v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (6,544) $ (900,337)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Deferred benefit for income taxes (663,772) (112,740)
Loss (gain) on disposal of property and equipment 11,586 (1,785)
Provision for bad debt, net 18,141 702
Impairment of goodwill 0 1,697,394
Warranty reserves (28,031) 14,348
Amortization of deferred gain (53,838) (28,555)
Depreciation 922,597 671,223
Amortization 683,935 984,065
Inventory reserves 623,159 301,302
Amortization of debt discount 376,004 21,303
Stock-based compensation expense 724,378 649,469
Changes in operating assets and liabilities:    
Accounts receivable 4,286,294 (1,165,596)
Inventories (2,630,149) (1,008,980)
Prepaid expenses and other current assets (246,310) 211,325
Accounts payable (3,148,762) 424,567
Accrued expenses and other liabilities (1,118,861) 617,163
Net cash (used in) provided by operating activities (250,173) 2,374,868
Cash flows from investing activities:    
Purchases of property and equipment, including capitalization of labor costs for test equipment and ERP (820,336) (2,386,227)
Proceeds from sales of property and equipment 1,542 1,050
Net cash used in investing activities (818,794) (2,385,177)
Cash flows from financing activities:    
Proceeds from exercise of stock options and warrants 181,892 47,334
Payment of payroll taxes on net issuance of employee stock options (684,875) (132,017)
Proceeds from issuance of common stock   2,700,714
Stock issuance costs   (212,566)
Net repayments on bank lines of credit (99,410) (513,590)
Borrowings from related-party notes payable   1,150,000
Borrowings from notes payable   350,000
Repayments of related-party notes payable (584,502) (410,931)
Repayments of notes payable (177,866) (56,843)
Proceeds from senior secured convertible note, net 2,383,726  
Repayments of senior secured convertible note (409,090)  
Proceeds from paycheck protection program (PPP) note payable 1,499,360  
Net cash provided by financing activities 2,109,235 2,922,101
Net change in cash and cash equivalents 1,040,268 2,911,792
Effect of exchange rates on cash 91,332 1,273
Cash and cash equivalents, beginning of year 5,185,321 2,272,256
Cash and cash equivalents, end of year 6,316,921 5,185,321
Supplemental disclosure of cash flow information:    
Cash paid during the year for interest 301,214 129,547
Cash paid during the year for income taxes 344,184 8,780
Supplemental disclosure of non-cash transactions:    
Original issue discount on senior secured convertible note 300,000  
Reclassification of inventories to property and equipment $ 164,856 106,502
Forward foreign currency contracts   53,904
Relative fair value of warrants issued in connection with notes and related-party notes payable   $ 60,158

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