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Connecting over half of healthcare providers in the U.S. and millions of patients through a proprietary network, the OptimizeRx digital health platform helps patients afford and stay on medications. The platform unlocks new patient and physician touchpoints for life science companies along the patient journey, from point-of-care, to retail pharmacy, through mobile patient engagement.</p><br/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTE 2 &#x2013; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Basis of Presentation</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Use of Estimates</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions have been made in determining the carrying value of assets, depreciable and amortizable lives of tangible and intangible assets, the carrying value of liabilities, the valuation allowance for the deferred tax asset, the timing of revenue recognition and related revenue share expenses, and inputs used in the calculation of stock based compensation. 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The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to defining fair value, the disclosure requirements around fair value establish a fair value hierarchy for valuation inputs, which is expanded. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. 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text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Carrying <br/> Value</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%">Liabilities</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 4pt">Contingent Purchase Price Payable (1)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,720,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,720,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,720,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><table style="font: 10pt Times New Roman, Times, Serif; width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;">&#xa0;</td> <td style="width: 24px; font-size: 10pt;"><font style="font-size: 10pt;">(1)</font></td> <td style="font-size: 10pt; text-align: justify;"><font style="font-size: 10pt;">The contingent consideration is based off achieving certain revenue milestones in each of the next two years. The Geometric-Brownian motion analysis was used to generate spot prices for use in an option pricing model. For 2019, the hypothetical spot prices were simulated using a Monte Carlo simulation utilizing 2020 and 2021 projected revenue as a base and revenue volatility of 40%. The risk-free rate of return and terms utilized were 1.4 % and 1-2 years, respectively, and expected volatility was 40%. For 2020, the final payout has been determined and is payable in 2021.</font></td> </tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides a summary of changes in fair value of the Company&#x2019;s Level 3 financial instruments for the years ended December 31, 2020 and 2019.</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%">Balance December 31, 2018</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,365,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Contingent consideration liability recorded as the result of the RMDY Health, Inc. acquisition (see note 3)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">3,720,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Increase in the value of the CareSpeak Communication consideration</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">635,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>Balance December 31, 2019</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6,720,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Increase in fair value of the RMDY Health, Inc. contingent consideration</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">140,390</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Payment of CareSpeak Communication contingent consideration</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(1,389,187</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Payment of RMDY Health, Inc. contingent consideration</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,860,390</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 4pt">Balance December 31, 2020</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,610,813</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Accounts Receivable and Allowance for Doubtful Accounts</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable are reported at realizable value, net of allowances for doubtful accounts, which is estimated and recorded in the period the related revenue is recorded. The Company has a standardized approach to estimate and review the collectability of its receivables based on a number of factors, including the period they have been outstanding. Historical collection and payer reimbursement experience is an integral part of the estimation process related to allowances for doubtful accounts. In addition, the Company regularly assesses the state of its billing operations in order to identify issues, which may impact the collectability of these receivables or reserve estimates. Because the Company&#x2019;s customers are primarily large well-capitalized companies, historically there has been very little bad debt expense. Bad debt expense was $200,000 for the year ended December&#xa0;31, 2020 and $80,000 for the year ended December 31, 2019. The allowance for doubtful accounts was $158,163 and $80,000 as of December&#xa0;31, 2020 and 2019, respectively. From time to time, we may record revenue based on our revenue recognition policies described below in advance of being able to invoice the customer. These amounts are included in accounts receivable and are immaterial, representing substantially less than 1% of the accounts receivable balance at December 31, 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Property and Equipment</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment are stated at cost and are being depreciated over their estimated useful lives of three to five years for office equipment and three years for computer equipment using the straight-line method of depreciation for book purposes. Maintenance and repair charges are expensed as incurred.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Intangible Assets</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets are stated at cost. Finite-lived assets are being amortized over their estimated useful lives of fifteen to seventeen years for patents, eight years for customer relationships, fifteen years for tradenames, four years for covenants not to compete, and three to four years for software and websites, all using the straight-line method. These assets are evaluated when there is a triggering event. 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These steps are: identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when or as the performance obligations are satisfied.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues are primarily generated from content delivery activities in which the Company delivers financial, clinical, or brand messaging through a distribution network of eprescribers and electronic health record technology providers (channel partners), directly to consumers, or from reselling services that complement the business. This content delivery for a customer is referred to as a program. Unless otherwise specified, revenue is recognized based on the selling price to customers.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#x2019;s contracts are generally all less than one year and the primary performance obligation is delivery of messages, or content, but the contract may contain additional services. Additional services may include program design, which is the design of the content delivery program, set up, and reporting. We consider set up and reporting services to be complimentary to the primary performance obligation and recognized through performance of the delivery of content. 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Should a program be cancelled before completion, the balance of set up revenue is recognized at the time of cancellation, as set up fees are nonrefundable. Additionally, the Company also recognizes revenue for providing program performance reporting and maintenance, either by the Company directly delivering reports or by providing access to its online reporting portal that the client can utilize. This reporting revenue is recognized over time as the messages are delivered. Program design, which is the design of the content delivery program, and related consulting services are recognized as services are performed.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company does not disaggregate its revenue as virtually all types of revenue are generated through the same core group of customers and generally all involve the delivery of content. Different types of revenue are not impacted by economic factors that affect the nature, amount, timing, or uncertainty of revenues or cash flows.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In some instances, the Company also resells messaging solutions that are available through channel partners that are complementary to the core business and client base. These partner specific solutions are frequently similar to our own solutions and revenue recognition for these programs is the same as described above. In instances where the Company sells solutions on a commission basis, net revenue is recognized based on the commission-based revenue split that the Company receives. There were only minor immaterial programs recorded on a net basis in the years presented. In instances where the Company resells these messaging solutions and has all financial risk and significant operation input and risk, the Company records the revenue based on the gross amount sold and the amount paid to the channel partner as a cost of sales.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Cost of Revenues</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The primary cost of revenue is revenue share expense. Based on the volume of transactions that are delivered through the channel partner network, the Company provides a revenue share to compensate the partner, or others, for their promotion of the campaign. 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A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font>The Company recognizes the tax benefit from uncertain tax positions if it is more likely than not that the tax positions will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. It is the Company&#x2019;s policy to include interest and penalties related to tax positions as a component of income tax expense.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Concentration of Credit Risks</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company maintains its cash and cash equivalents in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts; however, amounts in excess of the federally insured limit may be at risk if the bank experiences financial difficulties. As of December 31, 2020, and 2019 the Company had $9,936,806 and $18,047,903, respectively, in cash balances in excess of federally insured limits, primarily at Bank of America/Merrill Lynch.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Research and Development</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expenses research and development expenses as incurred. Research and development expense was $0 and $1,604,195 in 2020 and 2019, respectively.&#xa0;</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Stock-based Compensation</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company uses the fair value method to account for stock-based compensation. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital over the period during which services are rendered. The fair value of each award is estimated on the date of each grant. For restricted stock, the fair market value is based on the market value of the stock granted on the date of the grant. For options, it is estimated using the Black-Scholes option pricing model that uses the assumptions noted in the following table. Estimated volatilities are based on the historical volatility of the Company&#x2019;s stock over the same period as the expected term of the options. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The Company uses historical data to estimate option exercise behavior, forfeitures, and to determine this term. Historically forfeitures have been negligible and immaterial, so the impact of forfeitures are recorded at the time of forfeiture. The risk-free rate used is based on the U.S. Treasury yield curve in effect at the time of the grant using a time period equal to the expected option term. The Company has never paid dividends and does not expect to pay any dividends in the future.</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 68%"><font style="font: 10pt Times New Roman, Times, Serif">Expected dividend yield</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; "> <td><font style="font: 10pt Times New Roman, Times, Serif">Risk free interest rate</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.16% - 1.63</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.51% - 2.37</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Expected option term</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.5 years</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.5 years</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font: 10pt Times New Roman, Times, Serif">Turnover/forfeiture rate</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Expected volatility</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">65 % - 71</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">64% - 67</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Black-Scholes option valuation model and other existing models were developed for use&#xa0;in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. These option valuation models require the input of, and are highly sensitive to, subjective assumptions including the expected stock price volatility. The Company&#x2019;s stock options have characteristics significantly different from those of traded options, and changes in the subjective input assumptions could materially affect the fair value estimate.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Loss Per Common and Common Equivalent Share</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The computation of basic (loss) earnings per common share is computed using the weighted average number of common shares outstanding during the year. The computation of diluted (loss) earnings per common share is based on the basic weighted average number of shares outstanding during the year plus common stock equivalents, which would arise from the exercise of options and warrants outstanding using the treasury stock method and the average market price per share during the year. The number of common shares potentially issuable upon the exercise of certain options that were excluded from the diluted loss per common share calculation in 2019 was 891,224 related to options, and 59,918 related to restricted stock, for a total of 951,142 because they are anti-dilutive, as a result of a net loss for the year ended December 31, 2019. The number of common shares potentially issuable upon the exercise of certain options that were excluded from the diluted loss per common share calculation in 2020 was 820,059 related to options, and 91,667 related to restricted stock, for a total of 911,726 because they are anti-dilutive, as a result of a net loss for the year ended December 31, 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The computation of weighted average shares outstanding and the basic and diluted earnings per common share for the years ended December 31, 2020 and 2019 consisted of the following:</p><br/><table style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td>&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Net Loss</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Shares</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Per&#xa0;Share <br/>Amount</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td>Year ended December&#xa0;31, 2020</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt;">Basic EPS</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">(2,207,127</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">)</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">14,827,923</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">&#xa0;</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">(0.15</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">)</td> </tr> <tr style="vertical-align: bottom;"> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 4pt;">Diluted EPS</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(2,207,127</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: right;">14,827,923</td> <td style="padding-bottom: 4pt; text-align: left;">&#xa0;</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.15</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> </tr> </table><br/><table style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td>&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Net Loss</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Shares</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Per&#xa0;Share <br/>Amount</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td>Year ended December&#xa0;31, 2019</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt;">Basic EPS</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">(3,142,576</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">)</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">13,387,863</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">&#xa0;</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">(0.23</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">)</td> </tr> <tr style="vertical-align: bottom;"> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 4pt;">Diluted EPS</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(3,142,576</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: right;">13,387,863</td> <td style="padding-bottom: 4pt; text-align: left;">&#xa0;</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.23</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> </tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Impairment of Long-Lived Assets</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Segment reporting</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate in one reportable segment. Overall, our business involves connecting life science companies to patients and providers. We have a common customer base for all of our solution, which are primarily all communications with healthcare providers or patients on behalf of life science customers. Our customers are geographically located in the U.S although we have two technology centers located internationally. We do not prepare separate internal income statements by solution as our focus is on selling enterprise arrangements covering multiple solutions that span the entire patient journey with a specific brand.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Recently Issued Accounting Guidance</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2016, the Financial Accounting Standards Board (the &#x201c;FASB&#x201d;) issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 provides for a new impairment model that requires measurement and recognition of expected credit losses for most financial assets and certain other instruments, including but not limited to accounts receivable and available for sale debt securities. ASU 2016-13 was effective for the Company on January 1, 2020. The adoption of this standard did not have a material effect on our financial position, results of operations, or cash flows.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2019, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements on fair value measurements and became effective for the Company on January 1, 2020. The adoption of this standard did not have a material effect on our financial position, results of operations, or cash flows.