XML 16 R5.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income (loss) $ (1,902,472) $ 172,286
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization expense 1,150,685 1,255,675
Amortization of operating lease right-of-use assets 285,184 172,209
Share-based compensation 78,754 90,156
Decrease in non-cash contingent consideration (230,430) (267,637)
Increase in cash surrender value of life insurance policies over premiums paid (129,217) (30,799)
Increase in noncash interest expense 3,810 4,296
Gain on receivable of FDA fees 0 (1,847,065)
Net changes in assets and liabilities affecting operating activities:    
Accounts receivable (1,066,410) 481,613
Inventories 170,469 (323,557)
Other current assets and other assets 205,619 383,612
Operating lease liabilities (213,825) 127,137
Accounts payable and other current liabilities (645,542) (1,105,263)
Other long-term liabilities 156,728 (530,872)
Net cash used in operating activities (2,136,647) (1,418,209)
Cash flows from investing activities:    
Additions to property and equipment (41,621) (107,260)
Additions to intangible assets (16,565) (67,193)
Net cash used in investing activities (58,186) (174,453)
Cash flows from financing activities:    
Borrowings on line of credit 11,000,000 8,000,000
Payments on line of credit (7,700,000) (8,127,714)
Cash settlement of contingent consideration (630,701) (1,464,311)
Payments made in connection with repurchase of common shares (247,605) (187,117)
Net cash provided by (used in) financing activities 2,421,694 (1,779,142)
Net increase (decrease) in cash and cash equivalents 226,861 (3,371,804)
Cash and cash equivalents at beginning of period 18,321,624 19,757,970
Cash and cash equivalents at end of period $ 18,548,485 $ 16,386,166