v3.20.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ (3,387,475) $ 2,095,841
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of intangible assets 1,499,927 1,424,934
Non-cash lease expense 207,378 203,205
Amortization of debt issuance costs and debt discount 26,935 25,584
Bad debt expense 166,002 101,938
Change in estimated fair value of interest rate swap liability (21,650) 78,440
Deferred income tax benefit (492,807) (4,194)
Share-based compensation 512,818 678,199
Unrealized foreign exchange loss 84,757 33,291
Changes in operating assets and liabilities:    
Accounts receivable 1,333,515 (477,319)
Inventory (123,359) (315,155)
Income tax receivable/payable (14,379) (414,817)
Prepaid expenses and other current assets 54,953 (40,086)
Accounts payable 552,166 332,566
Accrued expenses (698,380) (14,826)
Revenue contract liability (707,171) (143,812)
Operating lease liabilities (254,363) (197,875)
Other current liabilities   (71,581)
Net cash (used in) provided by operating activities (1,261,133) 3,294,333
Cash flows from investing activities:    
Investment in intangible assets   (27,400)
Acquisition of PGP assets, net of cash acquired (6,266,335)  
Acquisition of property and equipment (38,712) (32,495)
Net cash used in investing activities (6,305,047) (59,895)
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 49,750 189,981
Payments of debt issuance costs   (5,736)
Principal payments on finance lease obligations   (14,198)
Principal payments on long-term debt (1,264,322) (1,105,461)
Net cash provided by (used in) financing activities 620,728 (935,414)
Effect of exchange rate changes on cash (72,340) (33,291)
Net (decrease) increase in cash and cash equivalents (7,017,792) 2,265,733
Cash and cash equivalents – beginning of period 9,686,698 6,311,563
Cash and cash equivalents – end of period 2,668,906 8,577,296
Supplemental cash flow information:    
Cash paid for interest 462,959 502,764
Cash paid for income taxes 77,465 436,200
Supplemental schedule of non-cash activities:    
Common stock redemption in exchange for share redemption consideration obligation   39,096,401
Shares issued in connection with PGP asset acquisition 3,989,528  
Right-of-use assets obtained in exchange for lease liabilities 1,383,052 305,163
Inventory transferred to assets deployed at client locations $ 27,668 $ 157,202

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