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating the second step of the goodwill impairment test. The second step measures a goodwill impairment loss by comparing the implied fair value of a reporting unit&#x2019;s goodwill with the carrying amount of that goodwill. Under ASU 2017-04, a company will record an impairment charge based on the excess of a reporting unit&#x2019;s carrying amount over its fair value. ASU 2017-04 will be applied prospectively and is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this standard did not have a material effect on our financial position, results of operations, or cash flows.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Not Yet Adopted</i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 is intended to improve consistent application and simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance. ASU 2019-12 is effective for annual and interim reporting periods beginning after December 15, 2020, with early adoption permitted. The adoption of this standard is not expected to have a material effect on our financial position, results of operations, or cash flows.</p><br/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Basis of Presentation</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Use of Estimates</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions have been made in determining the carrying value of assets, depreciable and amortizable lives of tangible and intangible assets, the carrying value of liabilities, the valuation allowance for the deferred tax asset, the timing of revenue recognition and related revenue share expenses, and inputs used in the calculation of stock based compensation. Actual results could differ from these estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Principles of Consolidation</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements reflect the consolidated results of OptimizeRx Corporation, a Nevada corporation, and its wholly owned subsidiaries: OptimizeRx Corporation, a Michigan corporation, RMDY Health, Inc., a Delaware corporation, CareSpeak Communications, Inc., a New Jersey corporation, Cyberdiet, a controlled foreign corporation incorporated in Israel, and CareSpeak Communications D.O.O., a Controlled Foreign Corporation incorporated in Croatia. Together, these companies are referred to as &#x201c;OptimizeRx&#x201d; and &#x201c;the Company.&#x201d; All material intercompany transactions have been eliminated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Reclassifications</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain items in the previous year financial statements have been reclassified to match the current year presentation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Cash and Cash Equivalents</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of the accompanying financial statements, the Company considers all highly liquid instruments, consisting of money market accounts, with an initial maturity of three months or less to be cash equivalents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Fair Value of Financial Instruments</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to defining fair value, the disclosure requirements around fair value establish a fair value hierarchy for valuation inputs, which is expanded. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels, which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 1 &#x2013; Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 2 &#x2013; Inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level 3 &#x2013; Inputs are generally unobservable and typically reflect management&#x2019;s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The Company&#x2019;s stock options and warrants are valued using level 3 inputs.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables present the fair values and carrying values of the Company&#x2019;s financial assets and liabilities measured on a recurring basis as of December 31, 2020 and 2019 and the valuation techniques used by the Company to determine those fair values.</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="18" style="border-bottom: Black 1.5pt solid; text-align: center">2020</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Level 1</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Level 2</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Level 3</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Carrying <br/> Value</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%">Liabilities</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 4pt">Contingent Purchase Price Payable (1)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,610,813</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,610,813</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; 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text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Carrying <br/> Value</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%">Liabilities</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 4pt">Contingent Purchase Price Payable (1)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,720,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,720,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,720,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><table style="font: 10pt Times New Roman, Times, Serif; width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;">&#xa0;</td> <td style="width: 24px; font-size: 10pt;"><font style="font-size: 10pt;">(1)</font></td> <td style="font-size: 10pt; text-align: justify;"><font style="font-size: 10pt;">The contingent consideration is based off achieving certain revenue milestones in each of the next two years. The Geometric-Brownian motion analysis was used to generate spot prices for use in an option pricing model. For 2019, the hypothetical spot prices were simulated using a Monte Carlo simulation utilizing 2020 and 2021 projected revenue as a base and revenue volatility of 40%. The risk-free rate of return and terms utilized were 1.4 % and 1-2 years, respectively, and expected volatility was 40%. 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The risk-free rate of return and terms utilized were 1.4 % and 1-2 years, respectively, and expected volatility was 40%. For 2020, the final payout has been determined and is payable in 2021. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Accounts Receivable and Allowance for Doubtful Accounts</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accounts receivable are reported at realizable value, net of allowances for doubtful accounts, which is estimated and recorded in the period the related revenue is recorded. The Company has a standardized approach to estimate and review the collectability of its receivables based on a number of factors, including the period they have been outstanding. Historical collection and payer reimbursement experience is an integral part of the estimation process related to allowances for doubtful accounts. In addition, the Company regularly assesses the state of its billing operations in order to identify issues, which may impact the collectability of these receivables or reserve estimates. Because the Company&#x2019;s customers are primarily large well-capitalized companies, historically there has been very little bad debt expense. Bad debt expense was $200,000 for the year ended December&#xa0;31, 2020 and $80,000 for the year ended December 31, 2019. The allowance for doubtful accounts was $158,163 and $80,000 as of December&#xa0;31, 2020 and 2019, respectively. From time to time, we may record revenue based on our revenue recognition policies described below in advance of being able to invoice the customer. These amounts are included in accounts receivable and are immaterial, representing substantially less than 1% of the accounts receivable balance at December 31, 2020.</p> 158163 80000 0.01 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Property and Equipment</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property and equipment are stated at cost and are being depreciated over their estimated useful lives of three to five years for office equipment and three years for computer equipment using the straight-line method of depreciation for book purposes. Maintenance and repair charges are expensed as incurred.</p> P3Y P5Y P3Y <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Intangible Assets</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets are stated at cost. Finite-lived assets are being amortized over their estimated useful lives of fifteen to seventeen years for patents, eight years for customer relationships, fifteen years for tradenames, four years for covenants not to compete, and three to four years for software and websites, all using the straight-line method. These assets are evaluated when there is a triggering event. 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We use a 5-step model to recognize revenue. These steps are: identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when or as the performance obligations are satisfied.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues are primarily generated from content delivery activities in which the Company delivers financial, clinical, or brand messaging through a distribution network of eprescribers and electronic health record technology providers (channel partners), directly to consumers, or from reselling services that complement the business. This content delivery for a customer is referred to as a program. Unless otherwise specified, revenue is recognized based on the selling price to customers.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&#x2019;s contracts are generally all less than one year and the primary performance obligation is delivery of messages, or content, but the contract may contain additional services. Additional services may include program design, which is the design of the content delivery program, set up, and reporting. We consider set up and reporting services to be complimentary to the primary performance obligation and recognized through performance of the delivery of content. We consider program design and related consulting services to be performance obligations separate from the delivery of messages.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As the content is distributed through the platform and network of channel partners (a transaction), these transactions are recorded, and revenue is recognized, over time as the distributions occur. Revenue for transactions can be realized based on a price per message, a price per redemption, as a flat fee occurring over a period of time, or upon completion of the program, depending on the client contract. The Company recognizes setup fees that are required for integrating client offerings and campaigns into the rule-based content delivery system and network over the life of the initial program, based either on time, or units delivered, depending upon which is most appropriate in the specific situation. Should a program be cancelled before completion, the balance of set up revenue is recognized at the time of cancellation, as set up fees are nonrefundable. Additionally, the Company also recognizes revenue for providing program performance reporting and maintenance, either by the Company directly delivering reports or by providing access to its online reporting portal that the client can utilize. This reporting revenue is recognized over time as the messages are delivered. Program design, which is the design of the content delivery program, and related consulting services are recognized as services are performed.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company does not disaggregate its revenue as virtually all types of revenue are generated through the same core group of customers and generally all involve the delivery of content. Different types of revenue are not impacted by economic factors that affect the nature, amount, timing, or uncertainty of revenues or cash flows.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In some instances, the Company also resells messaging solutions that are available through channel partners that are complementary to the core business and client base. These partner specific solutions are frequently similar to our own solutions and revenue recognition for these programs is the same as described above. In instances where the Company sells solutions on a commission basis, net revenue is recognized based on the commission-based revenue split that the Company receives. There were only minor immaterial programs recorded on a net basis in the years presented. In instances where the Company resells these messaging solutions and has all financial risk and significant operation input and risk, the Company records the revenue based on the gross amount sold and the amount paid to the channel partner as a cost of sales.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Cost of Revenues</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The primary cost of revenue is revenue share expense. Based on the volume of transactions that are delivered through the channel partner network, the Company provides a revenue share to compensate the partner, or others, for their promotion of the campaign. Revenue shares are a negotiated percentage of the transaction fees and can also be specific to special considerations and campaigns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Income Taxes</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font>The Company recognizes the tax benefit from uncertain tax positions if it is more likely than not that the tax positions will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. 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As of December 31, 2020, and 2019 the Company had $9,936,806 and $18,047,903, respectively, in cash balances in excess of federally insured limits, primarily at Bank of America/Merrill Lynch.</p> 9936806 18047903 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Research and Development</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expenses research and development expenses as incurred. Research and development expense was $0 and $1,604,195 in 2020 and 2019, respectively.</p> 0 1604195 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Stock-based Compensation</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company uses the fair value method to account for stock-based compensation. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital over the period during which services are rendered. The fair value of each award is estimated on the date of each grant. For restricted stock, the fair market value is based on the market value of the stock granted on the date of the grant. For options, it is estimated using the Black-Scholes option pricing model that uses the assumptions noted in the following table. Estimated volatilities are based on the historical volatility of the Company&#x2019;s stock over the same period as the expected term of the options. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The Company uses historical data to estimate option exercise behavior, forfeitures, and to determine this term. Historically forfeitures have been negligible and immaterial, so the impact of forfeitures are recorded at the time of forfeiture. The risk-free rate used is based on the U.S. Treasury yield curve in effect at the time of the grant using a time period equal to the expected option term. The Company has never paid dividends and does not expect to pay any dividends in the future.</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 68%"><font style="font: 10pt Times New Roman, Times, Serif">Expected dividend yield</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; "> <td><font style="font: 10pt Times New Roman, Times, Serif">Risk free interest rate</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.16% - 1.63</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.51% - 2.37</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Expected option term</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.5 years</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.5 years</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font: 10pt Times New Roman, Times, Serif">Turnover/forfeiture rate</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Expected volatility</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">65 % - 71</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">64% - 67</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Black-Scholes option valuation model and other existing models were developed for use&#xa0;in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. These option valuation models require the input of, and are highly sensitive to, subjective assumptions including the expected stock price volatility. The Company&#x2019;s stock options have characteristics significantly different from those of traded options, and changes in the subjective input assumptions could materially affect the fair value estimate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Loss Per Common and Common Equivalent Share</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The computation of basic (loss) earnings per common share is computed using the weighted average number of common shares outstanding during the year. The computation of diluted (loss) earnings per common share is based on the basic weighted average number of shares outstanding during the year plus common stock equivalents, which would arise from the exercise of options and warrants outstanding using the treasury stock method and the average market price per share during the year. The number of common shares potentially issuable upon the exercise of certain options that were excluded from the diluted loss per common share calculation in 2019 was 891,224 related to options, and 59,918 related to restricted stock, for a total of 951,142 because they are anti-dilutive, as a result of a net loss for the year ended December 31, 2019. The number of common shares potentially issuable upon the exercise of certain options that were excluded from the diluted loss per common share calculation in 2020 was 820,059 related to options, and 91,667 related to restricted stock, for a total of 911,726 because they are anti-dilutive, as a result of a net loss for the year ended December 31, 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The computation of weighted average shares outstanding and the basic and diluted earnings per common share for the years ended December 31, 2020 and 2019 consisted of the following:</p><br/><table style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td>&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Net Loss</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Shares</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Per&#xa0;Share <br/>Amount</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td>Year ended December&#xa0;31, 2020</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt;">Basic EPS</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">(2,207,127</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">)</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">14,827,923</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">&#xa0;</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">(0.15</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">)</td> </tr> <tr style="vertical-align: bottom;"> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 4pt;">Diluted EPS</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(2,207,127</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: right;">14,827,923</td> <td style="padding-bottom: 4pt; text-align: left;">&#xa0;</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.15</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> </tr> </table><br/><table style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td>&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Net Loss</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Shares</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Per&#xa0;Share <br/>Amount</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td>Year ended December&#xa0;31, 2019</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt;">Basic EPS</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">(3,142,576</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">)</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">13,387,863</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">&#xa0;</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">(0.23</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">)</td> </tr> <tr style="vertical-align: bottom;"> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 4pt;">Diluted EPS</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(3,142,576</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: right;">13,387,863</td> <td style="padding-bottom: 4pt; text-align: left;">&#xa0;</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.23</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> </tr> </table> 891224 59918 951142 820059 91667 911726 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Impairment of Long-Lived Assets</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Segment reporting</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We operate in one reportable segment. Overall, our business involves connecting life science companies to patients and providers. We have a common customer base for all of our solution, which are primarily all communications with healthcare providers or patients on behalf of life science customers. Our customers are geographically located in the U.S although we have two technology centers located internationally. We do not prepare separate internal income statements by solution as our focus is on selling enterprise arrangements covering multiple solutions that span the entire patient journey with a specific brand.