Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.8.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 54,578 $ 1,652,992
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,323,772 1,252,860
Amortization of debt issuance costs and debt discount 218,910 136,710
Bad debt expense 6,000  
Loss on extinguishment of debt   515,037
Change in estimated fair value of warrant liability 409,717 (2,933)
Share-based compensation 553,313 91,006
Unrealized foreign exchange (gains) losses on cash and cash equivalents (92,243) 31,886
Changes in operating assets and liabilities:    
Restricted cash (8,693) 10,009
Accounts receivable (264,842) (108,674)
Inventory (271,149) (181,319)
Prepaid expenses and other current assets (112,410) 8,922
Accounts payable (132,720) (858,404)
Income tax payable (124,271) 822,482
Accrued expenses 612,611 152,871
Deferred revenue 35,685 152,938
Other current liabilities 29,000 (15,069)
Deferred rent (10,111) (3,555)
Net cash provided by operating activities 2,227,147 3,657,759
Cash flows from investing activities:    
Investment in intangible assets (43,917)  
Acquisition of property and equipment (52,352) (43,345)
Net cash used in investing activities (96,269) (43,345)
Cash flows from financing activities:    
Proceeds from stock option exercises 35,000  
Debt issuance costs (17,091)  
Proceeds received from long-term debt   932,126
Principal payments on capital lease obligations (23,087) (51,698)
Principal payments on long-term debt (1,361,038) (3,209,922)
Net cash used in financing activities (1,366,216) (2,329,494)
Effect of exchange rate changes on cash 92,243 (31,886)
Net increase in cash and cash equivalents 856,905 1,253,034
Cash and cash equivalents – beginning of period 2,304,761 570,623
Cash and cash equivalents – end of period 3,161,666 1,823,657
Supplemental cash flow information:    
Cash paid for interest 1,099,738 753,250
Inventory transferred to assets held for lease 172,711 108,577
Cash paid for income taxes $ 150,000 35,000
Supplemental non-cash financing activities information:    
Issuance of warrants in conjunction with term loan   809,631
Points paid on term loan   $ 262,500