XML 22 R7.htm IDEA: XBRL DOCUMENT v3.24.1
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,774,598) $ (2,493,805)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation 2,697,897 2,468,479
Amortization of intangible assets 19,104 19,104
Amortization of debt issuance costs 13,072 7,658
Amortization of debt discounts 9,547
Stock-based compensation 368,866 266,244
Loss (gain) on disposal of property, plant and equipment 8,099 (7,334)
Non-cash rent expense 95,724 28,476
Changes in:    
Trade accounts receivable (426,783) 935,629
Inventory (1,773,302) (2,948,565)
Prepaid expenses and other current assets (87,830) (110,858)
Other assets 18,973 (50,513)
Accounts payable and accrued expenses 156,995 341,614
Net cash used for operating activities (4,674,236) (1,543,871)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property, plant and equipment (1,892,513) (3,975,274)
Proceeds from sale of property, plant and equipment 2,474 11,000
Net cash used for investing activities (1,890,039) (3,964,274)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from debt issuance 3,000,000 2,000,000
Proceeds from line of credit 2,000,000
Debt principal repayments (1,185,774) (897,125)
Line of credit repayments (2,000,000)
Payments of debt issuance costs (35,425) (19,306)
Payments of debt discounts (46,107)
Proceeds from exercise of stock options 18,760 30,670
Net cash provided by financing activities 1,751,454 1,114,239
NET DECREASE IN CASH AND CASH EQUIVALENTS (4,812,821) (4,393,906)
BEGINNING CASH AND CASH EQUIVALENTS 5,791,562 10,185,468
ENDING CASH AND CASH EQUIVALENTS 978,741 5,791,562
CASH PAID FOR:    
Income taxes 6,466 4,923
Interest expense 444,954 338,516
NON-CASH ACTIVITIES:    
Change in capital expenditures included in accounts payable and accrued expenses 50,086 (44,998)
Change in payments of debt discounts included in accounts payable and accrued expenses 16,566
Operating lease right-of-use asset and operating lease liability $ 2,472,203 $ 1,184,727