</p> 1 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="text-decoration:underline">Recently Issued Accounting Guidance</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2016, the Financial Accounting Standards Board (the &#x201c;FASB&#x201d;) issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 provides for a new impairment model that requires measurement and recognition of expected credit losses for most financial assets and certain other instruments, including but not limited to accounts receivable and available for sale debt securities. ASU 2016-13 was effective for the Company on January 1, 2020. The adoption of this standard did not have a material effect on our financial position, results of operations, or cash flows.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In August 2019, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 modifies the disclosure requirements on fair value measurements and became effective for the Company on January 1, 2020. The adoption of this standard did not have a material effect on our financial position, results of operations, or cash flows.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating the second step of the goodwill impairment test. The second step measures a goodwill impairment loss by comparing the implied fair value of a reporting unit&#x2019;s goodwill with the carrying amount of that goodwill. Under ASU 2017-04, a company will record an impairment charge based on the excess of a reporting unit&#x2019;s carrying amount over its fair value. ASU 2017-04 will be applied prospectively and is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this standard did not have a material effect on our financial position, results of operations, or cash flows.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Not Yet Adopted</i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 is intended to improve consistent application and simplify the accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance. ASU 2019-12 is effective for annual and interim reporting periods beginning after December 15, 2020, with early adoption permitted. The adoption of this standard is not expected to have a material effect on our financial position, results of operations, or cash flows.</p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="18" style="border-bottom: Black 1.5pt solid; text-align: center">2020</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Level 1</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Level 2</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Level 3</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Carrying <br/> Value</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%">Liabilities</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 4pt">Contingent Purchase Price Payable (1)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,610,813</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,610,813</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,610,813</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="18" style="border-bottom: Black 1.5pt solid; text-align: center">2019</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Level 1</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Level 2</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Level 3</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Carrying <br/> Value</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 40%">Liabilities</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 4pt">Contingent Purchase Price Payable (1)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,720,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,720,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,720,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><table style="font: 10pt Times New Roman, Times, Serif; width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;">&#xa0;</td> <td style="width: 24px; font-size: 10pt;"><font style="font-size: 10pt;">(1)</font></td> <td style="font-size: 10pt; text-align: justify;"><font style="font-size: 10pt;">The contingent consideration is based off achieving certain revenue milestones in each of the next two years. The Geometric-Brownian motion analysis was used to generate spot prices for use in an option pricing model. For 2019, the hypothetical spot prices were simulated using a Monte Carlo simulation utilizing 2020 and 2021 projected revenue as a base and revenue volatility of 40%. The risk-free rate of return and terms utilized were 1.4 % and 1-2 years, respectively, and expected volatility was 40%. For 2020, the final payout has been determined and is payable in 2021.</font></td> </tr> </table> 1610813 1610813 1610813 6720000 6720000 6720000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Amount</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%">Balance December 31, 2018</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,365,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Contingent consideration liability recorded as the result of the RMDY Health, Inc. acquisition (see note 3)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">3,720,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Increase in the value of the CareSpeak Communication consideration</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">635,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>Balance December 31, 2019</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">6,720,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Increase in fair value of the RMDY Health, Inc. contingent consideration</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">140,390</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Payment of CareSpeak Communication contingent consideration</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(1,389,187</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Payment of RMDY Health, Inc. contingent consideration</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,860,390</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 4pt">Balance December 31, 2020</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,610,813</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 2365000 3720000 635000 6720000 140390 -1389187 -3860390 1610813 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 68%"><font style="font: 10pt Times New Roman, Times, Serif">Expected dividend yield</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom; "> <td><font style="font: 10pt Times New Roman, Times, Serif">Risk free interest rate</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.16% - 1.63</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.51% - 2.37</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Expected option term</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.5 years</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="white-space: nowrap; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.5 years</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font: 10pt Times New Roman, Times, Serif">Turnover/forfeiture rate</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> <tr style="vertical-align: bottom"> <td><font style="font: 10pt Times New Roman, Times, Serif">Expected volatility</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">65 % - 71</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">64% - 67</font></td> <td><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr> </table> 0.00 0.00 0.0016 0.0163 0.0151 0.0237 P3Y6M P3Y6M 0.00 0.00 0.65 0.71 0.64 0.67 <table style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td>&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Net Loss</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Shares</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Per&#xa0;Share <br/>Amount</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td>Year ended December&#xa0;31, 2020</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt;">Basic EPS</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">(2,207,127</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">)</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">14,827,923</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">&#xa0;</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">(0.15</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">)</td> </tr> <tr style="vertical-align: bottom;"> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 4pt;">Diluted EPS</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(2,207,127</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: right;">14,827,923</td> <td style="padding-bottom: 4pt; text-align: left;">&#xa0;</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.15</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> </tr> </table><table style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td>&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Net Loss</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Shares</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center;" colspan="2">Per&#xa0;Share <br/>Amount</td> <td style="padding-bottom: 1.5pt;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td>Year ended December&#xa0;31, 2019</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 0.125in; width: 64%; text-align: left; padding-bottom: 4pt;">Basic EPS</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">(3,142,576</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">)</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">13,387,863</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">&#xa0;</td> <td style="width: 1%; padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; width: 9%; text-align: right;">(0.23</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left;">)</td> </tr> <tr style="vertical-align: bottom;"> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td>&#xa0;</td> <td style="text-align: left;">&#xa0;</td> <td style="text-align: right;">&#xa0;</td> <td style="text-align: left;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 4pt;">Diluted EPS</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(3,142,576</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: right;">13,387,863</td> <td style="padding-bottom: 4pt; text-align: left;">&#xa0;</td> <td style="padding-bottom: 4pt;">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left;">$</td> <td style="border-bottom: Black 4pt double; text-align: right;">(0.23</td> <td style="padding-bottom: 4pt; text-align: left;">)</td> </tr> </table> -2207127 -2207127 -3142576 -3142576 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 3 &#x2013; ACQUISITIONS</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 4, 2019, we acquired RMDY Health, Inc. (&#x201c;RMDY&#x201d;), a Delaware corporation and technology solutions company engaged in developing and marketing digital health SAAS solutions across a range of healthcare and life science initiatives, used by pharmaceutical companies, payers, medtech&#xa0; companies, and medical associations nationwide to improve medication adherence and care coordination. The total purchase price was $17,822,162. Acquisition costs of approximately $799,623 were expensed as incurred.&#xa0;</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purchase price contains a contingent element that will be paid only if the Company achieves certain revenues related to the legacy RMDY business in 2020 and 2021. The total contingent payment may be up to $30.0 million, with a minimum payment of $1.0 million each year. The contingent payment was paid in 2020. No remaining liability exists at December 31, 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purchase price of the RMDY acquisition was allocated as follows:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Purchase Price</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; width: 88%; text-align: left">Cash paid</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,994,369</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left">Common stock issued</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,107,793</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Contingent payment</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,720,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,822,162</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>Allocation</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left">Current assets</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Accounts receivable</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">411,354</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Prepaid Expense</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">12,139</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left">Property and equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">19,173</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in">Intangibles</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Goodwill, including assembled workforce in place</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">11,061,518</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Web technology</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,125,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in">Tradename</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2,604,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Non-compete agreements</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">116,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Customer relationships</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">431,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left">Current liabilities assumed</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Accounts payable</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(128,234</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Accrued expenses</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(931,828</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Deferred tax liability</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(897,960</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.375in; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,822,162</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in greater detail in Note 6, the amortizable intangible assets acquired have estimated useful lives ranging from 2 to 15 years. We determined the estimated fair value of the identifiable intangible assets acquired primarily by using the income approach.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2019, $800,000 was included in accrued expenses as part of an indemnification provision against potential future claims. This balance was paid via the issuance of common stock during the year ended December 31, 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We began consolidating the results of RMDY operations and cashflows after October 3, 2019, the date of that acquisition. The unaudited Pro forma results of operations as the acquisition had occurred January 1, 2019 are presented in the following table:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">2019</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#xa0;</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center">As Reported</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center">Pro Forma</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify">Revenues</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">24,598,278</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">26,118,278</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Net Loss</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(3,142,576</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(3,869,577</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Loss per common share:</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify; padding-bottom: 4pt">Basic</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.23</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.29</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify; padding-bottom: 4pt">Diluted</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.23</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.29</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table><br/> 17822162 799623 30000000 1000000 estimated useful lives ranging from 2 to 15 years. 