Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (31,786) $ (1,746,309)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 2,372,215 2,089,317
Amortization of right-of-use assets 194,274 189,238
Amortization of debt issuance costs and debt discount 116,625 1,142,699
Bad debt expense (recovery) 30,138 (31,875)
Gain (loss) on disposal of property & equipment (62) 33,245
Deferred income tax 19,415 (39,388)
Stock-based compensation 441,605 540,322
Loss on extinguishment of debt 2,969,585  
Changes in operating assets and liabilities:    
Accounts receivable (122,418) (1,433,623)
Income tax receivable (60,685) (5,739)
Prepaid expenses and other current assets (6,767) 334,954
Other assets 215,214 53,766
Accounts payable (433,601) 2,226,036
Accrued expenses (78,002) 42,468
Revenue contract liability 57,968 (166,678)
Operating lease liabilities (213,980) (200,977)
Net cash provided by operating activities 5,469,738 3,027,456
Cash flows from investing activities:    
Investment in internally developed software (751,067) (562,247)
Acquisition of property and equipment (93,683)  
Acquisition of assemblies in process (612,198) (35,188)
Acquisition of assets deployed at client locations (928,982) (1,686,876)
Transfer of title of assets deployed at client locations to perpetual license customer 171,575 1,102,908
Net cash used in investing activities (2,214,355) (1,181,403)
Cash flows from financing activities:    
Proceeds from BMO Credit Agreement 45,000,000  
Payments of debt issuance costs (630,024)  
Fees associated with debt transactions - prior debt (138,233)  
Proceeds from stock option exercises 175,400 56,082
Net cash used in financing activities (18,224,567) (648,038)
Effect of exchange rate changes on cash 185,720 9,656
Net (decrease) increase in cash and cash equivalents (14,783,464) 1,207,671
Cash and cash equivalents – beginning of period 18,118,043 16,691,514
Cash and cash equivalents – end of period 3,334,579 17,899,185
Supplemental cash flow information:    
Cash paid for interest 2,656,333 5,762,757
Cash paid for income taxes 147,914 101,536
Supplemental schedule of non-cash activities:    
Right-of-use assets obtained in exchange for lease liabilities 6,914 330,371
Fortress    
Cash flows from financing activities:    
Principal payments on long-term debt (57,576,929) $ (704,120)
BMO    
Cash flows from financing activities:    
Principal payments on long-term debt (4,812,500)  
Insurance    
Cash flows from financing activities:    
Principal payments on long-term debt $ (242,281)