XML 17 R6.htm IDEA: XBRL DOCUMENT v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 820,786 $ (3,298,965)
Adjustments to Reconcile Net Income (Loss) to Net Cash Used In Operating Activities:    
Depreciation and amortization expense 274,062 234,086
Amortization of right-of-use assets 123,533 160,542
Amortization of debt discounts 34,105 320,205
Lease expense 188,400 185,540
Interest on finance leases 13,759 0
Deferred income taxes (178,430) 0
Gain on extinguishment of debt (942,029) 0
Change in fair value of the derivative liability 4,158 0
Loss on change in fair value of equity investments 34,443 1,220,085
Changes in Assets and Liabilities:    
Accounts receivable, net (14,417,946) (2,595,654)
Accounts receivable - related party (1,299,818) (1,729,283)
Inventory 393,154 (271,453)
Prepaid expenses and other current assets (3,332,839) 76,773
Prepaid expenses and other current assets - related party 2,800,862 (983,063)
Other assets (131,700) (77,047)
Accounts payable and accrued expenses 3,448,613 3,101,143
Accounts payable and accrued expenses - related party (240,189) 100,746
Accrued interest 654,297 (472,926)
Customer advances (230,505) (819,882)
Other current liabilities 173,729 54,059
Lease liabilities (217,210) (142,846)
Taxes payable 584,507 175,939
Other liabilities (59,460) (26,841)
NET CASH USED IN OPERATING ACTIVITIES (11,501,718) (4,788,842)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of fixed assets (117,744) (672,789)
Proceeds from sale of investments 0 1,261,718
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (117,744) 588,929
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of convertible note payable (593,000) (365,514)
Proceeds from convertible note payable 497,000 1,380,000
Payment of related party note payable (996,136) (382,055)
Payment of note payable (5,230,725) (221,418)
Proceeds from note payable 16,556,710 2,500,000
Payment of related party loan (149,695) (262,226)
Proceeds from related party loan 721,723 585,915
Payment of lines of credit (18,428,823) (11,098,839)
Proceeds from lines of credit 20,369,291 12,371,190
Payments of finance lease liability (85,804) (74,476)
Purchase of treasury stock (200,000) (845,247)
NET CASH PROVIDED BY FINANCING ACTIVITIES 12,460,541 3,587,330
Effect of exchange rate changes on cash (251,221) (213,223)
NET CHANGE IN CASH 589,858 (825,806)
CASH AT BEGINNING OF PERIOD 38,537 864,343
CASH AT END OF PERIOD 628,395 38,537
Cash paid during the period:    
Interest 955,376 447,731
Income tax 14,127 11,605
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Cancellation of pre-delivery shares issued for conversion of convertible notes payable 0 574
Discounts related to beneficial conversion features of convertible debentures 0 120,000
Conversion of notes payable to common stock $ 807,795 $ 1,050,000