Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net loss $ (2,694,479) $ (967,905)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization, net 459,779 324,968
Stock-based compensation 174,711 254,718
Provision (release) for doubtful accounts 44,000 (183,955)
Gain on disposition of assets (19,950) (41,931)
Unrealized (gain) loss on investment securities 18,749 (37,497)
Gain on termination of unfavorable contract liability 0 (71,375)
Changes in operating assets and liabilities    
Accounts receivable (1,324,448) 67,940
Employee retention credit receivable 667,121 562,752
Unbilled revenue 56,994 1,302,187
Inventories (165,537) (947,031)
Prepaid expenses and other current assets (19,128) 70,806
Other assets 491,836 466,420
Increase (decrease) in:    
Accounts payable 1,140,759 (182,903)
Accrued expenses and other current liabilities 256,847 (80,720)
Deferred revenue 458,512 (487,676)
Other liabilities (566,016) (482,608)
Net cash used in operating activities (1,020,250) (433,810)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (31,728) (286,820)
Payment for business acquisition (170,000) 0
Purchases of intangible assets 0 (29,505)
Proceeds from disposition of assets 16,863 72,655
Distributions to non-controlling interest (62,693) (56,823)
Net cash used in investing activities (247,558) (300,493)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net cash provided by financing activities 0 0
Change in cash and cash equivalents (1,267,808) (734,303)
Cash and cash equivalents, beginning of the period 1,913,969 3,614,463
Cash and cash equivalents, end of the period 646,161 2,880,160
Non-cash investing and financing activities:    
Cash paid for interest 7,385 14,597
Cash paid for taxes 32,252 16,352
Accounts receivable credit 300,000 0
Accounts payable assumed 91,048 0
Contingent consideration 1,442,462 0
Total fair value of non-cash consideration $ 1,833,510 $ 0