800000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold">Purchase Price</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; width: 88%; text-align: left">Cash paid</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,994,369</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left">Common stock issued</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,107,793</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Contingent payment</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,720,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,822,162</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>Allocation</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left">Current assets</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Accounts receivable</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">411,354</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Prepaid Expense</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">12,139</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left">Property and equipment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">19,173</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in">Intangibles</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Goodwill, including assembled workforce in place</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">11,061,518</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Web technology</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">5,125,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in">Tradename</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">2,604,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Non-compete agreements</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">116,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Customer relationships</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">431,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left">Current liabilities assumed</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Accounts payable</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(128,234</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: left">Accrued expenses</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(931,828</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Deferred tax liability</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(897,960</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.375in; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,822,162</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 8994369 5107793 3720000 17822162 411354 12139 19173 11061518 5125000 2604000 116000 431000 128234 931828 897960 17822162 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">2019</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&#xa0;</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center">As Reported</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center">Pro Forma</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify">Revenues</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">24,598,278</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">26,118,278</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Net Loss</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(3,142,576</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(3,869,577</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Loss per common share:</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify; padding-bottom: 4pt">Basic</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.23</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.29</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify; padding-bottom: 4pt">Diluted</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.23</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.29</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr> </table> 26118278 -3869577 -0.29 -0.29 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 4 &#x2013; PREPAID EXPENSES</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prepaid expenses consisted of the following as of December&#xa0;31, 2020 and 2019:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2020</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2019</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%">Insurance</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">77,887</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">69,250</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Prepaid revenue share &#xa0;and exclusivity payments</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">3,750,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">201,114</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">EHR access fees</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">317,726</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">313,121</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">310,998</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">287,558</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 4pt">Total prepaid expenses</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,456,611</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">871,043</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2020</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2019</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%">Insurance</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">77,887</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">69,250</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Prepaid revenue share &#xa0;and exclusivity payments</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">3,750,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">201,114</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">EHR access fees</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">317,726</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">313,121</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">310,998</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">287,558</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 4pt">Total prepaid expenses</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,456,611</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">871,043</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 77887 69250 -3750000 -201114 317726 313121 310998 287558 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 5 &#x2013; PROPERTY AND EQUIPMENT</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company owned equipment recorded at cost, which consisted of the following as of December&#xa0;31, 2020 and 2019:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2020</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2019</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: left">Computer equipment</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">169,247</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">137,763</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Furniture and fixtures</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">198,665</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">187,167</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">367,912</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">324,930</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Less accumulated depreciation</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">219,058</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">148,916</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 4pt">Property and equipment, net</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">148,854</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">176,014</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation expense was $95,202 and $80,206 for the years ended December&#xa0;31, 2020 and 2019, respectively.</p><br/> 95202 80206 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2020</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2019</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: left">Computer equipment</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">169,247</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">137,763</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Furniture and fixtures</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">198,665</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">187,167</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">367,912</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">324,930</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Less accumulated depreciation</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">219,058</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">148,916</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left; padding-bottom: 4pt">Property and equipment, net</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">148,854</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">176,014</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 169247 137763 198665 187167 367912 324930 219058 148916 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTE 6 &#x2013; INTANBIGLE ASSETS</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Goodwill</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The goodwill is related to the acquisition of RMDY Health, Inc. in 2019 and CareSpeak Communications in 2018 and is primarily related to expected improvements and technology performance and functionality, sales growth from future solutions and service offerings and new customers, together with certain intangible assets that do not qualify for separate recognition, such as the assembled workforce in place. Goodwill is generally not amortizable for tax purposes and is not amortizable for financial statement purposes.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Intangible Assets</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets included on the consolidated balance sheet consist of the following:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2020</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross <br/> Carrying <br/> Amount</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accumulated <br/> Amortization</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Net</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted <br/> Average Life <br/> Remaining</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%; text-align: justify; padding-bottom: 4pt">Patent rights</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">3,341,388</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">991,818</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">2,349,570</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 9%; padding-bottom: 4pt; text-align: center">11.5</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Technology Assets</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,184,765</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,932,943</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">5,251,822</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt; text-align: center">7.7</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Other intangible assets</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: center">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify">Tradename</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">3,586,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">298,833</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">3,287,167</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: center">13.7</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left">Non-compete agreements</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,093,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">611,885</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">481,115</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: center">1.6</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Customer relationships</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">923,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">171,730</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">751,270</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: center">9.8</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Total other</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">5,602,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">1,082,448</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">4,519,552</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt; text-align: center">&#xa0;</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Total Intangibles</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,128,153</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,007,209</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">12,120,944</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt; text-align: center">&#xa0;</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2019</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross <br/> Carrying <br/> Amount</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accumulated <br/> Amortization</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Net</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted <br/> Average Life <br/> Remaining</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%; text-align: justify; padding-bottom: 4pt">Patent rights</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">3,329,457</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">778,870</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">2,550,587</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 9%; padding-bottom: 4pt; text-align: center">11.7</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Technology assets</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,140,013</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,901,560</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,238,453</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt; text-align: center">8.0</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Other intangible assets</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: center">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify">Tradename</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">3,586,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">59,767</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">3,526,233</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: center">14.5</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left">Non-compete agreements</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,093,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">309,635</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">783,365</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: center">2.7</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Customer relationships</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">923,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">81,496</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">841,504</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: center">10.5</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Total other</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">5,602,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">450,898</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">5,151,102</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt; text-align: center">&#xa0;</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Total Intangibles</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,071,470</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,131,328</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">13,940,142</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt; text-align: center">&#xa0;</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangibles are being amortized on a straight-line basis over the following estimated useful lives.</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; "> <td style="width: 50%"><font style="font: 10pt Times New Roman, Times, Serif">Patents</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 47%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15 &#x2013; 17 years</font></td> <td style="width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font: 10pt Times New Roman, Times, Serif">Tradenames</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15 years</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font: 10pt Times New Roman, Times, Serif">Non-compete agreements</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2 &#x2013; 4 years</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font: 10pt Times New Roman, Times, Serif">Customer relationships</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8 &#x2013; 15 years</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font: 10pt Times New Roman, Times, Serif">Technology assets</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3 &#x2013; 10 years</font></td> <td>&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recorded amortization expense of $1,875,882 and $1,094,924 in the years ended December 31, 2020 and 2019, respectively. Expected future amortization expenses of the intangibles assets as of December 31, 2020 is as follows:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">Year ended December 31,</td><td>&#xa0;</td> <td colspan="2" style="text-align: justify">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; width: 88%; text-align: justify">2021</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,859,840</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify">2022</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,459,427</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify">2023</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,057,728</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify">2024</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,057,728</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify">2025</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,057,728</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,628,494</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,120,945</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the technology assets acquired in connection with the RMDY acquisition, the Company also acquired software with a cost of $1.5 million in 2019.</p><br/> 1875882 1094924 1500000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2020</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross <br/> Carrying <br/> Amount</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accumulated <br/> Amortization</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Net</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted <br/> Average Life <br/> Remaining</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%; text-align: justify; padding-bottom: 4pt">Patent rights</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">3,341,388</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">991,818</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">2,349,570</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 9%; padding-bottom: 4pt; text-align: center">11.5</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Technology Assets</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,184,765</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,932,943</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">5,251,822</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt; text-align: center">7.7</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Other intangible assets</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: center">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify">Tradename</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">3,586,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">298,833</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">3,287,167</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: center">13.7</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left">Non-compete agreements</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,093,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">611,885</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">481,115</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: center">1.6</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Customer relationships</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">923,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">171,730</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">751,270</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: center">9.8</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Total other</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">5,602,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">1,082,448</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">4,519,552</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt; text-align: center">&#xa0;</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Total Intangibles</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,128,153</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,007,209</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">12,120,944</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt; text-align: center">&#xa0;</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center">December 31, 2019</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Gross <br/> Carrying <br/> Amount</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Accumulated <br/> Amortization</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Net</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted <br/> Average Life <br/> Remaining</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%; text-align: justify; padding-bottom: 4pt">Patent rights</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">3,329,457</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">778,870</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right">2,550,587</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 