ReposiTrak Delivers Full-Year Revenue of $20.5 Million and Earnings Per Share of $0.30
Traceability On-Boarding Continues to Accelerate
Company Increases Quarterly Common Dividend
Full-Year Fiscal 2024 Financial Highlights:
-
Full-year total revenue increased 7% to
$20.5 million from$19.1 million . -
Recurring revenue increased 7%, net of the planned elimination of high-touch, low-opportunity revenue, to
$20.4 million from$19.0 million . -
Full-year operating expense increased 10% to
$15.4 million from$14.0 million . Fiscal 2023 included approximately$1.4 million in an Employee Retention Credit (“ERC”), reducing general and administrative expense in fiscal 2023, which did not reoccur in fiscal 2024. -
Full-year operating income was
$5.0 million in fiscal 2024 from$5.1 million last year – essentially flat. Excluding the non-recurring ERC credit in fiscal 2023, operating income would have increased approximately$1.3 million year-over-year. -
Full-year GAAP net income increased 7% to
$5.9 million from$5.6 million last year. Excluding the non-recurring ERC credit in the third fiscal quarter last year, net income would have increased approximately$1.4 million year-over-year. -
Full-year net income to common shareholders was
$5.4 million , up 8% from$5.0 million last year. Excluding the non-recurring ERC credit in the prior fiscal year, net income to common shareholders would have increased approximately$1.4 million year-over-year. -
Full-year basic EPS of
$0.30 , up 11% compared to$0.27 last year. -
The Company finished the year with
$25.2 million in cash and no bank debt. -
ReposiTrak’s Board of Directors approved a 10% increase to the Company’s quarterly common stock dividend, beginning with the dividend payable to shareholders of record on
December 31, 2024 .
Fourth Quarter Financial Highlights:
-
Fourth quarter total revenue increased 8% to
$5.2 million from$4.8 million . -
Recurring revenue increased 7%, net of the planned elimination of high-touch, low-opportunity revenue, to
$5.1 million from$4.8 million , representing effectively all of total revenue. -
Quarterly operating expense increased 6% to
$3.9 million from$3.6 million . -
Quarterly operating income increased 13% to
$1.3 million from$1.2 million last year. -
Quarterly GAAP net income increased 15% to
$1.6 million from$1.4 million last year. -
Quarterly net income to common shareholders was
$1.5 million , up 18% from$1.2 million last year. -
Quarterly EPS of
$0.08 compared to$0.07 in the prior year fourth fiscal quarter. -
During the quarter, the Company redeemed 81,121 preferred shares for the stated redemption price of
$10.70 per share for a total of$867,995 .
Fields continued, “In fiscal 2024, we grew every line of business, including compliance and scan-based trading, even as we focused our resources on traceability. We delivered full-year earnings per share of
Fourth Fiscal Quarter Financial Results (three months ended
Total revenue was up 8% to
Year-to-Date Financial Results (12 months ended
Total revenue was up 7% to
Return of Capital:
In the fourth quarter of fiscal 2024, the Company redeemed 81,121 preferred shares at the stated redemption price of
In
Balance Sheet:
The Company had
Conference Call:
The Company will host a conference call at
Participant Dial-In Numbers:
Date:
Time:
Toll-Free: 1-877-407-9716
Toll/International 1-201-493-6779
Conference ID: 13748737
Replay Dial-In Numbers:
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Start:
Replay Expiry:
Replay Pin Number: 13748737
About ReposiTrak
ReposiTrak (NYSE:TRAK), formerly
Forward-Looking Statement
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the
REPOSITRAK, INC. Consolidated Balance Sheets
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2024 |
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2023 |
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Assets |
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Current Assets |
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Cash |
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$ |
25,153,862 |
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$ |
23,990,879 |
|
Receivables, net of allowance for doubtful accounts of |
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3,678,627 |
|
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2,523,019 |
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Contract asset – unbilled current portion |
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181,680 |
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186,959 |
|
Prepaid expense and other current assets |
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285,998 |
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|
573,763 |
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Total Current Assets |
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29,300,167 |
|
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27,274,620 |
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Property and equipment, net |
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513,277 |
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986,300 |
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Other Assets: |
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Deposits and other assets |
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22,414 |
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22,414 |
|
Prepaid expense – less current portion |
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2,609 |
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36,282 |
|
Contract asset – unbilled long-term portion |
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108,052 |
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108,052 |
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Operating lease – right-of-use asset |
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250,306 |
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310,796 |
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Customer relationships |
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131,400 |
|
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262,800 |
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20,883,886 |
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20,883,886 |
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Capitalized software costs, net |
