Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net income (loss) $ 2,111,812 $ (2,208,887)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,858,991 2,222,042
Amortization of right-of-use assets 228,522 329,040
Amortization of debt issuance costs and debt discount 369,093 38,195
Bad debt expense 358,160 226,691
Change in estimated fair value of interest rate swap liability (66,009) (74,487)
Gain on forgiveness of Paycheck Protection Program Loan   (835,300)
Deferred income tax 24,326 596,874
Share-based compensation 1,532,455 737,991
Changes in operating assets and liabilities:    
Accounts receivable (2,367,258) (236,890)
Inventory (427,795) (51,709)
Income tax receivable/payable (306,887) (893,930)
Prepaid expense and other current assets 680,663 259,616
Other assets (49,923)  
Accounts payable (91,242) (1,081,836)
Accrued expenses 1,338,195 (257,179)
Revenue contract liability 8,333  
Operating lease liabilities (197,860) (403,363)
Net cash provided by (used in) operating activities 6,003,576 (1,633,132)
Cash flows from investing activities:    
Investment in intangible assets (198,667)  
Proceeds from sale of property and equipment 25,000  
Acquisition of PGP assets, net of cash acquired   (6,393,920)
Acquisition of property and equipment (60,067) (62,794)
Net cash used in investing activities (233,734) (6,456,714)
Cash flows from financing activities:    
Proceeds from draw on revolving loan   1,000,000
Proceeds from Paycheck Protection Program   835,300
Proceeds from Mainstreet Priority Loan Program   3,920,000
Proceeds from stock option exercises 902,157 279,334
Principal payments on long-term debt (13,104,942) (1,645,400)
Proceeds from Fortress Credit Agreement, net 58,800,000  
Payments of debt issuance costs (3,138,521)  
Settlement of Redemption Consideration Obligation (39,096,401)  
Net cash provided by financing activities 4,362,293 4,389,234
Effect of exchange rate changes on cash (66,809) 7,302
Net increase (decrease) in cash and cash equivalents 10,065,326 (3,693,310)
Cash and cash equivalents – beginning of period 5,993,388 9,686,698
Cash and cash equivalents – end of period 16,058,714 5,993,388
Supplemental cash flow information:    
Cash paid for interest 940,097 612,840
Cash paid for income taxes 319,967 75,786
Supplemental schedule of non-cash activities:    
Shares issued in connection with PGP asset acquisition   3,989,528
Gain on forgiveness of Paycheck Protection Program Loan   835,300
Fortress warrants issued 3,149,002  
Insurance acquired under note payable 653,521 678,108
Right-of-use assets obtained in exchange for lease liabilities 28,604 1,390,002
Inventory transferred to assets deployed at client locations $ 326,072 $ 48,838