4pt">&#xa0;</td> <td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="width: 9%; padding-bottom: 4pt; text-align: center">11.7</td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Technology assets</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,140,013</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,901,560</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,238,453</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt; text-align: center">8.0</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Other intangible assets</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">&#xa0;</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: center">&#xa0;</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify">Tradename</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">3,586,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">59,767</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">3,526,233</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: center">14.5</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: left">Non-compete agreements</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,093,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">309,635</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">783,365</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: center">2.7</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Customer relationships</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">923,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">81,496</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">841,504</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt; text-align: center">10.5</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Total other</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">5,602,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">450,898</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">5,151,102</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt; text-align: center">&#xa0;</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Total Intangibles</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,071,470</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,131,328</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">13,940,142</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt; text-align: center">&#xa0;</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 3341388 991818 2349570 P11Y6M 8184765 2932943 5251822 P7Y255D 3586000 298833 3287167 P13Y255D 1093000 611885 481115 P1Y219D 923000 171730 751270 P9Y292D 5602000 1082448 4519552 17128153 5007209 12120944 3329457 778870 2550587 P11Y255D 8140013 1901560 6238453 P8Y 3586000 59767 3526233 P14Y6M 1093000 309635 783365 P2Y255D 923000 81496 841504 P10Y6M 5602000 450898 5151102 17071470 3131328 13940142 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; "> <td style="width: 50%"><font style="font: 10pt Times New Roman, Times, Serif">Patents</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 47%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15 &#x2013; 17 years</font></td> <td style="width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font: 10pt Times New Roman, Times, Serif">Tradenames</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15 years</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font: 10pt Times New Roman, Times, Serif">Non-compete agreements</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2 &#x2013; 4 years</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font: 10pt Times New Roman, Times, Serif">Customer relationships</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8 &#x2013; 15 years</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td><font style="font: 10pt Times New Roman, Times, Serif">Technology assets</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3 &#x2013; 10 years</font></td> <td>&#xa0;</td></tr> </table> P2Y P4Y P8Y P15Y P3Y P10Y <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">Year ended December 31,</td><td>&#xa0;</td> <td colspan="2" style="text-align: justify">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; width: 88%; text-align: justify">2021</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,859,840</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify">2022</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,459,427</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify">2023</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,057,728</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify">2024</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,057,728</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify">2025</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">1,057,728</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.125in; text-align: justify; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,628,494</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.25in; text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12,120,945</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 1859840 1459427 1057728 1057728 1057728 5628494 12120945 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTE 7 &#x2013; DEFERRED REVENUE</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has several signed contracts with customers for the distribution of financial messaging, or other services, which include payment in advance. The payments are not recorded as revenue until the revenue is earned under its revenue recognition policy discussed in Note 2. Deferred revenue was $285,795 and $580,014 as of December&#xa0;31, 2020 and 2019, respectively. These contracts are all short term in nature and all revenue is expected to be recognized within 12 months, or less. Following is a summary of activity in the deferred revenue account for the year ended December 31, 2020.</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 88%; text-align: justify">Balance January 1, 2020</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">580,014</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Revenue recognized</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(16,260,166</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1.5pt">Amount collected</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,680,152</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Balance December 31, 2020</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">285,795</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="width: 88%; text-align: justify">Balance January 1, 2020</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">580,014</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Revenue recognized</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(16,260,166</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1.5pt">Amount collected</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,680,152</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Balance December 31, 2020</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">285,795</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 580014 16260166 15680152 285795 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTE 8 &#x2013; RELATED PARTY TRANSACTIONS</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December&#xa0;31, 2010, the Company acquired the technical contributions and assignment of all exclusive rights to and for a key patent in process at the time from a former CEO in exchange for a total payment in shares of common stock and options valued at $930,000 at the time of the acquisition, and recorded the patent at that cost. That patent remains in Patents on the consolidated balance sheet as of December 31, 2020.</p><br/> 930000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTE 9 &#x2013; CONTINGENT PURCHASE PRICE</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our purchase of CareSpeak Communications contained a contingent element that would be paid only if the Company achieved certain patient engagement revenues in 2019 and 2020. The total contingent payment could have been up to $3.0 million. The target patient engagement revenues were achieved in both 2019 and in 2020. The calculated fair value of the contingent payment was $3,000,000 at December 31, 2019 and $1,610,813 at December 31, 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">Our purchase of RMDY Health, Inc. also contained a contingent element that would be paid only if the Company achieves certain revenues in 2020 and 2021 related to the RMDY business. The total contingent payment may be up to $30.0 million. The minimum payment was $1.0 million in each of the two years. The calculated fair value of the contingent payment was $3,720,000 at December 31, 2019. We determined the fair value of the Contingent Purchase Price Payable at December 31, 2019 using a Geometric-Brownian motion analysis of the expected revenue and resulting earnout payment using inputs that include the spot price, a risk free rate of return of 1.4%, a term of 1-2 years, and volatility of 40%. During 2020, we reached agreement with the former shareholders of RMDY to fix the liability at $3.75 million, payable in a combination of cash and stock. Because of the change in the share price between the date of agreement and the date of payment, the amount recorded for the stock amount varied from the agreed amount. The liability was paid $3.0 million in cash and the remainder in the common stock.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The total fair value of contingent purchase price payable at December 31, 2020 is as follows.</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Current</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Long-Term</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Total</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 64%; text-align: justify">CareSpeak Communications, Inc.</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,610,813</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;-</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,610,813</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1.5pt">RMDY Health</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,610,813</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,610,813</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/> 3000000 3000000 1610813 30000000 1000000 P2Y P2Y 3720000 0.014 P1Y P2Y 0.40 3750000 3000000 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Current</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Long-Term</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Total</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 64%; text-align: justify">CareSpeak Communications, Inc.</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,610,813</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;-</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,610,813</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1.5pt">RMDY Health</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,610,813</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,610,813</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 1610813 1610813 1610813 1610813 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 10 &#x2013; STOCKHOLDERS&#x2019; EQUITY</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><font style="text-decoration:underline">Preferred Stock</font></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has 10,000,000 shares of preferred stock, $.001 par value per share, authorized as of December 31, 2020. No shares were issued or outstanding in either 2019 or 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><font style="text-decoration:underline">Common Stock</font></b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company had 166,666,667 shares of common stock, $.001 par value per share, authorized as of December 31, 2020. There were 15,223,340 and 14,600,579 shares of common stock issued and outstanding at December&#xa0;31, 2020 and 2019, respectively.&#xa0;</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2019, in an underwritten public offering, we issued 1,769,275 shares of our common stock for gross proceeds of $23,000,575. In connection with this transaction, we incurred equity issuance costs of $1,696,749 related to payments to the underwriter, advisors and legal fees associated with the transaction, resulting in net proceeds to the Company of $21,303,826.&#xa0;</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has a Director Compensation plan covering its independent non-employee Directors. A total of 28,809 and 33,344 shares were granted and issued in the years ended December 31, 2020 and 2019, respectively, in connection with this compensation plan. These shares were valued at $450,124 and $447,393, respectively.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We issued 414,705 shares of common stock and received proceeds of $2,488,394 in 2020 in connection with the exercise of options. We also issued 246,448 shares of common stock and received proceeds of $877,702 in 2019 in connection with the exercise of options.<b>&#xa0;</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During 2019, we issued 382,893 shares of common stock, valued at $5,107,793, to the former shareholders of RMDY Health, Inc. in connection with the acquisition of RMDY in 2019. We also issued 94,501 shares of common stock in 2020, valued at $1,657,548 to the former shareholders of RMDY Health, Inc. in connection with the&#xa0;escrow holdback from the initial transaction and finalization of the earnout amount due.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We adopted the new lease accounting standard ASC 842 as of January 1, 2019, which resulted in a charge of $3,229 to Retained Earnings on that date.</p><br/> 15223340 15223340 14600579 14600579 1769275 23000575 1696749 21303826 28809 33344 450124 447393 414705 2488394 246448 877702 382893 5107793 94501 1657548 3229 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTE 11 &#x2013; STOCK COMPENSATION</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company sponsors a stock-based incentive compensation plan known as the 2013 Equity Compensation Plan (the &#x201c;Plan&#x201d;), which was established by the Board of Directors of the Company in June 2013. The Plan was amended several times since then to eventually increase the authorized shares to 3,000,000 as of December 31, 2020. The amended plan has been approved by shareholders. A total of 1,545,518 shares of common stock underlying options and 100,000 shares of common stock underlying restricted stock awards were outstanding at December 31, 2020. The Company had 299,461 remaining shares available to grant under the Plan at December 31, 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Plan allows the Company to grant incentive stock options, non-qualified stock options, stock appreciation rights, or restricted stock. The incentive stock options are exercisable for up to ten years, at an option price per share not less than the fair market value on the date the option is granted. The incentive stock options are limited to persons who are regular full-time employees of the Company at the date of the grant of the option. Non-qualified options may be granted to any person, including, but not limited to, employees, independent agents, consultants and attorneys, who the Company&#x2019;s Board or Compensation Committee believes have contributed, or will contribute, to the success of the Company. Non-qualified options may be issued at option prices of less than fair market value on the date of grant and may be exercisable for up to ten years from date of grant. The option vesting schedule for options granted is determined by the Compensation Committee of the Board of Directors at the time of the grant. The Plan provides for accelerated vesting of unvested options if there is a change in control, as defined in the Plan.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The compensation cost that has been charged against income related to options for the years ended December 31, 2020 and 2019, was $1,884,202 and $1,687,745, respectively. No income tax benefit was recognized in the income statement and no compensation was capitalized in any of the years presented.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company had the following option activity during the year ended December&#xa0;31, 2020:</p><br/><table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="width: 40.4878%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="text-align: center; border-bottom: 1.5pt solid black; width: 10%;" colspan="2">Number of <br/>Options</td> <td style="padding-bottom: 1.5pt; width: 1.62602%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="text-align: center; border-bottom: 1.5pt solid black; width: 10%;" colspan="2">Weighted <br/>average <br/>exercise <br/>price</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="text-align: center; border-bottom: 1.5pt solid black; width: 10%;" colspan="2">Weighted <br/>average <br/>remaining <br/>contractual <br/>life (years)</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="text-align: center; border-bottom: 1.5pt solid black; width: 10%;" colspan="2">Aggregate <br/>intrinsic<br/>value $</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 40.4878%;">Outstanding, January 1, 2019</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="width: 1%; text-align: left;">&#xa0;</td> <td style="width: 9%; text-align: right;">1,554,700</td> <td style="width: 1.62602%; text-align: left;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">4.63</td> <td style="width: 0.813008%; text-align: left;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="width: 1%; text-align: left;">&#xa0;</td> <td style="width: 9%; text-align: right;">&#xa0;&#xa0;&#xa0;&#xa0;</td> <td style="width: 0.813008%; text-align: left;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="width: 1%; text-align: left;">&#xa0;</td> <td style="width: 9%; text-align: right;">&#xa0;&#xa0;&#xa0;</td> <td style="width: 0.813008%; text-align: left;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 40.4878%;">Granted</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">410,134</td> <td style="text-align: left; width: 1.62602%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">12.28</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 40.4878%;">Exercised</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">(251,063</td> <td style="text-align: left; width: 1.62602%;">)</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">3.73</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1.5pt; width: 40.4878%;">Expired or forfeited</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">(89,550</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 1.62602%;">)</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">$</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">12.55</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 1%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: right; width: 9%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 1%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: right; width: 9%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 40.4878%;">Outstanding at December 31, 2019</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">1,624,221</td> <td style="text-align: left; width: 1.62602%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">6.27</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">2.6</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">7,925,643</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 40.4878%;">Granted</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">467,549</td> <td style="text-align: left; width: 1.62602%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">11.39</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 40.4878%;">Exercised</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">(420,586</td> <td style="text-align: left; width: 1.62602%;">)</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">6.45</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1.5pt; width: 40.4878%;">Expired or forfeited</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">(125,666</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 1.62602%;">)</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">$</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">13.09</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 1%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: right; width: 9%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 1%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: right; width: 9%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1.5pt; width: 40.4878%;">Outstanding, December&#xa0;31, 2020</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">1,545,518</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 1.62602%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">$</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">7.31</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">2.3</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">$</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">36,862,947</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 4pt; width: 40.4878%;">Exercisable, December 31, 2020</td> <td style="padding-bottom: 4pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; width: 1%;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: right; width: 9%;">1,214,512</td> <td style="padding-bottom: 4pt; text-align: left; width: 1.62602%;">&#xa0;</td> <td style="padding-bottom: 4pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; width: 1%;">$</td> <td style="border-bottom: 4pt double black; text-align: right; width: 9%;">4.64</td> <td style="padding-bottom: 4pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 4pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; width: 1%;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: right; width: 9%;">1.5</td> <td style="padding-bottom: 4pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 4pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; width: 1%;">$</td> <td style="border-bottom: 4pt double black; text-align: right; width: 9%;">30,666,752</td> <td style="padding-bottom: 4pt; text-align: left; width: 0.813008%;">&#xa0;</td> </tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The exercise price of outstanding options ranges from $2.46 per share to $28.48 per share.