v3.20.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net loss attributable to common stockholders $ (1,096,032) $ (944,729)
Adjustments to reconcile net loss to net cash used in operating activities:    
Deferred benefit for income taxes (441,282) (1,165,219)
(Gain) on disposal of property and equipment (1,542) (1,050)
Provision for bad debt (2,405) (88)
Warranty reserves 5,075 (3,428)
Amortization of deferred gain (41,479) (16,479)
Amortization of intangibles 174,525 349,419
Depreciation 221,300 115,308
Inventory reserves 148,418 57,046
Amortization of debt discount 7,520 0
Stock-based compensation expense 207,761 167,474
Changes in operating assets and liabilities:    
Accounts receivable 2,530,072 1,868,297
Inventories (1,826,564) (2,699,867)
Prepaid expenses and other current assets (386,005) (185,596)
Accounts payable (275,428) 1,467,746
Accrued expenses and other liabilities 54,293 791,149
Net cash used in operating activities (721,773) (200,017)
Cash flows from investing activities:    
Purchases of property and equipment, including capitalization of labor costs for test equipment and ERP (200,049) (803,243)
Proceeds from sales of property and equipment 1,542 1,050
Net cash used in investing activities (198,507) (802,193)
Cash flows from financing activities:    
Proceeds from issuance of stock and stock options exercised 57,000 14,201
Payment of payroll taxes on net issuance of employee stock options (656,845)  
Net (repayment) borrowings on bank lines of credit (430,313) 140,967
Net repayments on related-party notes payable (141,042)  
Net repayments on notes payable (42,919) (972,440)
Net cash used in financing activities (1,214,119) (817,272)
Net change in cash and cash equivalents (2,134,399) (1,819,482)
Effect of exchange rates on cash (12,916) 2,660
Cash and cash equivalents, beginning of period 5,185,321 2,272,256
Cash and cash equivalents, end of period 3,038,006 455,434
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest $ 22,369 6,268
Cash paid during the period for income taxes   $ 62,349

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