INTELLINETICS, INC. (INLX)
Intellinetics, Inc. is a company that specializes in creating, developing, testing, commercializing, and licensing document-related services and software solutions within the United States. The firm operates through two primary divisions: Document Management and Document Conversion. Its proprietary software platform empowers clients to capture and efficiently organize a wide array of documents, encompassing both scanned physical records and various digital formats such as Microsoft Office 365 files, images, audio, video, and emails. At the core of its offerings is the IntelliCloud platform, a comprehensive software suite integrating advanced image processing capabilities, records management functionalities, workflow automation, and other modular components. Beyond software, Intellinetics provides essential support services including system installation, integration assistance, user training, and expert consulting. It also ensures continuous software maintenance and dedicated customer assistance. The company further extends its services to include physical document handling, offering digital scanning for paper, microfilm, and microfiche, secure box storage, provision of scanning equipment, and both software and hardware repair. Additionally, they provide long-term archival and retrieval options for paper and microfilm. Intellinetics also delivers business process outsourcing (BPO) solutions. Its distribution strategy involves sales through both reseller networks and direct channels, and it offers its software solutions as a service (SaaS) accessible over the internet. The company serves a diverse clientele, including commercial businesses, various levels of government (federal, county, and municipal), and specialized sectors like healthcare, K-12 education, public safety, other public sector entities, risk management firms, and financial institutions. Established in 1996, the company was initially known as GlobalWise Investments, Inc. before officially rebranding as Intellinetics, Inc. in September 2014. Its corporate headquarters are located in Columbus, Ohio.
Sector: Services-Prepackaged Software
Industry: Software - Application
Intellinetics, Inc.
NYSE:INLXTechnology · Software - Application
+0.00%$4.10
Mkt Cap$18.43M
Float2.97M
O/S4.49M
Inst Own10.5%
SI0.2%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$16.58M
Net Income-$1.87M
Total Assets$17.31M
Free Cash Flow$579K
Debt & Equity
Debt 13%
Equity 87%
Total Debt$1.66M
Total Equity$11.38M
Shares Outstanding
Short Interest
Split History3 splits · 2 reverse
- 1:50Reverse splitMar 20, 202050 shares → 1
- 1:7Reverse splitSep 3, 20147 shares → 1
- 2:1Forward splitFeb 19, 20081 share → 2
Balance Sheet Details
Assets$17.31M
Liabilities$5.92M
Accounts Receivable$2.15M
Accounts Payable$285K
Inventory$173K
PP&E (Net)$2.65M
Goodwill$5.79M
Intangible Assets$2.91M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 |
| Revenue | $16.58M | $18.02M | $16.89M | $14.02M | $11.46M | $8.25M | $2.54M | $2.38M | $2.62M | $2.6M | $2.34M | $1.49M | $1.55M | $2.73M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| YoY Growth | -8.0% | 6.7% | 20.5% | 22.3% | 38.9% | 225.5% | 6.5% | -9.2% | 0.8% | 11.3% | 57.3% | -4.4% | -43.2% | - | - | - | - | - | - | - | - | - |
| Cost of Revenue | $5.63M | $6.49M | $7.3M | $5.83M | $4.52M | $3.26M | $568K | $742K | $760K | $710K | $482K | $301K | $585K | $982K | $0 | $0 | $5K | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $10.95M | $11.52M | $9.59M | $8.19M | $6.94M | $4.99M | $1.97M | $1.64M | $1.86M | $1.89M | $1.85M | $1.18M | $969K | $1.75M | $0 | $0 | -$5K | $0 | $0 | $0 | $0 | $0 |
