Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net (loss) income $ (1,828,293) $ 1,513,428
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 2,189,789 2,160,217
Amortization of right-of-use assets 173,799 170,733
Amortization of debt issuance costs and debt discount 1,114,488 47,939
Bad debt (recovery) expense (40,231) 233,160
Loss on inventory write-down 95,307 40,109
Loss (gain) on sale of property and equipment 18,255 (25,000)
Change in fair value of interest rate swap liability   (66,009)
Deferred income tax (146,218)  
Share-based compensation 954,550 1,207,649
Foreign currency exchange loss 33,175 33,166
Changes in operating assets and liabilities:    
Accounts receivable 1,020,719 (2,615,929)
Inventory (545,358) (333,469)
Income tax receivable 766,599 (311,155)
Prepaid expenses and other current assets 245,649 394,457
Other assets (78,130) (112,629)
Accounts payable 1,025,766 (59,173)
Accrued expenses (333,469) 1,069,409
Revenue contract liability 6,595 14,583
Operating lease liabilities (170,515) (141,167)
Net cash provided by operating activities 4,502,477 3,220,319
Cash flows from investing activities:    
Investment in internally developed software (409,626) (49,900)
Proceeds from sale of property and equipment   25,000
Acquisition of property and equipment (24,950) (60,069)
Net cash used in investing activities (434,576) (84,969)
Cash flows from financing activities:    
Payments of debt issuance costs (13,438) (46,117)
Proceeds from stock option exercises 542,500 89,315
Principal payments on long-term debt (950,369) (1,697,380)
Net cash used in financing activities (421,307) (1,654,182)
Effect of exchange rate changes on cash (430,128) (72,686)
Net increase in cash and cash equivalents 3,216,466 1,408,482
Cash and cash equivalents – beginning of period 16,058,714 5,993,388
Cash and cash equivalents – end of period 19,275,180 7,401,870
Supplemental cash flow information:    
Cash paid for interest 4,254,362 300,026
Cash paid for income taxes   338,447
Supplemental schedule of non-cash activities:    
Net option settlement and tax withholding through additional paid-in capital 1,280,133  
Inventory transferred to assets deployed at client locations 296,278 213,648
Right-of-use asses obtained in exchnge for lease liabilities 71,901 $ 28,604
Acquisition of intellectual property $ 2,000,000