v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net loss $ 2,186,806 $ (1,838,386)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization, net 241,470 193,637
Gain on extinguishment of debt (1,887,859) 0
Employee retention credit (713,268) 0
Stock-based compensation 93,766 81,730
Gain on sale of investment securities (6,046) 0
Unrealized (gain) loss on investment securities (56,246) 98,404
Abandonment of intangible assets 7,400 179,944
Non-cash interest expense 0 50,775
Changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable 894,100 6,405,936
Unbilled revenue 367,750 538,032
Inventory 357,072 (890,868)
Prepaid expenses and other current assets (242,588) (6,382)
Other assets (537,197) 532,293
Increase (decrease) in:    
Accounts payable (1,585,368) (1,197,576)
Accrued expenses and other current liabilities 290,342 284,506
Deferred revenue (45,118) (1,671,239)
Other liabilities 531,335 0
Net cash provided by (used in) operating activities (103,649) 2,760,806
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (47,504) (53,674)
Proceeds from the sale of investment securities 11,637 0
Purchases of intangible assets (5,682) (123,254)
Payment of stock issuance costs 0 (802)
Distributions to non-controlling interest (33,812) (23,070)
Net cash used in investing activities (75,361) (200,800)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from note payable 1,874,269 1,874,200
Proceeds (payments) on revolving line of credit, net 0 (2,453,159)
Proceeds from the exercise of stock options 0 1,200
Net cash provided by (used in) financing activities 1,874,269 (577,759)
Change in cash and cash equivalents 1,695,259 1,982,247
Cash and cash equivalents, beginning of the period 1,490,219 877,676
Cash and cash equivalents, end of the period 3,185,478 2,859,923
Non-cash investing and financing activities:    
Cash paid for interest 0 36,326
Cash paid for taxes $ 15,991 $ 5,222

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