$FULO

FULLNET COMMUNICATIONS INC

CIK:0001092570|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS
REVENUE	$ 4,191,084	$ 4,268,263
COST OF REVENUE	1,052,930	907,222
Gross profit	3,138,154	3,361,041
OPERATING EXPENSES
Sales and marketing	714,385	628,716
General and administrative expenses	1,894,997	1,886,431
Depreciation and amortization expenses	16,597	15,741
Total operating costs and expenses	2,625,979	2,530,888
INCOME FROM OPERATIONS	512,175	830,153
Other income	147,658	72,605
NET INCOME BEFORE INCOME TAX	659,833	902,758
Income tax expense	(127,694)	(230,522)
Net Income (Loss)	532,139	672,236
Preferred stock dividends	(68,008)	(64,256)
Net income available to common shareholders	$ 464,131	$ 607,980
Earnings Per Share
basic	$ 0.02	$ 0.03
diluted	$ 0.03	$ 0.03
Weighted average shares outstanding
Weighted Average Number of Shares Outstanding, Basic	19,465,302	18,401,789
Weighted Average Number of Shares Outstanding, Diluted	19,645,072	18,898,411

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERTING ACTIVITIES
Net income	$ 532,139	$ 672,236
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	16,597	15,741
Loss on disposal of assets	0	5,205
Noncash lease expense	133,637	122,784
Deferred tax expense	0	38,359
Stock options and warrants expense	8,215	11,428
Provision for uncollectible accounts receivable	1,227	(506)
Changes in operating assets and liabilities
Accounts receivable	(467)	29,029
Prepaid expenses and other assets	(610)	(9,405)
Accounts payable	(5,331)	(34,149)
Accrued and other liabilities	42,658	(49,375)
Deferred revenue	95,865	95,801
Operating lease liability	(133,637)	(122,784)
Net cash provided by operating activities	690,293	774,364
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for property and equipment	0	(49,519)
Net cash used in investing activities	0	(49,519)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of options	5,383	27,324
Proceeds from issuance of preferred stock for company liability	0	50,000
Payment of dividends payable - Preferred Stock	(61,826)	(51,143)
Payment of dividends payable - Common Stock	(257,070)	(652,587)
Net cash used in financing activities	(313,513)	(626,406)
NET INCREASE IN CASH AND CASH EQUIVALENTS	376,780	98,439
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	2,753,551	2,655,112
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	3,130,331	2,753,551
Cash Flow, Noncash Investing and Financing Activities Disclosure
Preferred stock issued to satisfy a related party liability	0	50,000
Amortization of increasing dividend rate preferred stock discount	0	2,430
Preferred stock dividend declared	$ 68,008	$ 61,826

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 3,130,331	$ 2,753,551
Accounts receivable, net	823	1,584
Prepaid expenses and other current assets	35,690	36,740
Total current assets	3,166,844	2,791,875
PROPERTY AND EQUIPMENT, net	70,577	87,173
OTHER ASSETS AND INTANGIBLE ASSETS	19,910	18,250
RIGHT OF USE LEASED ASSET	145,449	279,086
TOTAL ASSETS	3,402,780	3,176,384
CURRENT LIABILITIES
Accounts payable	13,668	18,999
Accrued and other liabilities	524,312	475,472
Operating lease liability - current portion	145,449	133,637
Deferred revenue	1,097,163	1,001,298
Total current liabilities	1,780,592	1,629,406
OPERATING LEASE LIABILITY - less current portion	0	145,449
Total liabilities	1,780,592	1,774,855
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock, Value, Issued	409,531	409,531
Common Stock, Value	196	192
Additional paid-in capital	9,122,004	9,108,410
Accumulated deficit	(7,909,543)	(8,116,604)
Total shareholders' equity	1,622,188	1,401,529
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 3,402,780	$ 3,176,384