Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated loss $ (4,673,770) $ (4,523,156)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, accretion and amortization, net 553,783 567,712
Gain on sale of assets (12,181) (36,207)
Provision for credit losses 146,010 902,432
Provision for inventory reserve 70,530 402,883
Stock-based compensation 172,987 250,394
Goodwill impairment 217,295 0
Non-cash interest expense 45,025 5,505
(Increase) decrease in:    
Accounts receivable 608,929 (81,195)
Inventory, net 848,884 (82,525)
Unbilled revenue 859,634 56,994
Prepaid assets and other current assets (319,926) 40,550
Other non-current assets 510,723 265,725
Increase (decrease) in:    
Accounts payable (371,736) 1,161,416
Accrued expenses 386,257 128,869
Deferred revenue 5,850,265 543,842
Other current liabilities (832,162) (421,049)
Net cash provided by (used in) operating activities 4,060,547 (817,810)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (969,163) (46,851)
Proceeds on sale of property and equipment 51,400 34,655
Payment for business acquisition 0 (170,000)
Distributions to noncontrolling interest (96,974) (62,693)
Net used in investing activities (1,014,737) (244,889)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from related party note 1,000,000 500,000
Finance lease principal payments (62,847) 0
Proceeds from exercise of stock options 71,000 0
Net cash provided by financing activities 1,008,153 500,000
Change in cash and cash equivalents 4,053,963 (562,699)
Cash and cash equivalents, beginning of the year 1,351,270 1,913,969
Cash and cash equivalents, end of the year 5,405,233 1,351,270
Supplemental disclosures of cash flows information:    
Cash paid for interest 45,278 10,926
Cash paid for taxes 22,565 32,491
Non-cash investing activities    
Right-of-use assets obtained in exchange for operating lease liabilities 1,650,994 148,093
Right-of-use assets acquired under finance leases 295,085 200,187
Accounts receivable credit 0 300,000
Accounts payable assumed 0 91,048
Contingent consideration 272,901 1,256,656
Total fair value of non-cash consideration $ 272,901 $ 1,647,704