XML 18 R7.htm IDEA: XBRL DOCUMENT v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (13,634,333) $ (6,716,176)
Adjustments to reconcile net loss to net cash used in operating activities:    
Deferred income taxes 28,082 (95,496)
Loss on disposal of property and equipment 354  
Provision for bad debt 85,447 4,160
Impairment of goodwill 0 5,630,788
Warranty reserves (79,962) 11,846
Amortization of intangibles 0 42,154
Depreciation 1,041,837 1,035,362
Amortization of right-of-use assets 377,206 1,241,445
Inventory reserves 7,348,390 962,458
Stock-based compensation expense 1,988,125 2,345,358
Employee retention credit   (1,716,727)
Changes in operating assets and liabilities:    
Accounts receivable (190,339) 3,095,701
Inventories 658,303 (1,636,153)
Prepaid expenses and other current assets (238,554) (100,848)
Accounts payable 926,231 (3,408,487)
Accrued expenses and other liabilities 1,928,436 83,789
Operating lease liabilities (347,321) (1,218,853)
Net cash used in operating activities (108,098) (439,679)
Cash flows from investing activities:    
Redemption of short-term investment grade securities 4,553,535 2,342,552
Purchases of property and equipment, including capitalization of labor costs for test equipment and ERP (362,748) (821,753)
Net cash provided by investing activities 4,190,787 1,520,799
Cash flows from financing activities:    
Proceeds from exercise of stock options and warrants 237,749 62,422
Payment of payroll taxes on net issuance of employee stock options (466,762) (597,856)
Repayments on notes payable (954,939) (1,352,637)
Employee retention credit benefit   1,716,727
Net cash used in financing activities (1,183,952) (171,344)
Net change in cash and cash equivalents 2,898,737 909,776
Effect of exchange rates on cash (153,592) 26,977
Cash and cash equivalents, beginning of period 4,048,948 3,112,196
Cash and cash equivalents, end of period 6,794,093 4,048,948
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 85,031 113,155
Cash paid during the period for income taxes 468,208 558,334
Supplemental disclosure of non-cash flow transactions:    
Reclassification of inventories to property and equipment $ 12,106 $ 95,803