Agent Information Software : AIFS 2021 Final Report

Annual Report
December 31, 2021 and 2020
Table of Contents
Page
Reference
Report of Independent Auditors	1
Consolidated Balance Sheets	3
Consolidated Statements of Income	5
Consolidated Statements of Comprehensive Income	6
Consolidated Statements of Changes in Stockholders' Equity	7
Consolidated Statements of Cash Flows	8
Notes to Consolidated Financial Statements	9

REPORT OF INDEPENDENT AUDITORS

Board of Directors and Stockholders

Agent Information Software, Inc.

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Agent Information Software, Inc. and its subsidiaries, which comprise the consolidated balance sheets as of December 31, 2021 and 2020, and the related consolidated statements of income, changes in stockholders' equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of Agent Information Software, Inc. and its subsidiaries as of December 31, 2021 and 2020, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Agent Information Software, Inc. and its subsidiaries and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Agent Information Software, Inc. and its subsidiaries' ability to continue as a going concern for one year after the date that the financial statements are issued.

Business Advisors

Certified Public Accountants

10606 Trademark Parkway N. Suite 203, Rancho Cucamonga, CA 91730 909/ 989-5867 FAX [phone]

AGENT INFORMATION SOFTWARE, INC.

Consolidated Balance Sheets

December 31, 2021 and 2020

ASSETS

Current assets:

Cash and cash equivalents

Accounts receivable, trade, net of allowance of $7,250 Other current assets

Income taxes receivable

Total current assets

2021

2020

$

2,816,869

276,020 513,578

236,377 179,424

63,101

$ 2,748,159

-3,392,367 3,441,161

Computer software, net Equipment, net

2,038,632 2,228,242

333,119 360,478

Deposits

17,740 17,740

Total assets

$ 5,781,858

See accompanying notes to consolidated financial statements.

- 3 -

$ 6,047,621

AGENT INFORMATION SOFTWARE, INC.

Consolidated Balance Sheets

December 31, 2021 and 2020

LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:

Accounts payable, trade Deferred revenue

Accrued payroll and related liabilities

Other accrued liabilities

Income taxes payable

Total current liabilities

2021

• $ 41,939 1,588,659

2020

• $ 13,815 1,640,718

  176,143 204,047

  85,654 94,246

  - 32,993

  1,892,395

  1,985,819

  Deferred income taxes Total liabilities

  122,000 2,014,395

  257,000 2,242,819

  Commitments and contingencies

  Stockholders' equity:

  Common stock, $0.001 par value, 12,000,000 shares authorized, 4,682,910 (2021) and 4,484,577 (2020) shares issued and outstanding Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding

  Accumulated other comprehensive loss

  Retained earnings

  Total stockholders' equity

  -3,536,098

  - (113,115) 344,480

  -3,400,494

  - (96,209) 500,517

  3,767,463 3,804,802

  Total liabilities and stockholders' equity

  $

  5,781,858

  See accompanying notes to consolidated financial statements.

  - 4 -

• $ 6,047,621