XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Cash flows from operating activities:    
Net loss $ (13,259,247) $ (13,169,027)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 498,188 665,217
Accretion of premium or discount on marketable debt securities 128
Stock-based compensation 2,343,782 1,370,654
Foreign currency losses 27,478 339,186
Change in allowance for credit losses 726,413 4,772
Write-off of excess inventory 292,405 1,670,993
Investment impairment (unrealized gains on investments) 2,887,893 (2,700,000)
Loss on sale of property and plant 18,878 202,670
Income taxes 117,316 107,509
Changes in other non-cash items 194,890 1,451,478
Changes in assets and liabilities:    
Accounts receivable (2,137,460) 3,756,182
Contract assets and unbilled receivables (1,651,437) (2,302,972)
Inventory (2,944,672) (1,944,577)
Prepaid expenses, other current assets and other assets (461,365) (272,446)
Accounts payable and accrued expenses 1,799,444 (1,651,538)
Contract liabilities and billings in excess of revenue earned (244,188) (3,130,965)
Net cash used in operating activities (11,791,682) (15,602,736)
Cash flows from investing activities:    
Other assets 14,656 23,802
Capital expenditures (478,282) (642,146)
Equity investment purchase (499,998)
Proceeds from sale of marketable debt securities 10,374,593 1,000,000
Purchases of marketable debt securities (17,624,779) (4,000,042)
Net cash used in investing activities (7,713,812) (4,118,384)
Cash flows from financing activities:    
Sale of treasury stock, net of costs 461,723
Issuance of common stock and pre-funded warrants, net of costs 21,335,000 2,397,618
Settlements of restricted stock for tax withholding obligations (95,613)
Net cash provided by financing activities 21,335,000 2,763,728
Effect of exchange rate changes on cash 11,291 (205,125)
Net increase (decrease) in cash, cash equivalents, and restricted cash 1,840,797 (17,162,517)
Cash, cash equivalents and restricted cash:    
Beginning of period 8,258,878 26,787,931
End of period $ 10,099,675 $ 9,625,414