XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.2
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net (loss) income $ (2,800,008) $ 902,056
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Deferred benefit for income taxes   (1,648)
(Gain) loss on disposal of property and equipment (69,916) 36,064
Provision (recovery) for bad debt 38,653 (5,524)
Impairment of goodwill 2,700,000  
Warranty reserves (8,216) (35,465)
Amortization of intangibles 31,616 31,616
Depreciation 510,912 492,604
Inventory reserves 386,998 158,697
Amortization of debt discount   1,224
Stock-based compensation expense 1,372,217 915,464
Employee retention credit (ERC) (1,298,241)  
Changes in operating assets and liabilities:    
Accounts receivable 2,526,139 (5,041,981)
Inventories (918,495) (8,962,525)
Prepaid expenses and other current assets (711,567) (508,546)
Accounts payable (1,806,057) 4,429,156
Accrued expenses and other liabilities 2,094,899 12,453
Net cash provided by (used in) operating activities 2,048,934 (7,576,355)
Cash flows from investing activities:    
Redemption of short-term investment grade securities 802,945 2,895,285
Proceeds from sale of intangible assets   125,000
Purchases of property and equipment, including capitalization of labor costs for test equipment and ERP (299,891) (141,685)
Net cash provided by investing activities 503,054 2,878,600
Cash flows from financing activities:    
Proceeds from exercise of stock options and warrants 51,049 32,228
Payment of payroll taxes on net issuance of employee stock options (532,600) (152,162)
Proceed on borrowing of notes payable   3,663,009
Repayments on notes payable (403,115) (928,612)
Employee Retention Credit Benefit 1,298,241  
Net cash provided by financing activities 413,575 2,614,463
Net change in cash and cash equivalents 2,965,563 (2,083,292)
Effect of exchange rates on cash 22,558 (143,051)
Cash and cash equivalents, beginning of period 3,112,196 5,101,174
Cash and cash equivalents, end of period 6,100,317 2,874,831
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 60,615 13,373
Cash paid during the period for income taxes $ 93,777 30,821
Supplemental disclosure of non-cash flow transactions:    
Right of use assets recorded upon adoption of ASC 842   1,203,580
Lease liabilities recorded upon adoption of ASC 842   1,477,419
Conversion of senior secured convertible debt to common stock   $ 2,590,909