| Gross Margin | 66.0% | 64.0% | 56.8% | 58.4% | 60.6% | 60.5% | 77.6% | 68.8% | 71.0% | 72.7% | 79.4% | 79.7% | 62.3% | 64.1% | - | - | - | - | - | - | - | - |
| Research and Development | $0 | $691K | $559K | $254K | $346K | $0 | $467K | $360K | $412K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $11.5M | $10.57M | $8.48M | $6.92M | $5.42M | $4.54M | $3.11M | $3.1M | $3.02M | $3.25M | $3.4M | $2.56M | $2.91M | $3.4M | $10K | $6K | $5K | $6K | $10K | $9K | $9K | $2K |
| Other | $1.25M | $438K | -$559K | -$254K | $68K | $2.49M | -$460K | $9K | $12K | $11K | $12K | $24K | $26K | $28K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $12.74M | $11.7M | $8.48M | $6.92M | $5.84M | $7.03M | $3.12M | $3.11M | $3.03M | $3.26M | $3.41M | $2.58M | $2.94M | $3.42M | $10K | $6K | $5K | $6K | $10K | $18K | $19K | $2K |
| Operating Income (EBIT) | -$1.79M | -$174K | $1.11M | $1.27M | $1.11M | -$2.04M | -$1.15M | -$1.47M | -$1.17M | -$1.37M | -$1.56M | -$1.4M | -$1.97M | -$1.67M | -$10K | -$6K | -$5K | -$6K | -$10K | -$9K | -$9K | -$2K |
| Operating Margin | -10.8% | -1.0% | 6.6% | 9.1% | 9.7% | -24.7% | -45.5% | -61.9% | -44.5% | -52.7% | -66.6% | -94.1% | -126.8% | -61.1% | - | - | - | - | - | - | - | - |
| Interest Expense | $84K | $373K | $588K | $803K | $452K | $638K | $981K | $866K | $610K | $206K | $2.37M | $251K | $184K | $299K | $6K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Interest Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$84K | -$373K | -$588K | -$1.25M | $252K | -$350K | -$981K | -$866K | -$191K | -$206K | -$2.37M | -$251K | -$169K | -$314K | $1.25M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Income Before Tax (EBT) | -$1.87M | -$546K | $519K | $24K | $1.36M | -$2.39M | -$2.13M | -$2.34M | -$1.36M | -$1.58M | -$3.92M | -$1.65M | -$2.14M | -$1.99M | -$16K | -$6K | -$5K | -$6K | -$10K | -$9K | -$9K | $0 |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | -$188K | $0 | $0 | $610K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2K |
| Net Income | -$1.87M | -$546K | $519K | $24K | $1.36M | -$2.2M | -$2.13M | -$2.34M | -$1.36M | -$1.58M | -$3.92M | -$1.65M | -$2.14M | -$1.99M | -$16K | -$6K | -$5K | -$6K | -$10K | -$9K | -$9K | -$2K |
| Net Income Margin | -11.3% | -3.0% | 3.1% | 0.2% | 11.8% | -26.7% | -84.1% | -98.3% | -51.8% | -60.6% | -167.8% | -111.0% | -137.7% | -72.6% | - | - | - | - | - | - | - | - |
| Supplementary Data | ||||||||||||||||||||||
| EPS | -0.44 | -0.13 | 0.13 | 0.01 | 0.48 | -0.91 | -8.41 | -6.60 | -3.91 | -4.73 | -13.15 | -12.02 | -16.54 | -21.14 | -0.24 | -0.48 | -0.37 | -0.45 | -0.78 | -0.49 | -0.51 | -0.11 |
| Diluted EPS | -0.44 | -0.13 | 0.11 | 0.01 | 0.44 | -0.91 | -8.41 | -6.60 | -3.91 | -4.73 | -13.15 | -12.02 | -16.54 | -21.14 | -0.24 | -0.48 | -0.37 | -0.45 | -0.78 | -0.49 | -0.51 | -0.11 |
| Weighted Average OS | 4.30M | 4.20M | 4.07M | 3.77M | 2.82M | 2.41M | 370,279 | 354,538 | 347,380 | 333,001 | 298,168 | 137,138 | 129,398 | 93,905 | 65,020 | 13,017 | 13,017 | 13,017 | 13,017 | 18,331 | 18,331 | 18,331 |
| EBITDA | -$470K | $1.03M | $2.12M | $1.56M | $2.86M | -$1.05M | -$1.1M | -$1.47M | -$744K | -$1.36M | -$1.54M | -$1.37M | -$1.94M | -$1.64M | -$10K | -$6K | -$5K | -$6K | -$10K | -$9K | -$9K | -$2K |
