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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Allowance for Credit Losses

Changes in the allowance for credit losses for the period ended March 31, 2024 and 2023 were as follows:

 Schedule of Allowance for Credit Losses

		Trade Receivables
As of December 31, 2023		$	(124,103	)
(Provisions) Reductions charged to operating results		$	14,588
Accounts write-offs			1,640
As of March 31, 2024		$	(109,515	)

		Trade Receivables
As of December 31, 2022		$	(88,331	)
(Provisions) Reductions charged to operating results		$	(21,742	)
Accounts write-offs		$	1,640
As of March 31, 2023		$	(108,433	)

Schedule of Changes in Contract Assets and Liabilities

The following tables present changes in our contract assets during the three months ended March 31, 2024 and 2023:

 Schedule of Changes in Contract Assets and Liabilities

		Balance at Beginning of Period				Billings				Payments Received						Balance at End of Period
Three months ended March 31, 2024
Accounts receivable		$	1,850,375		-	$	4,242,590		-	$	(4,161,623	)-		-	-	$	1,931,342
Three months ended March 31, 2023
Accounts receivable		$	1,121,083			$	3,341,583			$	(3,280,143	)				$	1,182,523

		Balance at Beginning of Period				Revenue Recognized in Advance of Billings				Billings				Balance at End of Period
Three months ended March 31, 2024
Accounts receivable, unbilled		$	1,320,837			$	1,380,300			$	(1,414,680	)		$	1,286,457
Three months ended March 31, 2023
Accounts receivable, unbilled		$	596,410			$	1,336,851			$	(1,045,519	)		$	887,742

		Balance at Beginning of Period				Commissions Paid				Commissions Recognized				Balance at End of Period
Three months ended March 31, 2024
Other contract assets		$	140,165			$	1,336,851			$	(37,518	)		$	130,829
Three months ended March 31, 2023
Other contract assets		$	80,378			$	27,792			$	(27,593	)		$	80,577

 

The following table presents changes in our contract liabilities during the three months ended March 31, 2024 and 2023:

		Balance at Beginning of Period				Billings				Recognized Revenue				Balance at End of Period
Three months ended March 31, 2024
Contract liabilities: deferred revenue		$	2,927,808			$	1,200,998			$	(1,545,599	)		$	2,583,207
Three months ended March 31, 2023
Contract liabilities: deferred revenue		$	2,754,064			$	1,146,380			$	(1,718,168	)		$	2,182,276

 

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:

Schedule of Deferred Tax Assets and Liabilities 

		March 31, 2024				December 31, 2023
Deferred tax assets
Reserves and accruals not currently deductible for tax purposes		$	84,441			$	69,676
Amortizable assets			120,946				109,612
Net operating loss carryforwards			4,655,024				4,771,762
Deferred tax assets, gross			4,860,411				4,951,050
Deferred tax liabilities
Amortizable assets			(203,414	)			(197,579	)
Property and equipment			(202,219	)			(214,698	)
Net Deferred tax assets			4,454,778				4,538,773
Valuation allowance			(4,454,778	)			(4,538,773	)
Deferred tax assets, net		$	-			$	-

Schedule of Segment Information

Information by operating segment is as follows:

 Schedule of Segment Information

		Three months ended March 31, 2024				Three months ended March 31, 2023
Revenues
Document Management		$	1,820,420			$	1,769,483
Document Conversion			2,686,664				2,417,350
Total revenues		$	4,507,084			$	4,186,833
Gross profit
Document Management		$	1,556,893			$	1,483,108
Document Conversion			1,342,751				1,162,731
Total gross profit		$	2,899,644			$	2,645,839
Capital additions, net
Document Management		$	110,619			$	116,041
Document Conversion			17,313				18,528
Total capital additions, net		$	127,932			$	134,569

		March 31, 2024				December 31, 2023
Goodwill
Document Management		$	3,989,645			$	3,989,645
Document Conversion			1,800,176				1,800,176
Total goodwill		$	5,789,821			$	5,789,821

		March 31, 2024				December 31, 2023
Total assets
Document Management		$	9,618,219			$	10,104,004
Document Conversion			9,297,967				8,922,256
Total assets		$	18,916,186			$	19,026,260

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