Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ 41,198 $ (1,096,032)  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Deferred benefit for income taxes (59,290) (441,282)  
(Gain) on disposal of property and equipment   (1,542)  
Provision for bad debt (16,590) (2,405)  
Warranty reserves 13,944 5,075  
Amortization of deferred gain   (41,479)  
Amortization of intangibles 163,900 174,525  
Depreciation 216,878 221,300  
Inventory reserves 154,335 148,418  
Amortization of debt discount 61,210 7,520  
Stock-based compensation expense 438,394 207,761  
Changes in operating assets and liabilities:      
Accounts receivable 1,697,901 2,530,072  
Inventories (223,160) (1,826,564)  
Prepaid expenses and other current assets (152,561) (386,005)  
Accounts payable 1,795,141 (275,428)  
Accrued expenses and other liabilities 159,766 54,293  
Net cash provided by (used in) operating activities 4,291,066 (721,773) $ (250,173)
Cash flows from investing activities:      
Purchases of property and equipment, including capitalization of labor costs for test equipment and ERP (121,759) (200,049)  
Proceeds from sales of property and equipment   1,542  
Net cash used in investing activities (121,759) (198,507)  
Cash flows from financing activities:      
Proceeds from exercise of stock options and warrants 278,968 57,000  
Payment of payroll taxes on net issuance of employee stock options (44,252) (656,845)  
Proceeds from issuance of stock 10,000,000    
Stock issuance costs (778,810)    
Net (repayment) borrowings on bank lines of credit (80,117) (430,313)  
Net repayments on related-party notes payable (155,022) (141,042)  
Net repayments on notes payable (47,174) (42,919)  
Net cash provided by (used in) financing activities 9,173,593 (1,214,119)  
Net change in cash and cash equivalents 13,342,900 (2,134,399)  
Effect of exchange rates on cash (45,506) (12,916)  
Cash and cash equivalents, beginning of period 6,316,921 5,185,321 5,185,321
Cash and cash equivalents, end of period 19,614,315 3,038,006 $ 6,316,921
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest 83,392 $ 22,369  
Cash paid during the period for income taxes $ 80,629