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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 579,234 $ 41,198
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Deferred benefit for income taxes 71,370 (59,290)
Gain on sale of intangible asset (125,000)  
Loss on disposal of property and equipment 48,861  
(Recovery) provision for bad debt (5,524) (16,590)
Warranty reserves (14,929) 13,944
Amortization of intangibles 15,809 163,900
Depreciation 253,982 216,878
Inventory reserves 19,342 154,335
Amortization of debt discount 1,224 61,210
Stock-based compensation expense 382,828 438,394
Changes in operating assets and liabilities:    
Accounts receivable (4,010,998) 1,697,901
Inventories (4,329,659) (223,160)
Prepaid expenses and other current assets (466,400) (152,561)
Accounts payable 2,354,165 1,795,141
Accrued expenses and other liabilities 207,297 159,766
Net cash (used in) provided by operating activities (5,018,398) 4,291,066
Cash flows from investing activities:    
Redemption of short-term investment grade securities 989,345  
Proceeds from sale of intangible assets 125,000  
Purchases of property and equipment, including capitalization of labor costs for test equipment and ERP (85,841) (121,759)
Net cash provided by (used in) investing activities 1,028,504 (121,759)
Cash flows from financing activities:    
Proceeds from exercise of stock options and warrants 29,670 278,968
Payment of payroll taxes on net issuance of employee stock options (20,478) (44,252)
Proceeds from issuance of stock   10,000,000
Stock issuance costs   (778,810)
Net (repayments) borrowings on bank lines of credit   (80,117)
Proceed on borrowing of notes payable 2,219,128  
Repayments on notes payable (1,096,975) (47,174)
Repayments on related-party notes payable   (155,022)
Net cash provided by financing activities 1,131,345 9,173,593
Net change in cash and cash equivalents (2,858,549) 13,342,900
Effect of exchange rates on cash (22,825) (45,506)
Cash and cash equivalents, beginning of period 5,101,174 6,316,921
Cash and cash equivalents, end of period 2,219,800 19,614,315
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 6,162 83,392
Cash paid during the period for income taxes 25,628 80,629
Supplemental disclosure of non-cash flow transactions:    
Reclassification of inventories to property and equipment 61,815 $ 157,133
Conversion of senior secured convertible debt to common stock $ 2,590,909