v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 639,192 $ (2,089,979)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,437,742 924,291
Amortization of right-of-use assets 113,329 138,300
Amortization of debt issuance costs and debt discount 30,308 18,121
Bad debt expense 138,160 166,003
Change in fair value of interest rate swap liability (66,009) 33,680
Deferred income tax benefit   (626,515)
Share-based compensation 758,084 334,265
Unrealized foreign exchange loss 1,491 101,301
Changes in operating assets and liabilities:    
Accounts receivable (2,196,930) 1,895,310
Inventory (164,796) (84,260)
Income tax receivable/payable (269,024) (12,000)
Prepaid expenses and other current assets 499,068 (115,281)
Other assets (140,124)  
Accounts payable (139,760) 433,405
Accrued expenses 410,314 (1,039,786)
Revenue contract liability 45,833 (923,009)
Operating lease liabilities (87,218) (138,308)
Net cash provided by (used in) operating activities 1,009,660 (984,462)
Cash flows from investing activities:    
Investment in intangible assets (49,900)  
Acquisition of property and equipment (40,863) (22,480)
Net cash used in investing activities (90,763) (22,480)
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 26,500 37,763
Principal payments on long-term debt (1,128,400) (834,790)
Net cash (used in) provided by financing activities (1,101,900) 1,038,273
Effect of exchange rate changes on cash (30,773) (76,637)
Net decrease in cash and cash equivalents (213,776) (45,306)
Cash and cash equivalents – beginning of period 5,993,388 9,686,698
Cash and cash equivalents – end of period 5,779,612 9,641,392
Supplemental cash flow information:    
Cash paid for interest 223,279 311,467
Cash paid for income taxes 321,167  
Supplemental schedule of non-cash activities:    
Debt modification fee payable 50,185  
Right-of-use assets obtained in exchange for lease liabilities 5,312  
Inventory transferred to assets deployed at client locations $ 134,376 $ 24,617

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