Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES    
Net loss $ (998,666) $ (1,173,767)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization expense 683,597 566,791
Gain on sale of fixed assets (112,393) (153,973)
Bad debt expense (32,463) 236,005
Stock awards issued for services 332,127 250,198
Changes in operating assets and liabilities:    
Accounts receivable (7,313) 3,248,693
Income taxes receivable/payable (299,436) (1,761)
Inventories 577,341 445,634
Prepaid expenses and other current assets 988,464 168,718
Deferred tax asset/liability 78,746 104,166
Accounts payable and accrued liabilities 345,818 (2,843,685)
Net Cash Provided by Operating Activities 1,555,822 847,019
INVESTING ACTIVITIES    
Proceeds from sale of property and equipment 69,484 0
Sale (purchase) of investments (719,817) 1,057,404
Purchase of property and equipment (93,049) (994,410)
Net Cash Provided by (Used in) Investing Activities (743,382) 62,994
FINANCING ACTIVITIES    
Value of equity awards surrendered by employees for tax liability (42,829) (148,879)
Cash received in exercise of stock options 0 2,020
Principal paid towards lease liability (21,749) (34,267)
Net Cash Used in Financing Activities (64,578) (181,126)
Effect of exchange rate changes on cash 25,201 (65,506)
NET INCREASE IN CASH 773,063 663,381
CASH AT BEGINNING OF PERIOD 9,148,312 7,358,856
CASH AT END OF PERIOD 9,921,375 8,022,237
CASH PAID FOR:    
Interest 2,353 4,247
Income taxes 17,150 0
NON-CASH FINANCING AND INVESTING ACTIVITIES    
Common stock issued in settlement of accrued bonuses $ 0 $ 419,373