XML 61 R7.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Cash flows from operating activities:    
Net loss $ (3,656,991) $ (11,319,910)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 170,805 264,389
Accretion of premium or discount on marketable debt securities 2,344
Stock-based compensation 158,465 815,842
Foreign currency losses (gains) 193,073 (233,180)
Change in allowance for bad debt (150,500) 246,970
Loss on disposal of plant and equipment 180,308
Write-off of excess inventory 676,063 1,253,988
Other non-cash items (985) 32,732
Changes in assets and liabilities:    
Accounts receivable 260,602 (953,353)
Contract assets (473,551) 947,986
Inventory (356,766) (620,982)
Prepaid expenses and other current assets (33,168) 221,926
Accounts payable and accrued expenses (1,086,534) 393,941
Billings in excess of revenue earned 428,688 922,540
Net cash used in operating activities (3,868,455) (7,846,803)
Cash flows from investing activities:    
Other assets 55,231 (50,000)
Capital expenditures (155,930) (74,920)
Proceeds from sale of marketable debt securities 6,297,500 2,789,139
Net cash provided by investing activities 6,196,801 2,664,219
Cash flows from financing activities:    
Sale of registered stock 7,450,000
Settlements of restricted stock for tax withholding obligations (7,128)
Net cash provided by financing activities 7,442,872
Effect of exchange rate changes on cash (23,990) (3,110)
Net increase in cash and cash equivalents 2,304,356 2,257,178
Cash and cash equivalents:    
Beginning of period 6,029,247 14,326,347
End of period 8,333,603 16,583,525
Supplemental disclosure of cash flow information:    
Issuance costs included in accounts payable and accrued expenses $ 140,000