| EBITDA Margin | -2.8% | 5.7% | 12.6% | 11.1% | 25.0% | -12.7% | -43.5% | -61.5% | -28.3% | -52.2% | -66.1% | -92.4% | -125.1% | -60.1% | - | - | - | - | - | - | - | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 |
| Assets | |||||||||||||||||||||||
| Current Assets | |||||||||||||||||||||||
| Cash and Cash Equivalents | $2.53M | $2.49M | $1.22M | $2.7M | $1.75M | $1.91M | $404K | $1.09M | $1.13M | $690K | $1.12M | $184K | $261K | $46K | $68 | $1K | $305 | $128 | $3K | $3K | $3K | $3K | $0 |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $2.53M | $2.49M | $1.22M | $2.7M | $1.75M | $1.91M | $404K | $1.09M | $1.13M | $690K | $1.12M | $184K | $261K | $46K | $68 | $1K | $305 | $128 | $3K | $3K | $3K | $3K | $0 |
| Accounts Receivable | $2.15M | $2.55M | $3.31M | $1.8M | $1.7M | $1.35M | $353K | $136K | $296K | $259K | $217K | $99K | $144K | $332K | $335K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $173K | $101K | $110K | $73K | $77K | $80K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $378K | $337K | $367K | $325K | $0 | $0 | $4K | $162K | $162K | $151K | $47K | $46K | $39K | $40K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Assets | $5.23M | $5.47M | $5M | $4.89M | $3.68M | $3.47M | $872K | $1.39M | $1.58M | $1.1M | $1.38M | $329K | $444K | $419K | $68 | $1K | $305 | $128 | $3K | $3K | $3K | $3K | $0 |
| Long-Term Assets | |||||||||||||||||||||||
| Property, Plant & Equipment Net | $2.65M | $3.23M | $3.68M | $4.42M | $4.93M | $3.34M | $104K | $9K | $15K | $19K | $23K | $29K | $53K | $58K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $5.79M | $5.79M | $5.79M | $5.79M | $2.32M | $2.32M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $2.91M | $3.4M | $3.91M | $4.42M | $968K | $1.18M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $728K | $685K | $646K | $417K | $53K | $31K | $10K | $10K | $10K | $10K | $15K | $28K | $29K | $37K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Assets | $12.08M | $13.1M | $14.02M | $15.05M | $8.28M | $6.88M | $114K | $19K | $25K | $29K | $37K | $56K | $82K | $95K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $17.31M | $18.57M | $19.03M | $19.94M | $11.96M | $10.34M | $987K | $1.41M | $1.61M | $1.13M | $1.42M | $385K | $526K | $514K | $68 | $1K | $305 | $128 | $3K | $3K | $3K | $3K | $0 |
| Liabilities | |||||||||||||||||||||||
| Current Liabilities | |||||||||||||||||||||||
| Accounts Payable | $285K | $311K | $194K | $370K | $182K | $142K | $161K | $308K | $405K | $312K | $386K | $615K | $500K | $810K | $389K | $31K | $31K | $55K | $52K | $50K | $41K | $5K | $26K |
| Short-Term Debt | $0 | $1.3M | $0 | $937K | $0 | $581K | $4.85M | $47K | $1.29M | $399K | $494K | $2.31M | $711K | $766K | $72K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $3.37M | $3.41M | $2.93M | $2.75M | $1.19M | $996K | $754K | $724K | $704K | $665K | $638K | $564K | $482K | $571K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $410K | $494K | $338K | $1.11M | $1.4M | $1.25M | $1.38M | $0 | $66K | $455K | $441K | $342K | $290K | $254K | -$385 | $36K | $29K | $0 | $0 | $0 | $0 | $27K | $0 |
| Total Current Liabilities | $5.06M | $6.6M | $4.39M | $6M | $3.56M | $3.62M | $7.31M | $1.24M | $2.68M | $2.05M | $2.17M | $3.7M | $1.7M | $2.5M | $82 | $67K | $60 | $55 | $52K | $50K | $41K | $32K | $26K |
| Long-Term Liabilities | |||||||||||||||||||||||
