Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income (loss) $ 3,741,017 $ (6,217,191)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation, accretion and amortization, net 469,854 414,127
Gain on extinguishment of debt (3,773,014) 0
Employee Retention Credit (1,276,021) 0
Long-lived asset impairment 7,400 251,906
Gain on sale of assets (10,486) (11,367)
Provision for losses on accounts receivable 131,206 656,397
Gain on the sale of investments (6,046) 0
Provision for inventory reserve 0 86,000
Unrealized loss on investment securities 37,497 98,404
Stock-based compensation 202,431 190,944
Goodwill, Impairment Loss 0 2,875,711
Non-cash interest expense 0 51,190
(Increase) decrease in:    
Accounts receivable 57,618 5,555,235
Inventory, net (596,393) (849,367)
Unbilled revenue 1,009,060 1,154,562
Prepaid assets and other current assets 18,343 37,889
Other non-current assets (231,478) 825,817
Increase (decrease) in:    
Accounts payable (674,750) (1,088,651)
Accrued expenses 602,073 (524,358)
Deferred revenue 756,722 (2,100,011)
Net cash provided by operating activities 465,033 1,407,237
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (91,451) (59,952)
Proceeds on sale of property and equipment 10,486 26,335
Purchases of intangible assets (63,097) (123,252)
Proceeds from sale of investments 11,637 0
Distributions to non-controlling interest (82,633) (60,896)
Net used in investing activities (215,058) (217,765)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on revolving line of credit, net 0 (2,452,329)
Proceeds from note payable 1,874,269 1,874,200
Proceeds from exercise of stock options 0 1,200
Net cash provided by (used in) financing activities 1,874,269 (576,929)
Payments on revolving line of credit, net 2,124,244 612,543
Cash and cash equivalents, beginning of the year 1,490,219 877,676
Cash and cash equivalents, end of the year 3,614,463 1,490,219
Supplemental disclosures of cash flows information:    
Cash paid for interest 241 62,013
Cash paid for taxes $ 19,491 $ 30,178