Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 1,513,428 $ (3,387,475)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,160,217 1,499,927
Amortization of right-of-use assets 170,733 207,378
Amortization of debt issuance costs and debt discount 47,939 26,935
Bad debt expense 233,160 166,002
Gain on sale of property and equipment (25,000)  
Change in fair value of interest rate swap liability (66,009) (21,650)
Deferred income tax benefit   (492,807)
Share-based compensation 1,207,649 512,818
Unrealized foreign exchange loss 33,166 84,757
Changes in operating assets and liabilities:    
Accounts receivable (2,615,929) 1,333,515
Inventory (293,360) (123,359)
Income tax receivable/payable (311,155) (14,379)
Prepaid expenses and other current assets 394,457 54,953
Other assets (112,629)  
Accounts payable (59,173) 552,166
Accrued expenses 1,069,409 (698,380)
Revenue contract liability 14,583 (707,171)
Operating lease liabilities (141,167) (254,363)
Net cash provided by (used in) operating activities 3,220,319 (1,261,133)
Cash flows from investing activities:    
Investment in intangible assets (49,900)  
Proceeds from sale of property and equipment 25,000  
Acquisition of PGP assets, net of cash acquired   (6,266,335)
Acquisition of property and equipment (60,069) (38,712)
Net cash used in investing activities (84,969) (6,305,047)
Cash flows from financing activities:    
Proceeds from draw on revolving loan   1,000,000
Proceeds from Paycheck Protection Program   835,300
Payments of debt issuance costs (46,117)  
Proceeds from stock option exercises 89,315 49,750
Principal payments on long-term debt (1,697,380) (1,264,322)
Net cash (used in) provided by financing activities (1,654,182) 620,728
Effect of exchange rate changes on cash (72,686) (72,340)
Net increase (decrease) in cash and cash equivalents 1,408,482 (7,017,792)
Cash and cash equivalents – beginning of period 5,993,388 9,686,698
Cash and cash equivalents – end of period 7,401,870 2,668,906
Supplemental cash flow information:    
Cash paid for interest 300,026 462,959
Cash paid for income taxes 338,447 77,465
Supplemental schedule of non-cash activities:    
Shares issued in connection with PGP asset acquisition   3,989,528
Right-of-use assets obtained in exchange for lease liabilities 28,604 1,383,052
Inventory transferred to assets deployed at client locations $ 213,648 $ 27,668