v3.21.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net (loss) income $ (2,208,887) $ 2,943,376
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation and amortization of intangible assets 2,222,042 1,939,274
Non-cash lease expense 329,040 267,474
Amortization of debt issuance costs and debt discount 38,195 38,272
Bad debt expense 226,691 111,938
Change in estimated fair value of interest rate swap liability (74,487) 44,315
Gain on forgiveness of Paycheck Protection Program Loan (835,300)  
Deferred income tax benefit 596,874 (64,801)
Share-based compensation 737,991 927,696
Unrealized foreign exchange loss (gain) 46,885 (10,938)
Changes in operating assets and liabilities:    
Accounts receivable (236,890) (495,167)
Inventory (51,709) (343,724)
Income tax receivable/payable (893,930) (260,347)
Prepaid expense and other current assets 259,616 (15,272)
Accounts payable (1,081,836) 84,369
Accrued expenses (257,179) 73,218
Revenue contract liability   (10,723)
Operating lease liabilities (403,363) (266,784)
Other current liabilities   (71,581)
Net cash (used in) provided by operating activities (1,586,247) 4,890,595
Cash flows from investing activities:    
Investment in intangible assets   (57,400)
Acquisition of PGP assets (6,393,920)  
Acquisition of property and equipment (62,794) (105,951)
Net cash used in investing activities (6,456,714) (163,351)
Cash flows from financing activities:    
Proceeds from draw on revolving loan 1,000,000  
Proceeds from Paycheck Protection Program 835,300  
Proceeds from Mainstreet Priority Loan Program 3,920,000  
Proceeds from stock option exercises 279,334 199,733
Payments of debt issuance costs   (34,058)
Principal payments on finance lease obligations   (14,198)
Principal payments on long-term debt (1,645,400) (1,514,524)
Net cash provided by (used in) financing activities 4,389,234 (1,363,047)
Effect of exchange rate changes on cash (39,583) 10,938
Net (decrease) increase in cash and cash equivalents (3,693,310) 3,375,135
Cash and cash equivalents – beginning of period 9,686,698 6,311,563
Cash and cash equivalents – end of period 5,993,388 9,686,698
Supplemental cash flow information:    
Cash paid for interest 612,840 684,139
Cash paid for income taxes 75,786 453,297
Supplemental schedule of non-cash activities:    
Common stock redemption in exchange for Redemption Consideration Obligation   39,096,401
Shares issued in connection with PGP asset acquisition 3,989,528  
Gain on forgiveness of Paycheck Protection Program Loan 835,300  
Insurance acquired under note payable 678,108 197,455
Right-of-use assets obtained in exchange for lease liabilities 1,390,002 574,333
Inventory transferred to assets deployed at client locations $ 48,838 $ 209,884

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