| Long-Term Debt | $0 | $0 | $2.77M | $2.61M | $1.75M | $1.8M | $0 | $4.19M | $1.53M | $885K | $914K | $761K | $1.34M | $1.88M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $0 | $0 | $0 | $0 | $672K | $1.57M | $0 | $502K | $30K | $159K | $149K | $177K | $334K | $423K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $865K | $1.35M | $4.89M | $5.37M | $5.74M | $5.57M | $53K | $4.69M | $1.56M | $1.04M | $1.06M | $938K | $1.67M | $2.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $5.92M | $7.94M | $9.28M | $11.37M | $9.3M | $9.19M | $7.36M | $5.94M | $4.24M | $3.09M | $3.24M | $4.64M | $3.37M | $4.8M | $82K | $67K | $60K | $55K | $52K | $50K | $41K | $32K | $26K |
| Stockholders' Equity | |||||||||||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $4K | $4K | $4K | $4K | $3K | $3K | $32K | $31K | $30K | $27K | $22K | $14K | $54K | $36K | $5K | $1K | $1K | $1K | $570 | $802 | $802 | $802 | $802 |
| Retained Earnings | -$23.51M | -$21.64M | -$21.1M | -$21.61M | -$21.64M | -$23M | -$20.8M | -$18.66M | -$16.31M | -$14.95M | -$13.38M | -$9.46M | -$7.81M | -$5.67M | -$118K | -$102K | -$96K | -$91K | -$85K | -$75K | -$66K | -$57K | -$55K |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$549K | -$542K | -$601K | -$590K | -$579K | -$559K | -$532K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $34.89M | $32.27M | $30.84M | $30.18M | $24.3M | $24.15M | $14.39M | $14.1M | $13.65M | $12.97M | $11.54M | $5.19M | $4.91M | $1.35M | $32K | $35K | $35K | $35K | $36K | $28K | $28K | $28K | $28K |
| Total Equity | $11.38M | $10.63M | $9.75M | $8.57M | $2.66M | $1.15M | -$6.38M | -$4.53M | -$2.64M | -$1.96M | -$1.82M | -$4.25M | -$2.84M | -$4.28M | -$82K | -$66K | -$60K | -$55K | -$49K | -$47K | -$38K | -$28K | -$26K |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $17.31M | $18.57M | $19.03M | $19.94M | $11.96M | $10.34M | $987K | $1.41M | $1.61M | $1.13M | $1.42M | $385K | $526K | $514K | $68 | $1K | $305 | $128 | $3K | $3K | $3K | $3K | $0 |
| Supplementary Data | |||||||||||||||||||||||
| Total Debt | $1.66M | $3.55M | $5.65M | $7.02M | $5.69M | $5.1M | $4.96M | $4.24M | $2.83M | $1.28M | $1.41M | $1.3M | $2.05M | $2.18M | $72K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Debt | -$873K | $1.07M | $4.44M | $4.33M | $3.93M | $3.19M | $4.55M | $3.15M | $1.7M | $594K | $291K | $1.12M | $1.79M | $2.13M | $72 | -$1K | -$305 | -$128 | -$3K | -$3K | -$3K | -$3K | $0 |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 |
| Operating Activities | |||||||||||||||||||||||
| Net Income | -$1.87M | -$546K | $519K | $24K | $1.36M | -$2.2M | -$2.13M | -$2.34M | -$1.36M | -$1.58M | -$3.92M | -$1.65M | -$2.14M | -$1.99M | -$16K | -$6K | -$5K | -$6K | -$10K | -$9K | -$9K | -$2K | $0 |
| Depreciation & Amortization | $1.32M | $1.2M | $1.02M | $729K | $1.05M | $702K | $49K | $9K | $12K | $11K | $12K | $24K | $26K | $28K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $28K | -$7K | -$104K | $26K | $236K | $0 | $101K | $65K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $1.29M | $1.5M | $465K | $364K | $92K | $59K | $200K | $249K | $153K | $138K | $430K | $0 | -$95K | $175K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | |||||||||||||||||||||||
| Accounts Receivable | $178K | $772K | -$1.53M | -$70K | -$294K | $381K | -$222K | $167K | -$41K | -$66K | -$145K | $1K | $167K | -$6K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | -$73K | $10K | -$37K | $3K | -$6K | $796 | $696K | -$45 | -$12K | -$116K | -$853 | $105K | $43K | $3K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$82K | $280K | -$200K | $173K | $142K | -$646K | $63K | -$97K | -$31K | -$25K | $256K | $115K | -$354K | $758K | $4K | $275 | $0 | $10K | $10K | $0 | $0 | $0 | $0 |
