beginning to convert MarketPlace into a recurring
subscription offering. In fact, we already have a couple of
subscribers so far, and obviously we expect more over
time.</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">With all of
these factors in mind, Fiscal '22 looks very good from where we are
right now. Our Tier 2 initiative continues to see growth and our
supply chain is also showing favorable signs of being a priority
with our customers. We do believe that we're on course to achieve
our recurring revenue goal of 10% to 20% for Fiscal '22, barring
any worsening supply chain disruption in the global economy.
Simultaneously, we've continued our focus on tight expense
control.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Because of our
business model, our bottom-line growth will obviously be much
higher than our top-line growth. After successfully transitioning
virtually all of our software one-time revenue, we now enjoy a
highly visible SaaS revenue stream that more than covers our fixed
cash costs. This does generate a structural systemic and
consistently profitable and predictable cash flow for us. As a
result, we've decided to repurchase even more shares. Specifically,
the Board has approved a very significant increase in our current
buyback, up to an additional $12 million in shares.</font></div>
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<font style="font-family: Calibri; font-size: 13px">In short, we're
putting our money&#x2026;well, you know, the rest. Our key goals for
the next fiscal year, or rather the current fiscal year, are, one,
to perfect the introduction of our track and trace solution to be
ready for Fiscal Year 2023 expansion; continue to work on
cross-selling to further deepen our relationships with our
customers; continue to add some additional modules to our existing
applications; a number of the cross-selling opportunities that
we've looked at are moving along, our out of stock offering, for
example, is doing very well. One of our largest customers in that
domain has just significantly expanded their work with
us.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Finally, we're
going to continue to generate additional profitability, drive cash,
and buy back more stock. So, in my view, we're in a great position
for success in Fiscal '22 and beyond, and as a leader, we're
uniquely poised to help the industry address this new FDA challenge
that in turn creates more opportunities for us.</font></div>
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<font style="font-family: Calibri; font-size: 13px">With that, I'd
like to now open the call for questions. Operator?</font></div>
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Operator</font></div>
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<font style="font-family: Calibri; font-size: 13px">Thank you. Our
first question is from Victoria James with D.A. Davidson. Please
proceed.</font></div>
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Tom Forte</font></div>
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<font style="font-family: Calibri; font-size: 13px">Great. Hi, it's
Tom Forte on for Davidson.</font></div>
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<font style="font-family: Calibri; font-size: 13px">Randy and John,
well, the first question I have for you is, you sort of talked
about this Randy in your opening remarks, but can you give us a
sense of the current state of distraction for your core customer,
the food service retailer?</font></div>
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Randy Fields</font></div>
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<font style="font-family: Calibri; font-size: 13px">Thank you,
Victoria. Sorry, Tom, I couldn't resist.</font></div>
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<font style="font-family: Calibri; font-size: 13px">The obvious
problem that you're reading about, everyone is seeing, in supply
chain is a distraction. There's no doubt about it. Costco now is
limiting toilet paper. There is a reality that our customers have
to take care of their customers first and themselves second. The
question is, how long will this persist? This is certainly not a
new normal as in this last year&#x2019;s, but I would imagine that,
frankly, until spring or so their distraction should continue.
We've baked that into our view of the year.</font></div>
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<font style="font-family: Calibri; font-size: 13px">At the same
time, the FDA concern with traceability is moving along. In fact,
reasonably speaking, it's probably moved as far as it has because
people are distracted, and when this set of regulations was
actually proposed last year, in 2020, I suspect the industry
distraction with shortages, etc., kept the commentary to the FDA at
very low levels. So, it's on its way. It's going to happen. So,
people will just have to find the bandwidth to focus on it.
We&#x2019;ve baked that into our forecast, but clearly the supply
chain problems you're reading about are real. We see them
everywhere.</font></div>
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Tom Forte</font></div>
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<font style="font-family: Calibri; font-size: 13px">Excellent,
thanks. I have a couple more questions, Randy. The next one is, I
think it's interesting that you're going to pivot MarketPlace to
more of a recurring revenue type model. Can we then assume that any
new product introductions in the future will also have an emphasis
on the current revenue?</font></div>
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<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
Randy Fields</font></div>
<font style="font-family: Calibri; font-size: 13px;"><br></font></div>
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<font style="font-family: Calibri; font-size: 13px">Absolutely. I
think really there's two or three issues to think about. Were it
not for this issue of track and trace, which is going to be
enormous&#x2014;it&#x2019;s not just enormous in terms of
opportunity, but the changes that it will create in the supply
chain are unlike anything we have ever seen. We do not believe that
the industry is ready for it. We believe that the perturbations
will be large and that the scramble over time to be compliant, do
the right thing, etc., is going to be a real challenge for the
whole industry, the largest industry in the world. Given that, I
think our reality is that we just cannot focus on all of the things
that we are doing.</font></div>
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<font style="font-family: Calibri; font-size: 13px">We took
something that has great potential, MarketPlace, and we have to
find another way to do it for the next period of time, maybe
forever, that requires less focus on our part, is a little bit
easier to execute. Simultaneously, we have a product that we've
successfully sold and implemented in the past that's actually quite
a good product. If we had infinite resource from a human
perspective&#x2014;it's not a cost thing; it's just the human part
of it&#x2014;we'd probably pursue it. But for now we're just going
to walk away.</font></div>
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<font style="font-family: Calibri; font-size: 13px">You're exactly
right, we're in the SaaS business, so going forward I think you'll
see things that we do have that SaaS component to really enable us
to keep one simple business model in mind.</font></div>
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Tom Forte</font></div>
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<font style="font-family: Calibri; font-size: 13px">Great. All
right. Two more, Randy. I'll ask one, I guess, and then I'll ask
the other one. You mentioned Costco, and if you look at Costco's
last three quarters, they've raised their expectations as far as
the implications of inflation on their results. How do you think
about inflation affecting food retailers, and then how it therefore
would affect Park City Group?</font></div>
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Randy Fields</font></div>
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<font style="font-family: Calibri; font-size: 13px">Yes, inflation.
