v3.21.1
STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (Loss)/Income $ (1,212,063) $ 564,349
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities:    
Stock-based compensation expense 1,618,732 1,204,844
Stock-based litigation settlement expense 1,285,102
Depreciation and amortization 418,595 340,229
Gain on disposal of fixed assets (16,591) (47,830)
Deferred capital gain - building lease (3,763)
Deferred income taxes 62,967 (186,775)
Provision for doubtful accounts (8,176) (4,855)
Abandonment of intangible assets 41,919
Changes in operating assets and liabilities:    
Decrease/(Increase) in accounts receivable 669,743 (1,803,812)
Increase in inventory (4,441,295) (284,598)
Increase in prepaid expenses and other assets (420,614) (140,805)
Increase in accounts payable 52,264 119,158
Increase/(Decrease) in accrued payroll and related taxes 96,865 (231,449)
Increase in accrued expenses 1,313,801 607,963
(Decrease)/Increase in accrued tax liability (204,572) 187,964
NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES (743,323) 320,620
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (920,604) (201,174)
Purchases of intangible assets (140,548) (224,365)
Proceeds from certificates of deposit 1,517,927
Proceeds from disposal of property and equipment 25,000 217,821
NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES (1,036,152) 1,310,209
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of equity 26,728,486 508,900
Purchase of treasury stock (3,499,358)
Borrowings from indebtedness 4,976,508
Payments on indebtedness (4,976,508)
Payments on finance lease liability (5,296) (4,783)
Payment for cancelled shares (2,820)
NET CASH PROVIDED BY FINANCING ACTIVITIES 23,223,832 501,297
NET INCREASE IN CASH AND CASH EQUIVALENTS 21,444,357 2,132,126
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 5,870,929 3,738,803
CASH AND CASH EQUIVALENTS, END OF YEAR 27,315,286 5,870,929
Cash paid during the years for:    
Interest 27,736 342
Income taxes 321,983 130,879
Schedule of Non-Cash Investing and Financing Activities:    
Non-cash equity issuance for the EMED Settlement $ 938,094

Source