| Other Working Capital | $25K | $501K | $78K | $235K | -$514K | -$357K | -$18K | $369K | $62K | $49K | $430K | $101K | -$221K | -$250K | $6K | $0 | $5K | -$7K | $0 | $9K | $9K | $185 | $0 |
| Total Working Capital Change | $48K | $1.56M | -$1.69M | $341K | -$672K | -$620K | $520K | $440K | -$22K | -$157K | $541K | $322K | -$365K | $504K | $10K | $275 | $5K | $3K | $10K | $9K | $9K | $185 | -$26K |
| Other Non-Cash Items | $153K | $144K | $475K | $531K | -$438K | $2.18M | $354K | $492K | $198K | $298K | $2.08M | $262K | $12K | $66K | -$16K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $26K |
| Net Cash from Operating | $934K | $3.86M | $785K | $1.99M | $1.39M | $125K | -$982K | -$1.16M | -$1.12M | -$1.26M | -$620K | -$1.04M | -$2.46M | -$1.15M | -$6K | -$6K | $177 | -$3K | -$124 | -$444 | $120 | -$2K | -$26K |
| Investing Activities | |||||||||||||||||||||||
| Capital Expenditures | -$354K | -$439K | -$111K | -$201K | -$552K | -$77K | -$5K | -$3K | -$13K | -$7K | -$6K | -$5K | -$22K | -$54K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | -$6.38M | $0 | -$4.02M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | -$470K | -$389K | -$437K | -$376K | -$38K | $0 | $0 | $0 | $0 | $0 | $0 | $9K | $0 | $6K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Cash from Investing | -$824K | -$828K | -$548K | -$6.96M | -$590K | -$4.1M | -$5K | -$3K | -$13K | -$7K | -$6K | $4K | -$22K | -$48K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Financing Activities | |||||||||||||||||||||||
| Debt Repaid | $1.41M | $1.69M | $1.02M | -$1.94M | - | -$2.79M | -$303K | -$1.25M | -$1.89M | -$331K | -$349K | -$959K | $35K | -$1.04M | - | - | - | - | - | - | - | - | - |
| Common Stock Issuance | $1.8M | $0 | $0 | $5.74M | $0 | $3.17M | $0 | $0 | $0 | $559K | $1.21M | $0 | $2.73M | $60K | $0 | $0 | $0 | $8K | $8K | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$459K | -$70K | -$700K | -$1.76M | -$955K | -$484K | $0 | -$131K | -$318K | -$50K | $0 | $0 | $0 | $0 | -$20K | $0 | $5K | $0 | $0 | $0 | $0 | $5K | $0 |
| Net Cash from Financing | -$71K | -$1.76M | -$1.72M | $5.92M | -$955K | $5.47M | $303K | $1.12M | $1.57M | $840K | $1.56M | $959K | $2.7M | $1.1M | $5K | $7K | $0 | $8K | $8K | $0 | $0 | $5K | $0 |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $39K | $1.27M | -$1.48M | $944K | -$155K | $1.5M | -$684K | -$37K | $436K | -$427K | $933K | -$76K | $214K | -$94K | -$1K | $1K | $177 | -$3K | -$124 | -$444 | $120 | $3K | -$26K |
| Supplementary Data | |||||||||||||||||||||||
| Operating Cash Flow | $934K | $3.86M | $785K | $1.99M | $1.39M | $125K | -$982K | -$1.16M | -$1.12M | -$1.26M | -$620K | -$1.04M | -$2.46M | -$1.15M | -$6K | -$6K | $177 | -$3K | -$124 | -$444 | $120 | -$2K | -$26K |
| Capital Expenditure | -$354K | -$828K | -$548K | -$577K | -$590K | -$77K | -$5K | -$3K | -$13K | -$7K | -$6K | -$5K | -$22K | -$54K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $579K | $3.03M | $237K | $1.41M | $799K | $48K | -$988K | -$1.16M | -$1.14M | -$1.27M | -$626K | -$1.04M | -$2.48M | -$1.2M | -$6K | -$6K | $177 | -$3K | -$124 | -$444 | $120 | -$2K | -$26K |
| Cash at Beginning | $2.49M | $1.22M | $2.7M | $1.75M | $1.91M | $404K | $1.09M | $1.13M | $690K | $1.12M | $184K | $261K | $46K | $140K | $1K | $305 | $128 | $3K | $3K | $3K | $3K | $0 | $0 |
| Cash at End | $2.53M | $2.49M | $1.22M | $2.7M | $1.75M | $1.91M | $404K | $1.09M | $1.13M | $690K | $1.12M | $184K | $261K | $46K | $68 | $1K | $305 | $128 | $3K | $3K | $3K | $3K | -$26K |