v3.20.1
Condensed Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net income $ 2,943,376 $ 1,217,879
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangible assets 1,939,274 1,839,594
Amortization of lease right-of-use assets 267,474  
Amortization of debt issuance costs and debt discount 38,272 129,900
Loss on extinguishment of debt   1,349,271
Bad debt expense 111,938 39,894
Change in estimated fair value of interest rate swap liability 44,315 96,181
Inventory reserve 133,109 175,348
Deferred income tax benefit (64,801) (103,834)
Share-based compensation 927,696 776,354
Unrealized foreign exchange gains on cash, cash equivalents and restricted cash (10,938) 19,158
Changes in operating assets and liabilities:    
Accounts receivable (361,663) (588,003)
Inventory (476,833) (481,861)
Income tax receivable (260,347) (437,519)
Prepaid expense and other current assets (15,272) (9,252)
Accounts payable 84,369 (353,447)
Accrued expenses 73,218 407,774
Revenue contract liability (144,227) 354,853
Operating lease liabilities (266,784)  
Other current liabilities (71,581) (115,986)
Deferred rent   (23,679)
Net cash provided by operating activities 4,890,595 4,292,625
Cash flows from investing activities:    
Investment in intangible assets (57,400) (33,048)
Acquisition of property and equipment (105,951) (69,793)
Net cash used in investing activities (163,351) (102,841)
Cash flows from financing activities:    
Proceeds from debt issued   11,098,986
Proceeds from stock option exercises 199,733  
Payments of debt issuance costs (34,058) (136,163)
Payment of warrant liability   (1,333,333)
Principal payments on finance lease obligations (14,198) (32,780)
Principal payments on long-term debt (1,514,524) (10,662,482)
Payments of long-term debt redemption premium   (374,500)
Net cash used in financing activities (1,363,047) (1,440,272)
Effect of exchange rate changes on cash 10,938 (19,158)
Net increase in cash, cash equivalents and restricted cash 3,375,135 2,730,354
Cash, cash equivalents and restricted cash – beginning of period 6,311,563 3,581,209
Cash, cash equivalents and restricted cash – end of period 9,686,698 6,311,563
Supplemental cash flow information:    
Cash paid for interest 684,139 816,636
Cash paid for income taxes 453,297 794,890
Supplemental schedule of non-cash activities:    
Common stock redemption in exchange for promissory note 39,096,401  
Right-of-use assets obtained in exchange for lease liabilities 305,163  
Inventory transferred to assets deployed at client locations $ 209,884 $ 298,826

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