v3.19.3
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 2,095,841 $ 732,043
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangible assets 1,424,934 1,372,752
Amortization of lease right-of-use assets 203,205  
Amortization of debt issuance costs and debt discount 25,584 119,809
Loss on extinguishment of debt   1,349,271
Bad debt expense 101,938 38,374
Change in estimated fair value of interest rate swap liability 78,440 28,707
Deferred income tax benefit (4,194)  
Share-based compensation 678,199 550,588
Unrealized foreign exchange gains on cash, cash equivalents and restricted cash 33,291 (24,601)
Changes in operating assets and liabilities:    
Accounts receivable (477,319) (187,445)
Inventory (315,155) (317,978)
Prepaid expenses (40,086) (74,165)
Other current assets   20,156
Accounts payable 332,566 (524,503)
Accrued expenses (14,826) 335,838
Income taxes receivable/payable (414,817) (625,788)
Revenue contract liability (143,812) 137,619
Operating lease liabilities (197,875)  
Other current liabilities (71,581) (107,054)
Deferred rent   (16,666)
Net cash provided by operating activities 3,294,333 2,806,957
Cash flows from investing activities:    
Investment in intangible assets (27,400) (33,048)
Acquisition of property and equipment (32,495) (67,050)
Net cash used in investing activities (59,895) (100,098)
Cash flows from financing activities:    
Proceeds from debt issued   11,098,986
Proceeds from stock option exercises 189,981  
Payments of debt issuance costs (5,736) (136,162)
Payment of warrant liability   (1,333,333)
Principal payments on finance lease obligations (14,198) (24,415)
Principal payments on long-term debt (1,105,461) (10,296,900)
Payments of long-term debt redemption premium   (374,500)
Net cash used in financing activities (935,414) (1,066,324)
Effect of exchange rate changes on cash (33,291) 24,601
Net increase in cash, cash equivalents and restricted cash 2,265,733 1,665,136
Cash, cash equivalents and restricted cash – beginning of period 6,311,563 3,581,209
Cash, cash equivalents and restricted cash – end of period 8,577,296 5,246,345
Supplemental cash flow information:    
Cash paid for interest 502,764 700,027
Cash paid for income taxes 436,200 795,818
Supplemental schedule of non-cash activities:    
Common stock redemption in exchange for promissory note 39,096,401  
Right-of-use assets obtained in exchange for lease liabilities 305,163  
Inventory transferred to assets deployed at client locations $ 157,202 $ 147,434

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