Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.19.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income (loss) $ 1,515,607 $ (59,595)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of intangible assets 948,823 910,350
Amortization of lease right-of-use assets 137,599  
Amortization of debt issuance costs and debt discount 17,954 109,563
Loss on extinguishment of debt   1,347,506
Bad debt expense 34,923 45,713
Change in estimated fair value of interest rate swap liability 91,601 77,235
Share-based compensation 436,182 357,590
Unrealized foreign exchange gains on cash, cash equivalents and restricted cash (16,986) (32,374)
Changes in operating assets and liabilities:    
Accounts receivable (300,030) (376,988)
Inventory (313,337) (148,077)
Prepaid expenses (13,535) 3,216
Other current assets   1,986
Accounts payable 652,894 (765,133)
Accrued expenses (277,442) (68,735)
Income taxes receivable/payable (120,878) (706,016)
Revenue contract liability (115,722) 103,668
Operating lease liabilities (130,397)  
Other current liabilities (71,435) (27,883)
Deferred rent   (9,654)
Net cash provided by operating activities 2,475,821 762,372
Cash flows from investing activities:    
Investment in intangible assets (27,401) (7,000)
Acquisition of property and equipment (10,455) (53,586)
Net cash used in investing activities (37,856) (60,586)
Cash flows from financing activities:    
Proceeds from debt issued   11,098,986
Proceeds from stock option exercises 160,732  
Payments of debt issuance costs (5,736) (136,162)
Payment of warrant liability   (1,333,333)
Principal payments on finance lease obligations (14,198) (16,168)
Principal payments on long-term debt (735,561) (9,845,839)
Payments of long-term debt redemption premium   (374,500)
Net cash used in financing activities (594,763) (607,016)
Effect of exchange rate changes on cash 16,986 32,374
Net increase in cash, cash equivalents and restricted cash 1,860,188 127,144
Cash, cash equivalents and restricted cash – beginning of period 6,311,563 3,581,209
Cash, cash equivalents and restricted cash – end of period 8,171,751 3,708,353
Supplemental cash flow information:    
Cash paid for interest 321,350 503,849
Cash paid for income taxes 348,200 709,423
Supplemental schedule of non-cash activities:    
Common stock redemption in exchange for promissory note 39,096,401  
Right-of-use assets obtained in exchange for lease liabilities 299,902  
Inventory transferred to assets deployed at client locations $ 109,725 $ 113,117