v3.21.1
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (Loss)/Income $ (1,276,138) $ 449,428
Adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities:    
Stock-based compensation expense 734,184 360,968
Depreciation and amortization 115,473 87,224
Deferred income taxes (943,211) (63,203)
Gain on disposal of fixed assets (736)
Changes in operating assets and liabilities:    
Increase in accounts receivable (988,387) (185,160)
Increase in inventory (1,229,052) (700,539)
Decrease/(Increase) in prepaid expenses and other assets 117,455 (156,288)
Increase in accounts payable 1,290,603 524,398
Increase in accrued payroll and related taxes 428,769 39,571
Decrease in accrued expenses (854,613) (408,294)
Increase in accrued tax liability 205,131
NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES (2,605,653) 153,236
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (95,477) (99,591)
Proceeds from disposal of property and equipment 9,065
Purchases of intangible assets (15,792) (80,547)
NET CASH USED IN INVESTING ACTIVITIES (102,204) (180,138)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings from indebtedness 1,500,000
Proceeds from issuance of equity 1,230,000 85,500
Common stock issuance as settlement for litigation 938,094
Payments on finance lease liability (803) (1,848)
NET CASH PROVIDED BY FINANCING ACTIVITIES 2,167,291 1,583,652
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (540,566) 1,556,750
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 27,315,286 5,870,929
CASH AND CASH EQUIVALENTS, END OF PERIOD 26,774,720 7,427,679
Cash paid during the periods for:    
Interest 28 87
Income Taxes 850
Schedule of Non-Cash Operating, Investing and Financing Activities:    
Issuance of common stock as compensation 56,250 60,002
Issuance of common stock as settlement for litigation $ 938,094

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