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">A summary of the status of the Company&#x2019;s nonvested options as of December 31, 2020, and changes during the year ended December 31, 2020, is presented below.</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left">Nonvested Options</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center">Options</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center">Weighted-Average <br/> Exercise Price</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%">Nonvested at January 1, 2020</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">480,584</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10.72</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>Granted</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">467,549</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">11.39</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>Vested</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(531,461</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">9.95</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">Forfeited</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(85,666</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12.48</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 4pt">Nonvested at December 31, 2020</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">331,006</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12.44</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is $1,787,888 of expense remaining to be recognized over a period of approximately 2.5 years related to options outstanding at December 31, 2020.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company granted restricted stock awards of 94,746 and 90,000 shares in 2020 and 2019, respectively, and valued at $850,985 and $938,700, respectively. These awards vest over a period of 1 to 5 years. The Company recognized expense of $838,514 and $125,160 in 2020 and 2019, respectively related to this award. A total of $826,010 remains to be recognized at December 31, 2020 over a period of 3.2 years.</p><br/><table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid">Restricted Stock Awards</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Shares</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Weighted-Average <br/> Grant Date Fair Value</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 70%">Outstanding at January 1, 2020</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 12%; text-align: right">90,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10.43</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>Granted</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">94,746</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">8.98</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Vested and issued</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(84,746</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">7.54</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 4pt">Outstanding at December 31, 2020</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">100,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">11.51</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/> 3,000,000 1545518 100000 299461 P10Y P10Y 1884202 1687745 2.46 28.48 1787888 P2Y6M 94746 90000 850985 938700 P1Y P5Y 838514 125160 826010 P3Y73D <table style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="width: 40.4878%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="text-align: center; border-bottom: 1.5pt solid black; width: 10%;" colspan="2">Number of <br/>Options</td> <td style="padding-bottom: 1.5pt; width: 1.62602%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="text-align: center; border-bottom: 1.5pt solid black; width: 10%;" colspan="2">Weighted <br/>average <br/>exercise <br/>price</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="text-align: center; border-bottom: 1.5pt solid black; width: 10%;" colspan="2">Weighted <br/>average <br/>remaining <br/>contractual <br/>life (years)</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="text-align: center; border-bottom: 1.5pt solid black; width: 10%;" colspan="2">Aggregate <br/>intrinsic<br/>value $</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 40.4878%;">Outstanding, January 1, 2019</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="width: 1%; text-align: left;">&#xa0;</td> <td style="width: 9%; text-align: right;">1,554,700</td> <td style="width: 1.62602%; text-align: left;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 9%; text-align: right;">4.63</td> <td style="width: 0.813008%; text-align: left;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="width: 1%; text-align: left;">&#xa0;</td> <td style="width: 9%; text-align: right;">&#xa0;&#xa0;&#xa0;&#xa0;</td> <td style="width: 0.813008%; text-align: left;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="width: 1%; text-align: left;">&#xa0;</td> <td style="width: 9%; text-align: right;">&#xa0;&#xa0;&#xa0;</td> <td style="width: 0.813008%; text-align: left;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 40.4878%;">Granted</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">410,134</td> <td style="text-align: left; width: 1.62602%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">12.28</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 40.4878%;">Exercised</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">(251,063</td> <td style="text-align: left; width: 1.62602%;">)</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">3.73</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1.5pt; width: 40.4878%;">Expired or forfeited</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">(89,550</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 1.62602%;">)</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">$</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">12.55</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 1%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: right; width: 9%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 1%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: right; width: 9%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 40.4878%;">Outstanding at December 31, 2019</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">1,624,221</td> <td style="text-align: left; width: 1.62602%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">6.27</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">2.6</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">7,925,643</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 40.4878%;">Granted</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">467,549</td> <td style="text-align: left; width: 1.62602%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">11.39</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 40.4878%;">Exercised</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">(420,586</td> <td style="text-align: left; width: 1.62602%;">)</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 9%;">6.45</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> <td style="width: 0.813008%;">&#xa0;</td> <td style="text-align: left; width: 1%;">&#xa0;</td> <td style="text-align: right; width: 9%;">&#xa0;</td> <td style="text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1.5pt; width: 40.4878%;">Expired or forfeited</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">(125,666</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 1.62602%;">)</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">$</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">13.09</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 1%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: right; width: 9%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 1%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: right; width: 9%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 1.5pt; width: 40.4878%;">Outstanding, December&#xa0;31, 2020</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">1,545,518</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 1.62602%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">$</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">7.31</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">2.3</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 1.5pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; width: 1%;">$</td> <td style="border-bottom: 1.5pt solid black; text-align: right; width: 9%;">36,862,947</td> <td style="padding-bottom: 1.5pt; text-align: left; width: 0.813008%;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="padding-bottom: 4pt; width: 40.4878%;">Exercisable, December 31, 2020</td> <td style="padding-bottom: 4pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; width: 1%;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: right; width: 9%;">1,214,512</td> <td style="padding-bottom: 4pt; text-align: left; width: 1.62602%;">&#xa0;</td> <td style="padding-bottom: 4pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; width: 1%;">$</td> <td style="border-bottom: 4pt double black; text-align: right; width: 9%;">4.64</td> <td style="padding-bottom: 4pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 4pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; width: 1%;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: right; width: 9%;">1.5</td> <td style="padding-bottom: 4pt; text-align: left; width: 0.813008%;">&#xa0;</td> <td style="padding-bottom: 4pt; width: 0.813008%;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; width: 1%;">$</td> <td style="border-bottom: 4pt double black; text-align: right; width: 9%;">30,666,752</td> <td style="padding-bottom: 4pt; text-align: left; width: 0.813008%;">&#xa0;</td> </tr> </table> 1554700 4.63 410134 12.28 251063 3.73 89550 12.55 1624221 6.27 P2Y219D 7925643 467549 11.39 420586 6.45 125666 13.09 1545518 7.31 P2Y109D 36862947 1214512 4.64 P1Y6M 30666752 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left">Nonvested Options</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center">Options</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center">Weighted-Average <br/> Exercise Price</td><td style="white-space: nowrap; padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%">Nonvested at January 1, 2020</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 9%; text-align: right">480,584</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">10.72</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>Granted</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">467,549</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">11.39</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>Vested</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(531,461</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">9.95</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt">Forfeited</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(85,666</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12.48</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 4pt">Nonvested at December 31, 2020</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">331,006</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">12.44</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 480584 10.72 11.39 531461 9.95 85666 12.48 331006 12.44 <table cellpadding="0" cellspacing="0" style=" border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid">Restricted Stock Awards</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Shares</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Weighted-Average <br/> Grant Date Fair Value</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 70%">Outstanding at January 1, 2020</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 12%; text-align: right">90,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10.43</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>Granted</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">94,746</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">8.98</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Vested and issued</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(84,746</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">7.54</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 4pt">Outstanding at December 31, 2020</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">&#xa0;</td><td style="border-bottom: Black 4pt double; text-align: right">100,000</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">11.51</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 90000 10.43 94746 8.98 -84746 7.54 100000 11.51 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTE 12 &#x2013; LEASES</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2016, the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued new accounting guidance on leases. The accounting standard, effective January 1, 2019, requires virtually all leases to be recognized on the balance sheet. Effective January 1, 2019, we adopted the standard using the modified retrospective method, under which we elected the package of practical expedients and transition provisions allowing us to bring our existing operating leases onto the consolidated balance sheet without adjusting comparative periods, but recognizing a cumulative-effect adjustment to the opening balance of accumulated deficit on January 1, 2019. Under the guidance, we have also elected not to separate lease and non-lease components in recognition of the lease-related assets and liabilities, as well as the related lease expense.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have operating leases with terms greater than 12 months for office space in three multitenant facilities, which are recorded as assets and liabilities. The lease on our headquarters space in Rochester, Michigan expires November 30, 2022, with a three-year renewal option through 2025, with monthly rent payable at rates ranging from $6,384 to $6,688. We have assumed renewal of the lease. We also have a lease on office space in Cranbury, New Jersey, expiring in 2022 with monthly payments ranging from $3,008 to $3,158, as well as a lease of approximately $1,883 per month in Zagreb, Croatia expiring in 2022.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Lease-related assets, or right-of-use assets, are recognized at the lease commencement date at amounts equal to the respective lease liabilities, adjusted for prepaid lease payments, initial direct costs, and lease incentives received. Lease-related liabilities are recognized at the present value of the remaining contractual fixed lease payments, discounted using our incremental borrowing rate. Operating lease expense is recognized on a straight-line basis over the lease term, while variable lease payments are expensed as incurred.&#xa0;</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon adoption of the standard on January 1, 2019, we recorded approximately $462,000 of right of use assets and $465,000 of lease-related liabilities, with the difference recorded in accumulated deficit as the cumulative effect of change in accounting principle at that date.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2020, the Company&#x2019;s lease cost consisted of the following components, each of which is included in operating expenses within the Company&#x2019;s consolidated statements of operations:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Year&#xa0;Ended<br/> December&#xa0;31,<br/> 2020</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Year&#xa0;Ended<br/> December&#xa0;31,<br/> 2019</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: left">Operating lease cost</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">119,954</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">132,020</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Short-term lease cost (1)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">130,216</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">84,935</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 4pt">Total lease cost</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">250,170</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">216,955</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Short-term lease cost includes any lease with a term of less than 12 months.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below presents the future minimum lease payments to be made under operating leases as of December 31, 2020:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left">For the year ending December 31,</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%; text-align: left">2021</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">140,367</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2022</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">102,367</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2023</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">99,209</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2024</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">80,375</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2025</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">70,224</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Total</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">492,452</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Less: present value discount</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">43,789</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 4pt">Total lease liabilities</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">448,753</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The weighted average remaining lease term for operating leases is 4.3 years and the weighted average discount rate used in calculating the operating lease asset and liability is 4.5%. Cash paid for amounts included in the measurement of lease liabilities was $115,431. For the year ended December 31, 2020, payments on lease obligations were $138,019 and amortization on the right of use assets was $104,805. For the year ended December 31, 2019, payments on lease obligations were $132,867 and amortization on the right of use assets was $107,656.