I hesitate to contradict experts like Chairman Powell, but it isn't
going away. It's now here, it's now been embedded. And the future
look because of the cost pressures are also there. I think Powell
may have been thinking about the monetary side of inflation. Well,
this is going to be cost push. I saw a recent example where a year
ago the cost of moving a container from Asia to, let's say, New
York, pick a number, was like $2,000, and that same container today
is $16,000. There's a bit of inflation in that.</font></div>
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<font style="font-family: Calibri; font-size: 13px">That means that
everything that's inside that container is going to have to absorb
that very substantial, incremental cost. The fact is transportation
costs are going up. You can call it shortages, doesn't matter. Food
is transportation intensive, obviously. Those costs as they
continue to work their way through the system are going to have to
get reflected. There's not much room in the food business to absorb
cost increases. It's a low-margin business end to end.</font></div>
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<font style="font-family: Calibri; font-size: 13px">The truth is,
as you watch the inputs go up in price, you can expect consumer
prices to tag along with it. The implications for us are really
pretty much neutral. The reality is inflation is generally not a
strong negative in the food industry. They're fast turn items, so
you have a chance to stock up at today's prices, sell them soon at
tomorrow's prices. So, it tends to help food retailers. I wouldn't
want to be in the business of having slow moving products; but for
the most part, this is a fast moving business. So, it'll generally
be good for our customers. Things that are good for our customers
therefore tend to be very good for us also.</font></div>
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Tom Forte</font></div>
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<font style="font-family: Calibri; font-size: 13px">Wonderful. All
right. Last one and I can't think of, Randy, the perfect way to ask
this question, so I'll ask it imperfectly. I
apologize.</font></div>
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<font style="font-family: Calibri; font-size: 13px">One of the
things that your Company has done so well is enable your core
customer to better compete against Amazon. When your core customer,
I guess, is less afraid of Amazon, is that a net negative for you?
How should we think about the fear of Amazon and how well it's
motivating your core customer right now to more warmly embrace
technology? And if they are less afraid of Amazon, is that a
problem?</font></div>
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Randy Fields</font></div>
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<font style="font-family: Calibri; font-size: 13px">Well, I'm not
sure that it's any longer a fear of Amazon. That began to recede
really several years ago. The fear in the industry was, is
online-ness going to be the way that groceries are done. In other
words, take Amazon out of the equation. It was how much online
business are we going to have to do? How do we do that? Now,
increasingly, how do we do it and not have huge margin contraction,
which in the 1% business you can ill afford. Now, mercifully,
what's happened is much of the move to online-ness was driven by
the obvious pandemic, and that's going to recede a
bit.</font></div>
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<font style="font-family: Calibri; font-size: 13px">I suspect that
we're going to see the fear of online-ness, meaning it's going to
take away from the core business for retailers, abate. I think
they're going to learn to make adjustments in the online world, and
frankly, that creates what's called Omnichannel, which is really
good for us. A number of our customers do Omnichannel, meaning that
they've got inventory issues that they have to manage on both the
online side of their business in store. There's a lot of complexity
with that, and we help them with that complexity.</font></div>
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<font style="font-family: Calibri; font-size: 13px">I'm not sure
that there's any real impact. I don't think it's really so much
Amazon-driven as it is is the world going to suddenly shift
completely to online and how do we compete. I'm sure you saw it,
but now Amazon is introducing delivery charges to Whole Foods. So
much of what Amazon thought that it could do&#x2014;or we imagined
thought; we&#x2019;re not psychic. But so much of what we thought
and feared from Amazon as an industry, it turns out there's no
magicians there, that the costs are the costs, they don't have
distribution advantages, etc., and now they're finding obviously
that delivering Whole Foods multiple times per week to people
included in Prime doesn't work out economically.</font></div>
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<font style="font-family: Calibri; font-size: 13px">I think that
the Amazon threat per se is less important. Our customers are less
fearful; less fear is actually probably good for us on
balance.</font></div>
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Tom Forte</font></div>
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<font style="font-family: Calibri; font-size: 13px">Excellent.
Randy and John, thank you for taking our questions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
Randy Fields</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Thanks,
Tom.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
Operator</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">Thank you.
Ladies and gentlemen, there are no further questions at this time.
I'd like to turn the call back to Randy Fields for any closing
remarks.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
Randy Fields</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">No, I really
don't have anybody to call on for questions, so we'll wrap it up
and thank everyone for taking your time this afternoon. Take care.
Bye-Bye.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Calibri; font-size: 13px">
Operator</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">This concludes
today's conference. You may disconnect your lines at this time.
Thank you very much for your participation and have a great
day.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Calibri; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Calibri; font-size: 13px">-8-</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