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384,621 |
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|
698,281 |
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Total Other Assets |
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21,783,288 |
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22,322,511 |
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Total Assets |
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$ |
51,596,732 |
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$ |
50,583,431 |
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Liabilities and Shareholders’ Equity |
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Current liabilities |
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Accounts payable |
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$ |
265,086 |
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$ |
431,387 |
|
Accrued liabilities |
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|
1,554,775 |
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|
1,620,000 |
|
Contract liability – deferred revenue |
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|
2,441,234 |
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|
1,903,001 |
|
Operating lease liability – current |
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|
64,076 |
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|
58,771 |
|
Notes payable and financing leases – current |
|
|
217,971 |
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|
219,262 |
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Total current liabilities |
|
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4,543,142 |
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4,232,421 |
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Long-term liabilities |
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Operating lease liability – less current portion |
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198,972 |
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|
263,047 |
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Notes payable and financing leases – less current portion |
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- |
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206,032 |
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Total liabilities |
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4,742,114 |
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4,701,500 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Preferred Stock; |
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Series B Preferred, 700,000 shares authorized; 616,470 and 625,375 shares issued and outstanding at |
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6,165 |
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6,254 |
|
Series B-1 Preferred, 550,000 shares authorized; 0 and 212,402 shares issued and outstanding at |
|
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- |
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|
2,124 |
|
Common Stock, |
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|
182,351 |
|
|
|
183,093 |
|
Additional paid-in capital |
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64,655,902 |
|
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67,732,887 |
|
Accumulated other comprehensive loss |
|
|
(27,390 |
) |
|
|
- |
|
Accumulated deficit |
|
|
(17,962,410 |
) |
|
|
(22,042,427 |
) |
Total stockholders’ equity |
|
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46,854,618 |
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|
45,881,931 |
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Total liabilities and stockholders’ equity |
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$ |
51,596,732 |
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$ |
50,583,431 |
|
REPOSITRAK, INC. Consolidated Statements of Operations
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For the Years Ended |
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2024 |
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2023 |
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Revenue |
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$ |
20,453,320 |
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$ |
19,098,910 |
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Operating expense: |
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Cost of revenue and product support |
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3,416,450 |
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3,309,345 |
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Sales and marketing |
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|
5,492,719 |
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|
4,933,405 |
|
General and administrative |
|
|
5,330,437 |
|
|
|
4,685,783 |
|
Depreciation and amortization |
|
|
1,189,483 |
|
|
|
1,079,799 |
|
Total operating expense |
|
|
15,429,089 |
|
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|
14,008,332 |
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Income from operations |
|
|
5,024,231 |
|
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|
5,090,578 |
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Other income (expense): |
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Interest income |
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1,272,719 |
|
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|
821,777 |
|
Interest expense |
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|
(28,166 |
) |
|
|
(60,990 |
) |
Unrealized gain (loss) on short term investments |
|
|
63,997 |
|
|
|
(9,752 |
) |
Other gain |
|
|
- |
|
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|
70,047 |
|
Income before income taxes |
|
|
6,332,781 |
|
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|
5,911,660 |
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(Provision) for income taxes |
|
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(374,491 |
) |
|
|
(321,371 |
) |
Net income |
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5,958,290 |
|
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|
5,590,289 |
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Dividends on Preferred Stock |
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(549,645 |
) |