</p><br/> 2022-11-30 6384 6688 We also have a lease on office space in Cranbury, New Jersey, expiring in 2022 with monthly payments ranging from $3,008 to $3,158, as well as a lease of approximately $1,883 per month in Zagreb, Croatia expiring in 2022. 462000 465000 P4Y109D 0.045 115431 138019 104805 132867 107656 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Year&#xa0;Ended<br/> December&#xa0;31,<br/> 2020</td><td style="padding-bottom: 1.5pt">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Year&#xa0;Ended<br/> December&#xa0;31,<br/> 2019</td><td style="padding-bottom: 1.5pt">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: left">Operating lease cost</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">119,954</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">132,020</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Short-term lease cost (1)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">130,216</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">84,935</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 4pt">Total lease cost</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">250,170</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">216,955</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Short-term lease cost includes any lease with a term of less than 12 months.</p> 119954 132020 130216 84935 250170 216955 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left">For the year ending December 31,</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 88%; text-align: left">2021</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">140,367</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2022</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">102,367</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2023</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">99,209</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2024</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">80,375</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">2025</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">70,224</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Total</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">492,452</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1.5pt">Less: present value discount</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">43,789</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-bottom: 4pt">Total lease liabilities</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">448,753</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 140367 102367 99209 80375 70224 492452 43789 448753 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTE 13 &#x2013; MAJOR CUSTOMERS AND VENDORS</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company had the following customers that accounted for 10% or greater of revenue in either 2020 or 2019. No other customers accounted for more than 10% of revenue in either year presented.</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 52%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Customer A</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,469,126</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.6</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,349,214</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 9%; text-align: right">5.5</td> <td style="width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Customer B</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,037,888</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11.6</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,032,377</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">4.2</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Customer C</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,824,454</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11.1</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,883,589</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">15.8</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Customer D</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,551,241</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.2</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,533,766</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">10.3</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Customer E </font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,113,599</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.6</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,801,748</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">11.4</td> <td>&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our accounts receivable includes 4 entities, included agencies that represent multiple customers that individually make up more than 10% of our accounts receivable at December 31, 2020 in the percentages of 19.7%, 16.2%, 15.8% and 14.4%.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company generates its revenues through its EHR and ePrescribe partners. It had two key partners and/or vendors through which 10% or greater of its revenue was generated in either 2020 or 2019 as set forth below. The amounts in the table below reflect the amount of revenue generated through those partners.&#xa0;</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; width: 52%"><font style="font: 10pt Times New Roman, Times, Serif">Partner A </font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">22,813,574</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">52.7</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">9,210,347</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">37.4</font></td> <td style="width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Partner B &#xa0;</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,092,477</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16.4</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,051,217</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16.5</font></td> <td>&#xa0;</td></tr> </table><br/> 0.10 0.10 0.10 0.10 0.197 0.162 0.158 0.144 0.10 0.10 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="width: 52%; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Customer A</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,469,126</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.6</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,349,214</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 9%; text-align: right">5.5</td> <td style="width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Customer B</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,037,888</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11.6</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,032,377</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">4.2</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Customer C</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,824,454</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11.1</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,883,589</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">15.8</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Customer D</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,551,241</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.2</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,533,766</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">10.3</td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Customer E </font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,113,599</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.6</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,801,748</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right">11.4</td> <td>&#xa0;</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td> <td>&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify; width: 52%"><font style="font: 10pt Times New Roman, Times, Serif">Partner A </font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">22,813,574</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">52.7</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">9,210,347</font></td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="width: 1%">&#xa0;</td> <td style="text-align: right; width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">37.4</font></td> <td style="width: 1%">&#xa0;</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Partner B &#xa0;</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,092,477</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16.4</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,051,217</font></td> <td>&#xa0;</td> <td>&#xa0;</td> <td>&#xa0;</td> <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16.5</font></td> <td>&#xa0;</td></tr> </table> 5469126 0.126 1349214 0.055 5037888 0.116 1032377 0.042 4824454 0.111 3883589 0.158 3551241 0.082 2533766 0.103 1113599 0.026 2801748 0.114 22813574 0.527 9210347 0.374 7092477 0.164 4051217 0.165 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 14 &#x2013; INCOME TAXES</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, the Company had net operating loss carry-forwards for federal income tax purposes of approximately $19.3 million, consisting of pre-2018 losses in the amount of approximately $13.3 million that expire from 2020 through 2037, and post-2017 losses in the amount of approximately $6 million that never expire. These net operating losses are available to offset future taxable income. The Company was formed in 2006 as a limited liability company and changed to a corporation in 2007. Activity prior to incorporation is not reflected in the Company&#x2019;s corporate tax returns. In the future, the cumulative net operating loss carry-forward for income tax purposes may differ from the cumulative financial statement loss due to timing differences between book and tax reporting.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The provision for Federal income tax consists of the following for the years ended December&#xa0;31, 2020 and 2019:</p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-style: normal; vertical-align: bottom; font-weight: normal"> <td style="font-style: normal; font-weight: normal">&#xa0;</td><td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: normal; border-bottom: Black 1.5pt solid; font-weight: normal; text-align: center">2020</td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal">&#xa0;</td><td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: normal; border-bottom: Black 1.5pt solid; font-weight: normal; text-align: center">2019</td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Federal income tax benefit (expense) attributable to:</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify">Current operations</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">463,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">848,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Acquisition costs</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(143,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Change in fair value of contingent consideration</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(29,000</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(133,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Other permanent items</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">200,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">29,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Deferred adjustment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(913,000</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(913,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Other adjustments</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">104,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">NOLs expiring</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(209,000</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1.5pt">Valuation allowance</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(529,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,209,960</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Net provision for federal income tax</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">897,960</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-style: normal; vertical-align: bottom; font-weight: normal"> <td style="font-style: normal; font-weight: normal">&#xa0;</td><td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: normal; border-bottom: Black 1.5pt solid; font-weight: normal; text-align: center">2020</td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal">&#xa0;</td><td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: normal; border-bottom: Black 1.5pt solid; font-weight: normal; text-align: center">2019</td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Current tax benefit (expense) - Federal</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Deferred tax benefit (expense) - Federal</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify; padding-bottom: 1.5pt">Adjustment of valuation allowance from business combination</td><td style="width: 1%; padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">-</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">897,960</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Total tax benefit (expense) on income</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">897,960</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cumulative tax effect of significant items comprising our net deferred tax amount at the expected rate of 21% is as follows as of December&#xa0;31, 2020 and 2019:</p><br/><table style="font: 10pt 'Times New Roman', Times, serif; border-collapse: collapse; width: 100%; height: 292px;" cellspacing="0" cellpadding="0"> <tr style="font-style: normal; vertical-align: bottom; font-weight: normal;"> <td style="font-style: normal; font-weight: normal; height: 19px;">&#xa0;</td> <td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt; height: 19px;">&#xa0;</td> <td style="font-style: normal; border-bottom: 1.5pt solid black; font-weight: normal; text-align: center; height: 19px;" colspan="2">2020</td> <td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal; height: 19px;">&#xa0;</td> <td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt; height: 19px;">&#xa0;</td> <td style="font-style: normal; border-bottom: 1.5pt solid black; font-weight: normal; text-align: center; height: 19px;" colspan="2">2019</td> <td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal; height: 19px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Deferred tax asset attributable to:</td> <td style="height: 17px;">&#xa0;</td> <td style="height: 17px;" colspan="2">&#xa0;</td> <td style="height: 17px;">&#xa0;</td> <td style="height: 17px;">&#xa0;</td> <td style="height: 17px;" colspan="2">&#xa0;</td> <td style="height: 17px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 76%; text-align: justify; height: 17px;">Net operating loss carryover</td> <td style="width: 1%; height: 17px;">&#xa0;</td> <td style="width: 1%; text-align: left; height: 17px;">$</td> <td style="width: 9%; text-align: right; height: 17px;">4,057,000</td> <td style="width: 1%; text-align: left; height: 17px;">&#xa0;</td> <td style="width: 1%; height: 17px;">&#xa0;</td> <td style="width: 1%; text-align: left; height: 17px;">$</td> <td style="width: 9%; text-align: right; height: 17px;">3,839,000</td> <td style="width: 1%; text-align: left; height: 17px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Stock compensation</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">353,000</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">320,000</td> <td style="text-align: left; height: 17px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Operating lease liability</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">94,000</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">-</td> <td style="text-align: left; height: 17px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1.5pt; height: 17px;">Other</td> <td style="padding-bottom: 1.5pt; height: 17px;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; height: 17px;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: right; height: 17px;">44,000</td> <td style="padding-bottom: 1.5pt; text-align: left; height: 17px;">&#xa0;</td> <td style="padding-bottom: 1.5pt; height: 17px;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; height: 17px;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: right; height: 17px;">36,000</td> <td style="padding-bottom: 1.5pt; text-align: left; height: 17px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 4pt; height: 16px;">Deferred tax asset</td> <td style="padding-bottom: 4pt; height: 16px;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; height: 16px;">$</td> <td style="border-bottom: 4pt double black; text-align: right; height: 16px;">4,548,000</td> <td style="padding-bottom: 4pt; text-align: left; height: 16px;">&#xa0;</td> <td style="padding-bottom: 4pt; height: 16px;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; height: 16px;">$</td> <td style="border-bottom: 4pt double black; text-align: right; height: 16px;">4,195,000</td> <td style="padding-bottom: 4pt; text-align: left; height: 16px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="height: 19px;">&#xa0;</td> <td style="height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> <td style="text-align: right; height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> <td style="height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> <td style="text-align: right; height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Deferred tax liabilities attributable to:</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Fixed assets</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">$</td> <td style="text-align: right; height: 17px;">-</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">$</td> <td style="text-align: right; height: 17px;">(13,000</td> <td style="text-align: left; height: 17px;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Intangibles</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">(2,181,000</td> <td style="text-align: left; height: 17px;">)</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">(2,438,000</td> <td style="text-align: left; height: 17px;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Operating lease right of use assets</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">(94,000</td> <td style="text-align: left; height: 17px;">)</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">-</td> <td style="text-align: left; height: 17px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Other</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">(16,000</td> <td style="text-align: left; height: 17px;">)</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">(16,000</td> <td style="text-align: left; height: 17px;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1.5pt; height: 17px;">Deferred tax liability</td> <td style="padding-bottom: 1.5pt; height: 17px;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; height: 17px;">$</td> <td style="border-bottom: 1.5pt solid black; text-align: right; height: 17px;">(2,291,000</td> <td style="padding-bottom: 1.5pt; text-align: left; height: 17px;">)</td> <td style="padding-bottom: 1.5pt; height: 17px;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; height: 17px;">$</td> <td style="border-bottom: 1.5pt solid black; text-align: right; height: 17px;">(2,467,000</td> <td style="padding-bottom: 1.5pt; text-align: left; height: 17px;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 4pt; height: 16px;">Valuation allowance</td> <td style="padding-bottom: 4pt; height: 16px;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; height: 16px;">$</td> <td style="border-bottom: 4pt double black; text-align: right; height: 16px;">(2,257,000</td> <td style="padding-bottom: 4pt; text-align: left; height: 16px;">)</td> <td style="padding-bottom: 4pt; height: 16px;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; height: 16px;">$</td> <td style="border-bottom: 4pt double black; text-align: right; height: 16px;">(1,728,000</td> <td style="padding-bottom: 4pt; text-align: left; height: 16px;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="height: 19px;">&#xa0;</td> <td style="height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> <td style="text-align: right; height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> <td style="height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> <td style="text-align: right; height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 4pt; height: 16px;">Net deferred tax asset</td> <td style="padding-bottom: 4pt; height: 16px;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; height: 16px;">$</td> <td style="border-bottom: 4pt double black; text-align: right; height: 16px;">-</td> <td style="padding-bottom: 4pt; text-align: left; height: 16px;">&#xa0;</td> <td style="padding-bottom: 4pt; height: 16px;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; height: 16px;">$</td> <td style="border-bottom: 4pt double black; text-align: right; height: 16px;">-</td> <td style="padding-bottom: 4pt; text-align: left; height: 16px;">&#xa0;</td> </tr> </table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ultimate realization of deferred tax assets is dependent upon the Company&#x2019;s ability to generate sufficient taxable income during the periods in which the net operating losses expire and the temporary differences become deductible. The Company has determined that there is significant uncertainty that the results of future operations and the reversals of existing taxable temporary differences will generate sufficient taxable income to realize the deferred tax assets; therefore, a valuation allowance has been recorded. In making this determination, the Company considered historical levels of income, projections for future periods, and the significant amount of tax deductions to be generated from the future exercise of stock options.