XML 20 R8.htm IDEA: XBRL DOCUMENT v3.21.1
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,022,117) $ (1,295,587)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 2,328,179 2,248,317
Amortization of intangible assets 19,104 19,104
Amortization and write-off of debt issuance costs 102,724 16,976
Forgiveness of debt (937,700)
Deferred income taxes (14,631) 24,684
Stock-based compensation 253,135 313,144
Loss on disposal of fixed assets 39,303 2,469
Non-cash rent expense 15,320
Changes in:    
Trade accounts receivable (159,636) (704,867)
Accrued interest income 27,258 (27,753)
Inventory 425,742 (186,585)
Prepaid expenses and other current assets (61,695) (73,749)
Other assets 711 (13,931)
Accounts payable and accrued expenses 299,881 (88,711)
Net cash provided by operating activities 1,315,578 233,511
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (4,072,539) (1,391,446)
Maturities of investment 3,449,000 7,670,000
Purchases of investments (1,992,000) (10,123,000)
Payment of contingent royalties related to 2016 acquisition (8,914)
Proceeds from sale of assets 45,600 450,000
Net cash used for investing activities (2,569,939) (3,403,360)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from public offering, net 8,303,436
Proceeds from debt issuance 11,537,700
Debt principal repayments (9,573,568) (861,347)
Line of credit repayment (500,000)
Payments of debt issuance costs (53,136)
Proceeds from exercise of stock options 9 3
Net cash provided by financing activities 1,911,005 6,942,092
NET INCREASE IN CASH AND CASH EQUIVALENTS 656,644 3,772,243
BEGINNING CASH AND CASH EQUIVALENTS 6,293,293 2,521,050
ENDING CASH AND CASH EQUIVALENTS 6,949,937 6,293,293
CASH PAID FOR:    
Income taxes 4,581 3,566
Interest expense 481,408 420,956
NON-CASH ACTIVITIES:    
Forgiveness of debt (937,700)
Change in capital expenditures included in accounts payable and accrued expenses (170,220) 97,530
Net change in fair value of interest rate swaps, net of taxes (43,895) 74,052
Operating lease right-of-use asset and operating lease liability $ 1,313,698