v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net (loss) income $ (13,962) $ 88,737
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 724,462 717,254
Amortization of right-of-use assets 57,182 56,472
Amortization of debt issuance costs and debt discount 369,741 12,243
Bad debt (recovery) expense (15,831) 76,160
Change in fair value of interest rate swap liability   (49,822)
Deferred income tax (168,681)  
Share-based compensation 310,002 316,640
Foreign currency exchange loss (gain) 60,263 (3,573)
Changes in operating assets and liabilities:    
Accounts receivable 14,836 (1,139,395)
Inventory (110,710) (70,010)
Income tax receivable/payable 793,522 (42,816)
Prepaid expenses and other current assets 34,989 138,788
Other assets 27,870 (144,072)
Accounts payable 114,236 (66,044)
Accrued expenses (784,082) 834,001
Revenue contract liability 68,750 77,083
Operating lease liabilities (56,088) (33,817)
Net cash provided by operating activities 1,426,499 767,829
Cash flows from investing activities:    
Investment in intangible assets (59,616) (49,900)
Acquisition of property and equipment (6,131) (31,892)
Net cash used in investing activities (65,747) (81,792)
Cash flows from financing activities:    
Proceeds from stock option exercises 195,456 10,999
Principal payments on long-term debt (315,936) (568,638)
Net cash used in financing activities (120,480) (557,639)
Effect of exchange rate changes on cash (56,884) (40,366)
Net increase in cash and cash equivalents 1,183,388 88,032
Cash and cash equivalents – beginning of period 16,058,714 5,993,388
Cash and cash equivalents – end of period 17,242,102 6,081,420
Supplemental cash flow information:    
Cash paid for interest 1,358,531 112,487
Cash paid for income taxes   500
Supplemental schedule of non-cash activities:    
Debt modification fee payable   50,185
Inventory transferred to assets deployed at client locations $ 128,259 $ 29,849

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