XML 41 R8.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:    
Net Income (Loss) $ (11,126,960) $ (9,808,360)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:    
Depreciation and amortization 2,740,241 2,827,341
Amortization of discount on convertible notes payable 835,331 0
Stock-based compensation 481,105 343,780
Change in fair value of warrant liability (0) 901,250
Gain on modification of earn-out liability (0) (306,077)
Change in deferred tax asset / liability (63,036) (63,200)
Loss (Gain) on sale of equipment (1,113) (27,772)
Changes in assets and liabilities:    
Accounts receivable 971,460 3,143,651
Inventory (336,651) (322,800)
Contract assets 610,476 2,522,275
Prepaid expenses and other current assets 479,423 565
Accounts payable (532,718) (2,006,919)
Accrued expenses 798,543 1,355,846
Operating lease liabilities (945,808) (874,441)
Contract liabilities (155,291) (269,198)
Income taxes payable 0 (14,806)
Total Adjustments 3,923,117 7,209,495
Net Cash used in Operating Activities (7,203,843) (2,598,865)
Cash Flows from Investing Activities:    
Purchase of property and equipment (1,133,378) (3,754,166)
Proceeds from sale of property and equipment 1,113 102,416
Purchase of other intangible assets 0 (55,198)
Net cash paid for acquisition (317,874) (301,573)
Net Cash used in Investing Activities (1,450,139) (4,008,521)
Cash Flows from Financing Activities:    
Payments on finance lease obligation (380,334) (38,725)
Proceeds from convertible notes payable, net 14,283,333 0
Proceeds from exercise of stock options 0 18,500
Proceeds from issuance of prefunded warrants 0 2,575,000
Proceeds from issuance of common stock, net 0 4,662,127
Net Cash Provided by Financing Activities 13,902,999 7,216,902
Effect of foreign currency exchange on cash (1,024,086) 2,871,001
Net Change in Cash, Cash Equivalents and Restricted Cash 4,224,931 3,480,517
Cash, Cash Equivalents and Restricted Cash at Beginning of Period 13,264,449 9,783,932
Cash, Cash Equivalents and Restricted Cash at End of Period 17,489,380 13,264,449
Supplemental Disclosures of Cash Flow Information:    
Interest 635,671 103,953
Income Taxes 13,726
Non-cash financing activities    
Common Stock issued in conjunction with convertible note financing 531,729 0
Convertible Debt [Member]    
Non-cash financing activities    
Original issue discount on convertible note 1,800,000 0
Convertible Note debt conversion feature 3,048,396 0
Debt issuance costs on convertible note $ 716,667 $ 0