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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Allowance for Credit Losses

Changes in the allowance for credit losses for the periods ended June 30, 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
As of March 31, 2024		$	(109,515	)
(Provisions) Reductions charged to operating results		$	(10,850	)
Accounts write-offs		$	0
As of June 30, 2024		$	(120,365	)

		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	)
(Provisions) Reductions charged to operating results		$	(5,786	)
Accounts write-offs		$	0
As of June 30, 2023		$	(114,219	)

Schedule of Changes in Contract Assets and Liabilities

The following table present changes in our contract assets during the six months ended June 30, 2024 and 2023:

Schedule of Changes in Contract Assets and Liabilities

		Balance at Beginning of Period				Billings				Payments Received				Balance at End of Period
Six months ended June 30, 2024
Accounts receivable		$	1,850,375			$	8,889,383	-	-	$	(9,290,570	)		$	1,449,188
Six months ended June 30, 2023
Accounts receivable		$	1,121,083			$	7,342,400			$	(7,136,497	)		$	1,326,986

		Balance at Beginning of Period				Revenue Recognized in Advance of Billings				Billings				Balance at End of Period
Six months ended June 30, 2024
Accounts receivable, unbilled		$	1,320,837			$	2,972,740			$	(2,810,264	)		$	1,483,313
Six months ended June 30, 2023
Accounts receivable, unbilled		$	596,410			$	2,703,932			$	(2,262,329	)		$	1,038,013

		Balance at Beginning of Period				Commissions Paid				Commissions Recognized				Balance at End of Period
Six months ended June 30, 2024
Other contract assets		$	140,165			$	48,483			$	(47,434	)		$	141,214
Six months ended June 30, 2023
Other contract assets		$	80,378			$	80,077			$	(63,985	)		$	96,470

 

The following table presents changes in our contract liabilities during the six months ended June 30, 2024 and 2023:

		Balance at												Balance at
		Beginning								Recognized				End of
		of Period				Billings				Revenue				Period
Six months ended June 30, 2024
Contract liabilities: Deferred revenue		$	2,927,808			$	3,953,386			$	(4,126,009	)		$	2,755,185
Six months ended June 30, 2023
Contract liabilities: Deferred revenue		$	2,754,064			$	3,522,274			$	(4,208,594	)		$	2,067,744

 

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 

		June 30, 2024				December 31, 2023
Deferred tax assets
Reserves and accruals not currently deductible for tax purposes		$	105,879			$	69,676
Amortizable assets			133,544				109,612
Net operating loss carryforwards			4,649,089				4,771,762
Deferred tax assets, gross			4,888,512				4,951,050
Deferred tax liabilities
Amortizable assets			(209,249	)			(197,579	)
Property and equipment			(214,390	)			(214,698	)
Net deferred tax assets			4,464,873				4,538,773
Valuation allowance			(4,464,873	)			(4,538,773	)
Deferred tax assets, net		$	-			$	-

Schedule of Segment Information

Information by operating segment is as follows:

Schedule of Segment Information

		2024				2023				2024				2023
		For the three months ended June 30,								For the six months ended June 30,
		2024				2023				2024				2023
Revenues
Document Management		$	1,859,088			$	1,879,369			$	3,679,508			$	3,705,103
Document Conversion			2,782,505				2,379,061				5,469,169				4,740,160
Total revenues		$	4,641,593			$	4,258,430			$	9,148,677			$	8,445,263
Gross profit
Document Management		$	1,618,537			$	1,536,385			$	3,175,430			$	3,053,746
Document Conversion			1,384,442				1,054,048				2,727,193				2,182,526
Total gross profit		$	3,002,979			$	2,590,433			$	5,902,623			$	5,236,272
Capital additions, net
Document Management		$	104,421			$	96,209			$	215,040			$	212,250
Document Conversion			166,413				60,323				183,726				78,851
Total capital additions, net		$	270,834			$	156,532			$	398,766			$	291,101

		June 30, 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

		June 30, 2024				December 31, 2023
Total assets
Document Management		$	9,594,575			$	10,104,004
Document Conversion			9,268,149				8,922,256
Total assets		$	18,862,724			$	19,026,260

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