v3.20.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 116,605 $ 460,664
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangible assets 469,805 473,493
Amortization of lease right-of-use assets 69,301 69,711
Amortization of debt issuance costs and debt discount 9,159 9,776
Bad debt expense 166,002 31,762
Change in estimated fair value of interest rate swap liability 76,163 26,142
Share-based compensation 157,596 223,604
Unrealized foreign exchange loss (gain) on cash, cash equivalents and restricted cash 77,557 (29,296)
Changes in operating assets and liabilities:    
Accounts receivable 369,313 (158,003)
Inventory (86,885) (148,120)
Income tax receivable 35,962 101,014
Prepaid expenses and other current assets (197,283) (32,274)
Accounts payable 8,784 385,259
Accrued expenses (365,512) (656,817)
Revenue contract liability 4,186 (82,656)
Operating lease liabilities (69,305) (65,376)
Other current liabilities   (7,455)
Net cash provided by operating activities 841,448 601,428
Cash flows from investing activities:    
Investment in intangible assets   (12,250)
Acquisition of property and equipment (1,448) (6,940)
Net cash used in investing activities (1,448) (19,190)
Cash flows from financing activities:    
Proceeds from draw on revolving loan 1,000,000  
Proceeds from stock option exercises 7,500 36,232
Principal payments on finance lease obligations   (8,481)
Principal payments on long-term debt (405,498) (356,623)
Net cash provided by (used in) financing activities 602,002 (328,872)
Effect of exchange rate changes on cash (77,557) 29,296
Net increase in cash, cash equivalents and restricted cash 1,364,445 282,662
Cash, cash equivalents and restricted cash – beginning of period 9,686,698 6,311,563
Cash, cash equivalents and restricted cash – end of period 11,051,143 6,594,225
Supplemental cash flow information:    
Cash paid for interest 152,949 160,557
Supplemental schedule of non-cash activities:    
Right-of-use assets obtained in exchange for lease liabilities 269,171 293,350
Inventory transferred to assets deployed at client locations $ 26,056 $ 58,016

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