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax years 2017 to 2020 remain open for potential audit by the Internal Revenue Service. There are no uncertain tax positions as of December 31, 2019 or December 31, 2020, and none are expected in the next 12 months. The Company&#x2019;s foreign subsidiaries are cost centers that are primarily reimbursed for expenses, as a result they generate an immaterial amount of income or loss. Pretax book income (loss) is all from domestic operations. Up to four years of returns remain open for potential audit in foreign jurisdictions, however any audits for periods prior to ownership by the Company are the responsibility of the previous owners.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under certain circumstances issuance of common shares can result in an ownership change under Internal Revenue Code Section 382, which limits the Company&#x2019;s ability to utilize carry-forwards from prior to the ownership change. Any such ownership change resulting from stock issuances and redemptions could limit the Company&#x2019;s ability to utilize any net operating loss carry-forwards or credits generated before this change in ownership. These limitations can limit both the timing of usage of these laws, as well as the loss of the ability to use these net operating losses. It is likely that fundraising activities have resulted in such an ownership change.&#xa0;</p><br/> As of December 31, 2020, the Company had net operating loss carry-forwards for federal income tax purposes of approximately $19.3 million, consisting of pre-2018 losses in the amount of approximately $13.3 million that expire from 2020 through 2037, and post-2017 losses in the amount of approximately $6 million that never expire. 19300000 13300000 0.21 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-style: normal; vertical-align: bottom; font-weight: normal"> <td style="font-style: normal; font-weight: normal">&#xa0;</td><td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: normal; border-bottom: Black 1.5pt solid; font-weight: normal; text-align: center">2020</td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal">&#xa0;</td><td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: normal; border-bottom: Black 1.5pt solid; font-weight: normal; text-align: center">2019</td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Federal income tax benefit (expense) attributable to:</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2" style="text-align: right">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify">Current operations</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">463,000</td><td style="width: 1%; text-align: left">&#xa0;</td><td style="width: 1%">&#xa0;</td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">848,000</td><td style="width: 1%; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Acquisition costs</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(143,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Change in fair value of contingent consideration</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(29,000</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(133,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Other permanent items</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">200,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">29,000</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Deferred adjustment</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(913,000</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(913,000</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Other adjustments</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">104,000</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">NOLs expiring</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">(209,000</td><td style="text-align: left">)</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 1.5pt">Valuation allowance</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(529,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,209,960</td><td style="padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Net provision for federal income tax</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">897,960</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font-style: normal; vertical-align: bottom; font-weight: normal"> <td style="font-style: normal; font-weight: normal">&#xa0;</td><td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: normal; border-bottom: Black 1.5pt solid; font-weight: normal; text-align: center">2020</td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal">&#xa0;</td><td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt">&#xa0;</td> <td colspan="2" style="font-style: normal; border-bottom: Black 1.5pt solid; font-weight: normal; text-align: center">2019</td><td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td><td>&#xa0;</td> <td colspan="2">&#xa0;</td><td>&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Current tax benefit (expense) - Federal</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Deferred tax benefit (expense) - Federal</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td><td>&#xa0;</td> <td style="text-align: left">&#xa0;</td><td style="text-align: right">-</td><td style="text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="width: 76%; text-align: justify; padding-bottom: 1.5pt">Adjustment of valuation allowance from business combination</td><td style="width: 1%; padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">-</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#xa0;</td><td style="width: 1%; padding-bottom: 1.5pt">&#xa0;</td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#xa0;</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">897,960</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#xa0;</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding-bottom: 4pt">Total tax benefit (expense) on income</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">-</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td><td style="padding-bottom: 4pt">&#xa0;</td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">897,960</td><td style="padding-bottom: 4pt; text-align: left">&#xa0;</td></tr> </table> 463000 848000 143000 29000 133000 200000 29000 913000 913000 104000 -209000 -529000 1209960 897960 897960 <table style="font: 10pt 'Times New Roman', Times, serif; border-collapse: collapse; width: 100%; height: 292px;" cellspacing="0" cellpadding="0"> <tr style="font-style: normal; vertical-align: bottom; font-weight: normal;"> <td style="font-style: normal; font-weight: normal; height: 19px;">&#xa0;</td> <td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt; height: 19px;">&#xa0;</td> <td style="font-style: normal; border-bottom: 1.5pt solid black; font-weight: normal; text-align: center; height: 19px;" colspan="2">2020</td> <td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal; height: 19px;">&#xa0;</td> <td style="font-style: normal; font-weight: normal; padding-bottom: 1.5pt; height: 19px;">&#xa0;</td> <td style="font-style: normal; border-bottom: 1.5pt solid black; font-weight: normal; text-align: center; height: 19px;" colspan="2">2019</td> <td style="font-style: normal; padding-bottom: 1.5pt; font-weight: normal; height: 19px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Deferred tax asset attributable to:</td> <td style="height: 17px;">&#xa0;</td> <td style="height: 17px;" colspan="2">&#xa0;</td> <td style="height: 17px;">&#xa0;</td> <td style="height: 17px;">&#xa0;</td> <td style="height: 17px;" colspan="2">&#xa0;</td> <td style="height: 17px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 76%; text-align: justify; height: 17px;">Net operating loss carryover</td> <td style="width: 1%; height: 17px;">&#xa0;</td> <td style="width: 1%; text-align: left; height: 17px;">$</td> <td style="width: 9%; text-align: right; height: 17px;">4,057,000</td> <td style="width: 1%; text-align: left; height: 17px;">&#xa0;</td> <td style="width: 1%; height: 17px;">&#xa0;</td> <td style="width: 1%; text-align: left; height: 17px;">$</td> <td style="width: 9%; text-align: right; height: 17px;">3,839,000</td> <td style="width: 1%; text-align: left; height: 17px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Stock compensation</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">353,000</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">320,000</td> <td style="text-align: left; height: 17px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Operating lease liability</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">94,000</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">-</td> <td style="text-align: left; height: 17px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1.5pt; height: 17px;">Other</td> <td style="padding-bottom: 1.5pt; height: 17px;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; height: 17px;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: right; height: 17px;">44,000</td> <td style="padding-bottom: 1.5pt; text-align: left; height: 17px;">&#xa0;</td> <td style="padding-bottom: 1.5pt; height: 17px;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; height: 17px;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: right; height: 17px;">36,000</td> <td style="padding-bottom: 1.5pt; text-align: left; height: 17px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 4pt; height: 16px;">Deferred tax asset</td> <td style="padding-bottom: 4pt; height: 16px;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; height: 16px;">$</td> <td style="border-bottom: 4pt double black; text-align: right; height: 16px;">4,548,000</td> <td style="padding-bottom: 4pt; text-align: left; height: 16px;">&#xa0;</td> <td style="padding-bottom: 4pt; height: 16px;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; height: 16px;">$</td> <td style="border-bottom: 4pt double black; text-align: right; height: 16px;">4,195,000</td> <td style="padding-bottom: 4pt; text-align: left; height: 16px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="height: 19px;">&#xa0;</td> <td style="height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> <td style="text-align: right; height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> <td style="height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> <td style="text-align: right; height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Deferred tax liabilities attributable to:</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Fixed assets</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">$</td> <td style="text-align: right; height: 17px;">-</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">$</td> <td style="text-align: right; height: 17px;">(13,000</td> <td style="text-align: left; height: 17px;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Intangibles</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">(2,181,000</td> <td style="text-align: left; height: 17px;">)</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">(2,438,000</td> <td style="text-align: left; height: 17px;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Operating lease right of use assets</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">(94,000</td> <td style="text-align: left; height: 17px;">)</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">-</td> <td style="text-align: left; height: 17px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; height: 17px;">Other</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">(16,000</td> <td style="text-align: left; height: 17px;">)</td> <td style="height: 17px;">&#xa0;</td> <td style="text-align: left; height: 17px;">&#xa0;</td> <td style="text-align: right; height: 17px;">(16,000</td> <td style="text-align: left; height: 17px;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 1.5pt; height: 17px;">Deferred tax liability</td> <td style="padding-bottom: 1.5pt; height: 17px;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; height: 17px;">$</td> <td style="border-bottom: 1.5pt solid black; text-align: right; height: 17px;">(2,291,000</td> <td style="padding-bottom: 1.5pt; text-align: left; height: 17px;">)</td> <td style="padding-bottom: 1.5pt; height: 17px;">&#xa0;</td> <td style="border-bottom: 1.5pt solid black; text-align: left; height: 17px;">$</td> <td style="border-bottom: 1.5pt solid black; text-align: right; height: 17px;">(2,467,000</td> <td style="padding-bottom: 1.5pt; text-align: left; height: 17px;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 4pt; height: 16px;">Valuation allowance</td> <td style="padding-bottom: 4pt; height: 16px;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; height: 16px;">$</td> <td style="border-bottom: 4pt double black; text-align: right; height: 16px;">(2,257,000</td> <td style="padding-bottom: 4pt; text-align: left; height: 16px;">)</td> <td style="padding-bottom: 4pt; height: 16px;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; height: 16px;">$</td> <td style="border-bottom: 4pt double black; text-align: right; height: 16px;">(1,728,000</td> <td style="padding-bottom: 4pt; text-align: left; height: 16px;">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="height: 19px;">&#xa0;</td> <td style="height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> <td style="text-align: right; height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> <td style="height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> <td style="text-align: right; height: 19px;">&#xa0;</td> <td style="text-align: left; height: 19px;">&#xa0;</td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: justify; padding-bottom: 4pt; height: 16px;">Net deferred tax asset</td> <td style="padding-bottom: 4pt; height: 16px;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; height: 16px;">$</td> <td style="border-bottom: 4pt double black; text-align: right; height: 16px;">-</td> <td style="padding-bottom: 4pt; text-align: left; height: 16px;">&#xa0;</td> <td style="padding-bottom: 4pt; height: 16px;">&#xa0;</td> <td style="border-bottom: 4pt double black; text-align: left; height: 16px;">$</td> <td style="border-bottom: 4pt double black; text-align: right; height: 16px;">-</td> <td style="padding-bottom: 4pt; text-align: left; height: 16px;">&#xa0;</td> </tr> </table> 4057000 3839000 353000 320000 94000 44000 36000 4548000 4195000 13000 2181000 2438000 -94000 -16000 -16000 2291000 2467000 2257000 1728000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTE 15 &#x2013; COMMITMENTS AND CONTINGENT LIABILITIES</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Legal</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is not involved in any legal proceedings.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="text-decoration:underline">Revenue-share contracts</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;">The Company has contacts with various electronic health records systems and ePrescribe platforms, whereby we agree to share a portion of the revenue we generate for eCoupons distributed through their networks. These contracts grant audit rights related to the payments to our partners, and, in some cases would require us to pay for the audit if the audit determined there was an underpayment and the underpayment meets certain thresholds, such as 10%. From time to time the Company enters into arrangements with a partner to acquire minimum amounts of messaging capabilities. As of December 31, 2020, the Company had commitments for future minimum payments of $7.5 million that will be reflected in cost of revenues during the years from 2021 through 2022. Minimum payments are due in 2021 and 2022, in the amounts of $6.25 million and $1.5 million, respectively.</p><br/> The Company has contacts with various electronic health records systems and ePrescribe platforms, whereby we agree to share a portion of the revenue we generate for eCoupons distributed through their networks. These contracts grant audit rights related to the payments to our partners, and, in some cases would require us to pay for the audit if the audit determined there was an underpayment and the underpayment meets certain thresholds, such as 10%. 7500000 6250000 1500000 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 16 &#x2013; RETIREMENT PLAN</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company sponsors a defined contribution 401(k) profit sharing plan which was adopted in December 2015, effective in January 2016. Under the terms of the plan, the Company matches 100% of the first 3% of payroll contributed by the employee and 50% of the next 2% of payroll contributed by the employee to a maximum of 4% of an employee&#x2019;s payroll. There was expense of $373,027 and $126,557 recorded in 2020 and 2019, respectively, for company contributions to the plan.</p><br/> 373027 126557 Under the terms of the plan, the Company matches 100% of the first 3% of payroll contributed by the employee and 50% of the next 2% of payroll contributed by the employee to a maximum of 4% of an employee&#x2019;s payroll. <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOTE 17 &#x2013; SUBSEQUENT EVENTS</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During February 2021, in an underwritten public offering, we issued 1,523,750 shares of our common stock for gross proceeds of $75,425,625. In connection with this transaction, we incurred equity issuance costs of $4,744,652 related to payments to the underwriter, advisors, legal fees, and other costs associated with the transaction, resulting in net proceeds to the Company of approximately $70,680,973.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">In 2021, the Company issued 59,547 shares and received proceeds of $495,288 in connection with the exercise of options. In March 2021, the Company&#x2019;s Board of Directors amended the 2013 Equity Compensation Plan to increase the number of shares authorized under the plan to 6.0 million shares.</p><br/> 1523750 75425625 4744652 70680973 59547 495288 6000000