v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES    
Net loss $ (601,500) $ (365,264)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization expense 293,615 259,801
(Gain) Loss on sale of fixed assets (73,901) 0
Bad debt expense (3,084) 133,803
Stock awards issued for services 125,043 66,348
Changes in operating assets and liabilities:    
Accounts receivable 974,602 1,314,939
Income taxes receivable/payable (94,597) 107,561
Inventories 342,980 537,668
Prepaid expenses and other current assets 906,459 168,546
Deferred tax asset/liability (707) (114,564)
Accounts payable and accrued liabilities (48,245) (1,837,760)
Net Cash Provided by Operating Activities 1,820,665 271,078
INVESTING ACTIVITIES    
Proceeds from sale of property and equipment 27,784 0
Sale (purchase) of investments (438,830) 387,326
Purchase of property and equipment (57,825) (525,384)
Net Cash Used in Investing Activities (468,871) (138,058)
FINANCING ACTIVITIES    
Value of equity awards surrendered by employees for tax liability (26,629) (148,879)
Cash received in exercise of stock options 0 2,020
Principal paid towards lease liability (11,227) (19,089)
Net Cash Used in Financing Activities (37,856) (165,948)
Effect of exchange rate changes on cash 13,179 (95,598)
NET CHANGE IN CASH 1,327,117 (128,526)
CASH AT BEGINNING OF PERIOD 9,148,312 7,358,856
CASH AT END OF PERIOD 10,475,429 7,230,330
CASH PAID FOR:    
Interest 1,936 872
Income taxes 0 0
NON-CASH FINANCING AND INVESTING ACTIVITIES    
Common stock issued in settlement of accrued bonuses $ 0 $ 419,373

Source