Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities    
Net Loss $ (5,073,695) $ (8,350,573)
Adjustment to reconcile net loss from operations:    
Depreciation and amortization 258,440 266,476
Amortization of deferred financing costs 557,903
Amortization of convertible debenture components 1,612,197
Stock-based compensation expense 1,803,403 1,830,426
Contingent consideration 155,000
Impairment of investment 310,000 505,766
Loss (gain) on disposal of assets 3,468 (72,416)
Inventory write-offs 91,730 94,727
Unrealized exchange losses 397,292
Bad debt expense 58,849 67,633
Changes in Operating Assets and Liabilities (net of acquired amounts):    
Accounts receivable 530,333 (849,355)
Inventory 47,341 443,322
Prepayments and other assets (1,723,056) (324,273)
Accounts payable and accrued expenses (3,013,183) 2,671,838
Customer deposits 1,963,457 (383,203)
Net Cash Provided by (Used in) Operating Activities (3,632,718) (2,487,435)
Cash Flows from Investing Activities    
Purchases of investments (1,085,975)
Purchases of property and equipment (175,965) (192,954)
Proceeds from sale of assets 121,500
Cash acquired in acquisition 49,742
Purchases of intangible assets (40,255)
Net Cash Provided By (Used In) Investing Activities (175,965) (1,147,942)
Cash Flows from Financing Activities    
Proceeds from issuance of Revolving Facility 2,207,432
Proceeds from issuance of Term Loan 2,000,000
Proceeds from Revolving Facility advances 1,069,061
Issuance of convertible debentures 2,565,000
Proceeds from notes payables 1,870,600 970,000
Debt financing costs (638,046)
Repayments of notes payable (2,964,598) (629,772)
Net Cash Provided by (Used In) Financing Activities 3,544,449 2,905,228
Net Increase (Decrease) in Cash (264,234) (730,149)
Cash at Beginning of Period 448,703 1,178,852
Cash at End of Period 184,469 448,703
Supplemental Cash Flow Information:    
Interest Paid 920,891 612,138
Income Tax Paid
Supplemental disclosure of non-cash investing and financing activities:    
Convertible debentures and accrued interest converted into common stock 2,657,037
Stock issuance related to acquisition 1,000,000
Debt financing costs booked in equity $ 676,822