XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 6,857,988 $ 11,144,342
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation 82,180 48.289
Amortization 1,224,684 713,360
Bad debt allowance 244,685 62,678
Inventory excess and obsolescence allowance 211,822 300,143
Stock-based compensation expense 4,718,699 3,354,295
Gain on China transaction (384,493) (12,050,921)
Gain on lease cancellations (152,112)  
Changes in operating assets and liabilities:    
Accounts receivable-net (9,031,438) (4,405,426)
Inventory (598,665) 2,136,895
Prepaid expenses and other current assets (561,752) (2,087,991)
Accounts payable and accrued expenses 824,964 (27,338)
Deposits/deferred revenue and other current liabilities 257,023 (252,302)
Change in Right to Use and Lease Obligation-net 149,925 97,512
Net cash provided/(used) in operating activities 3,843,510 (966,464)
Cash flows from investing activities:    
Proceeds from note receivable 1,331,011  
Purchase of property and equipment (416,671) (55,321)
Cash paid to escrow for acquisition   (14,849,999)
Net cash provided/(used) in investing activities 914,340 (14,905,320)
Cash flows from financing activities:    
Proceeds from notes payable-related-party, net 1,500,000
Principal payments financial lease obligations (259,231)
Proceeds from exercise of stock options 2,296,343 224,083
Net Proceeds from Sale of Common Stock 21,983,116 26,955,437
Net cash provided by financing activities 24,020,228 28,679,520
Effect on exchange rate changes on cash and cash equivalents 289,338 (19,026)
Net increase in cash and cash equivalents 29,067,416 12,788,710
Cash and cash equivalents at beginning of the period 23,090,682 7,743,181
Cash and cash equivalents at end of the period 52,158,098 20,531,891
Cash paid during period for:    
Interest 299,394 131,528
Non-cash investing and financing activities:    
Debt Conversion and Related Accrued Expenses   10,233,333
European Acquisition Adjustment:    
Goodwill 395,515
Other liabilities $ (395,515)