v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 88,737 $ 116,605
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 717,254 469,805
Amortization of right-of-use assets 56,472 69,301
Amortization of debt issuance costs and debt discount 12,243 9,159
Bad debt expense 76,160 166,002
Change in estimated fair value of interest rate swap liability (49,822) 76,163
Share-based compensation 316,640 157,596
Unrealized foreign exchange (gain) loss (3,573) 77,557
Changes in operating assets and liabilities:    
Accounts receivable (1,139,395) 369,313
Inventory (70,010) (86,885)
Income tax receivable/payable (42,816) 35,962
Prepaid expenses and other current assets 138,788 (197,283)
Other assets (144,072)  
Accounts payable (66,044) 8,784
Accrued expenses 834,001 (365,512)
Revenue contract liability 77,083 4,186
Operating lease liabilities (33,817) (69,305)
Net cash provided by operating activities 767,829 841,448
Cash flows from investing activities:    
Investment in intangible assets (49,900)  
Acquisition of property and equipment (31,892) (1,448)
Net cash used in investing activities (81,792) (1,448)
Cash flows from financing activities:    
Proceeds from draw on revolving loan   1,000,000
Proceeds from stock option exercises 10,999 7,500
Principal payments on long-term debt (568,637) (405,498)
Net cash (used in) provided by financing activities (557,638) 602,002
Effect of exchange rate changes on cash (40,366) (77,557)
Net increase in cash and cash equivalents 88,033 1,364,445
Cash and cash equivalents – beginning of period 5,993,388 9,686,698
Cash and cash equivalents – end of period 6,081,421 11,051,143
Supplemental cash flow information:    
Cash paid for interest 112,487 152,949
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 $ 29,849 $ 26,056

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