v3.20.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ (2,089,979) $ 1,515,607
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of intangible assets 924,291 948,823
Non-cash lease expense 138,300 137,599
Amortization of debt issuance costs and debt discount 18,121 17,954
Bad debt expense 166,003 34,923
Change in estimated fair value of interest rate swap liability 33,680 91,601
Deferred income tax benefit (626,515)  
Share-based compensation 334,265 436,182
Unrealized foreign exchange loss (gain) 101,301 (15,389)
Changes in operating assets and liabilities:    
Accounts receivable 1,895,310 (306,073)
Inventory (84,260) (313,337)
Income tax receivable/payable (12,000) (120,878)
Prepaid expenses and other current assets (115,281) (13,535)
Accounts payable 433,405 653,028
Accrued expenses (1,039,786) (273,130)
Revenue contract liability (923,009) (115,722)
Operating lease liabilities (138,308) (130,397)
Other current liabilities   (71,435)
Net cash provided by (used in) operating activities (984,462) 2,475,821
Cash flows from investing activities:    
Investment in intangible assets   (27,401)
Acquisition of property and equipment (22,480) (10,455)
Net cash used in investing activities (22,480) (37,856)
Cash flows from financing activities:    
Proceeds from draw on revolving loan 1,000,000  
Proceeds from Paycheck Protection Program 835,300  
Proceeds from stock option exercises 37,763 160,732
Payments of debt issuance costs   (5,736)
Principal payments on finance lease obligations   (14,198)
Principal payments on long-term debt (834,790) (735,561)
Net cash provided by (used in) financing activities 1,038,273 (594,763)
Effect of exchange rate changes on cash (76,637) 16,986
Net increase (decrease) in cash and cash equivalents (45,306) 1,860,188
Cash and cash equivalents – beginning of period 9,686,698 6,311,563
Cash and cash equivalents – end of period 9,641,392 8,171,751
Supplemental cash flow information:    
Cash paid for interest 311,467 321,350
Cash paid for income taxes   348,200
Supplemental schedule of non-cash activities:    
Common stock redemption in exchange for share redemption consideration obligation   39,096,401
Right-of-use assets obtained in exchange for lease liabilities   299,902
Inventory transferred to assets deployed at client locations $ 24,617 $ 109,725

Source