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 ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 536,798 $ 162,267
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 451,560 436,085
Amortization of debt issuance costs and debt discount 72,590 73,729
Bad debt expense 5,000  
Change in estimated fair value of warrant liability   66,500
Share-based compensation 166,478 49,837
Unrealized foreign exchange gains on cash, cash equivalents and restricted cash (88,240) (3,159)
Changes in operating assets and liabilities:    
Accounts receivable (260,264) 140,704
Inventory (90,786) (63,017)
Prepaid expenses and other current assets 57,425 33,665
Accounts payable (622,649) (67,905)
Income tax payable 121,156 77,975
Accrued expenses (305,096) 99,629
Revenue contract liability 25,914 (59,808)
Other current liabilities 3,464 34,042
Deferred rent (4,827) (2,641)
Net cash provided by operating activities 68,523 977,903
Cash flows from investing activities:    
Investment in intangible assets   (27,470)
Acquisition of property and equipment (31,458) (13,997)
Net cash used in investing activities (31,458) (41,467)
Cash flows from financing activities:    
Proceeds from stock option exercises   35,000
Debt issuance costs   (17,091)
Principal payments on capital lease obligations (8,034) (7,611)
Principal payments on long-term debt (302,891) (303,564)
Net cash used in financing activities (310,925) (293,266)
Effect of exchange rate changes on cash 88,241 3,159
Net (decrease) increase in cash, cash equivalents and restricted cash (185,619) 646,329
Cash, cash equivalents and restricted cash – beginning of period 3,581,209 2,389,338
Cash, cash equivalents and restricted cash – end of period 3,395,590 3,035,667
Supplemental cash flow information:    
Cash paid for interest 293,503 445,352
Inventory transferred to assets deployed at client locations 41,774 $ 24,132
Cash paid for income taxes $ 23,664