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(586,444 |
) |
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Net income applicable to common shareholders |
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$ |
5,408,645 |
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$ |
5,003,845 |
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Weighted average shares, basic |
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18,202,000 |
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18,406,000 |
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Weighted average shares, diluted |
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18,931,000 |
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18,766,000 |
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Basic earnings per share |
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$ |
0.30 |
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$ |
0.27 |
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Diluted earnings per share |
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$ |
0.29 |
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$ |
0.27 |
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Comprehensive income: |
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Net income |
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$ |
5,958,290 |
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$ |
5,590,289 |
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Other comprehensive loss: |
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Unrealized loss on available-for-sale securities |
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(27,390 |
) |
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- |
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Total comprehensive income |
|
$ |
5,930,900 |
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|
$ |
5,590,289 |
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REPOSITRAK, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows
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For the Years Ended |
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2024 |
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2023 |
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Cash flows from operating activities: |
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Net income |
|
$ |
5,958,290 |
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|
$ |
5,590,289 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
|
|
1,189,483 |
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|
|
1,079,799 |
|
Amortization of operating right of use asset |
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|
60,490 |
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|
57,716 |
|
Stock compensation expense |
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|
367,147 |
|
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|
390,716 |
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Bad debt expense |
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|
375,000 |
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|
1,300,000 |
|
(Increase) decrease in: |
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Accounts receivables |
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|
(1,525,329 |
) |
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|
(195,345 |
) |
Long-term receivables, prepaids and other assets |
|
|
123,355 |
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|
559,009 |
|
Increase (decrease) in: |
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Accounts payable |
|
|
(166,301 |
) |
|
|
(259,251 |
) |
Operating lease liability |
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|
(58,770 |
) |
|
|
(53,862 |
) |
Accrued liabilities |
|
|
102,803 |
|
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|
43,090 |
|
Deferred revenue |
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|
538,233 |
|
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|
347,858 |
|
Net cash provided by operating activities |
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|
6,964,401 |
|
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|
8,860,019 |
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Cash flows from investing activities: |
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Purchase of property and equipment |
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|
(73,317 |
) |
|
|
(133,944 |
) |
Capitalization of software development costs |
|
|
- |
|
|
|
(769,243 |
) |
Purchase of marketable securities |
|
|
(27,390 |
) |
|
|
- |
|
Net cash (used in) provided by investing activities |
|
|
(100,707 |
) |
|
|
(903,187 |
) |
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Cash flows from financing activities: |
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Net (decrease) in lines of credit |
|
|
- |
|
|
|
(2,590,907 |
) |
Common stock buyback/retirement |
|
|
(1,515,574 |
) |
|
|
(1,309,323 |
) |
Redemption of Series B-1 preferred |
|
|
(2,367,996 |
) |
|
|
- |
|
Proceeds from employee stock plan |
|
|
111,839 |
|
|
|
92,727 |
|
Dividends paid |
|
|
(1,721,657 |
) |
|
|
(1,414,912 |
) |
Payments on notes payable and capital leases |
|
|
(207,323 |
) |
|
|
(204,486 |
) |
Net cash used in financing activities |
|
|
(5,700,711 |
) |
|
|
(5,426,901 |
) |
|
|
|
|
|
|
|
||
Net (decrease) increase in cash and cash equivalents |
|
|
1,162,983 |
|
|
|
2,529,931 |
|
|
|
|
|
|
|
|
||
Cash and cash equivalents at beginning of period |
|
|
23,990,879 |
|
|
|
21,460,948 |
|
Cash and cash equivalents at end of period |
|
$ |
25,153,862 |
|
|
$ |
23,990,879 |
|
|
|
|
|
|
|
|
||
Supplemental Disclosure of Cash Flow Information |
|
|
|
|
|
|
||
Cash paid for income taxes |
|
$ |
332,222 |
|
|
$ |
296,484 |
|
Cash paid for interest |
|
$ |
15,223 |
|
|
$ |
59,081 |
|
Cash paid for operating leases |
|
$ |
73,291 |
|
|
$ |
71,157 |
|
|
|
|
|
|
|
|
||
Supplemental Disclosure of Non-Cash Investing and Financing Activities |
|
|
|
|
|
|
||
Common Stock to pay accrued liabilities |
|
$ |
536,879 |
|
|
$ |
294,607 |
|
Dividends accrued on Preferred Stock |
|
$ |
549,645 |
|
|
$ |
586,444 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240930993961/en/
Investor Relations Contact:
Investor-relations@repositrak.com
Or
FNK IR
646.809.4048
rob@fnkir.com
Source: ReposiTrak