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:    
Net loss $ (412,785) $ (3,149,852)
Adjustments to reconcile net loss to cash used in operating activities:    
Stock-based compensation expense related to employee stock options 7,262 7,262
Stock issued to directors as compensation 0 18,000
Depreciation and amortization 43,471 58,853
Noncash operating lease expense 229,548 230,944
Deferred income taxes 0 28,021
Gain on debt extinguishment (1,836,780) 0
Changes in operating assets and liabilities:    
Accounts receivable, net (145,380) 1,418,413
Inventories, net 562,703 (15,188)
Prepaid expenses (592,359) 108,886
Deposits (595) 10,130
Accounts payable 822,528 (222,553)
Accrued royalties – long-term (140,000) 500,000
Accrued liabilities 166,063 35,486
Contract liabilities (111,137) 288,183
Contract assets (161,025) 83,131
Operating lease liabilities (242,305) (223,835)
Accrued income tax payable 5,431 0
Income taxes receivable 105,745 (20,675)
Net Cash Used In Operating Activities (1,699,615) (844,794)
Cash Flows From Financing Activities:    
Proceeds from note payable 913,063 913,063
Proceeds from line of credit 6,764,968 5,835,000
Payments on line of credit (6,629,168) (6,192,058)
Net Cash Provided By Financing Activities 1,048,863 556,005
Net decrease in cash and cash equivalents (650,752) (288,789)
Cash and cash equivalents at the beginning of the period 3,011,811 3,300,600
Cash and cash equivalents at the end of the period 2,361,059 3,011,811
Cash transactions:    
Cash paid during the year for interest 22,885 29,082
Cash paid (received) during the year for income taxes, net of refunds (104,456) 11,262
Non-cash transactions:    
Issuance of stock to directors $ 0 $ 18,000