
Revenue Growth - Revenues for Q1 2021 were $2,635,219, representing a 117% year-over-year growth[143]. - Document Management segment revenues were $735,818, while Document Conversion segment revenues were $1,899,401 for Q1 2021[145]. - Professional services revenues increased by $1,092,434, or 195%, in Q1 2021 compared to Q1 2020, largely due to the acquisition of Graphic Sciences[149]. - Storage and retrieval services revenues saw a significant increase of $236,692, or 327%, in Q1 2021 compared to Q1 2020[150]. - The acquisition of Graphic Sciences accounted for $1,843,221 of total revenues in Q1 2021, contributing 91% to the revenue increase[145]. - Software as a service revenues increased by $97,732, or 43%, in Q1 2021 compared to Q1 2020, driven by customer preference for cloud-based solutions[147]. Profitability and Income - Net income for Q1 2021 was $842,772, with basic and diluted net income per share of $0.30[143]. - Overall gross margin increased to 77% in Q1 2021 from 69% in Q1 2020, excluding Graphic Sciences, driven by a favorable product mix[152]. - Gross margin for software as a service (SaaS) increased to 76% in Q1 2021 from 68% in Q1 2020, due to improved implementation efficiencies[154]. Expenses and Costs - Total cost of revenues increased by $582,776, or 130%, in Q1 2021 compared to Q1 2020, primarily due to the acquisition of Graphic Sciences[151]. - Cost of professional services rose by $559,733, or 204%, in Q1 2021 compared to Q1 2020, mainly due to the acquisition of Graphic Sciences[156]. - General and administrative expenses increased by $173,941, or 20%, in Q1 2021, largely reflecting the addition of Graphic Sciences expenses[159]. - Cost of storage and retrieval services increased by $75,411, or 480%, in Q1 2021 compared to Q1 2020, attributed to the full inclusion of Graphic Sciences services[157]. Cash Flow and Financial Position - Operating cash flow for Q1 2021 was $326,869, while capital expenditures were $231,699[143]. - Net cash provided by operating activities was $326,869 in Q1 2021, compared to a net cash used of $143,951 in Q1 2020[174]. - Net cash used in investing activities was $231,699 in Q1 2021, significantly lower than $3,896,726 in Q1 2020, which was primarily for acquiring Graphic Sciences[175]. - Cash and cash equivalents as of March 31, 2021, were $2,003,052, with net working capital of $455,067[167]. Debt and Financing - The company received full forgiveness of a PPP loan amounting to $838,700 on January 20, 2021[136]. - Interest expense decreased by $177,386, or 61%, in Q1 2021 compared to Q1 2020, due to lower net debt[166]. Workforce - As of March 31, 2021, the company had 100 employees, including 10 part-time employees[144].