XML 17 R6.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income/(loss) $ 842,772 $ (646,211)
Adjustments to reconcile net income/loss to net cash used in operating activities:    
Depreciation and amortization 94,884 28,091
Bad debt expense (2,634) 23,287
Parts and supplies reserve change 4,500 1,500
Amortization of deferred financing costs 25,935 39,287
Amortization of beneficial conversion option 11,786
Amortization of debt discount 26,666 8,889
Amortization of right of use asset 129,560 45,197
Stock issued for services 57,500 57,500
Stock options compensation 23,098 11,573
Note conversion stock issue expense 141,000
Warrant issue expense 236,761
Interest on converted debt 176,105
Amortization of original issue discount on notes 16,864
Gain on extinguishment of debt (845,083) (287,426)
Change in fair value of earnout liabilities 69,950
Changes in operating assets and liabilities:    
Accounts receivable (260,009) 294,853
Accounts receivable, unbilled 177,371 8,423
Parts and supplies (593) (11,506)
Prepaid expenses and other current assets (65,309) (82,390)
Accounts payable and accrued expenses 227,897 (90,718)
Lease liabilities, current and long-term (129,759) (43,908)
Deferred compensation (13,046)
Accrued interest, current and long-term 442 20,000
Deferred revenues (50,319) (89,862)
Total adjustments (515,903) 502,260
Net cash provided by/(used in) operating activities 326,869 (143,951)
Cash flows from investing activities:    
Cash paid to acquire business, net of cash acquired (3,888,984)
Purchases of property and equipment (231,699) (7,742)
Net cash used in investing activities (231,699) (3,896,726)
Cash flows from financing activities:    
Proceeds from issuance of common stock 3,167,500
Offering costs paid on issuance of common stock (307,867)
Payment of deferred financing costs (175,924)
Proceeds from notes payable 2,000,000
Net cash provided by financing activities 4,683,709
Net increase in cash 95,170 643,032
Cash - beginning of period 1,907,882 404,165
Cash - end of period 2,003,052 1,047,197
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 60,000 2,154
Cash paid during the period for income taxes 913
Supplemental disclosure of non-cash financing activities:    
Accrued interest notes payable converted to equity 796,074
Accrued interest notes payable related parties converted to equity 238,883
Discount on notes payable for beneficial conversion feature 320,000
Discount on notes payable for warrants 135,292
Notes payable converted to equity 3,421,063
Notes payable converted to equity - related parties 1,465,515
Supplemental disclosure of non-cash investing activities relating to business acquisitions:    
Cash 17,269
Accounts receivable 1,071,770
Accounts receivable, unbilled 266,403
Parts and supplies 101,016
Prepaid expenses 73,116
Other current assets 5,954
Right of use assets 2,885,618
Property and equipment 732,372
Intangible assets 1,230,000
Accounts payable (129,622)
Accrued expenses (155,949)
Lease liabilities (2,947,684)
Federal and state taxes payable (168,900)
Deferred revenues (39,186)
Deferred tax liabilities, net (149,900)
Net assets acquired in acquisition 2,792,277
Total goodwill acquired in acquisition 1,800,176
Total purchase price of acquisition 4,592,453
Purchase price of business acquisition financed with earnout liability (686,200)
Purchase price of business acquisition financed with installment payments
Cash used in business acquisition $ 3,906,253