Cash Flow

v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities:    
Net loss $ (1,934,133) $ (3,016,750)
Adjustments to reconcile net loss to cash used in operating activities:    
Stock-based compensation expense related to employee stock options 7,262 6,404
Stock issued to directors as compensation 132,000 144,000
Depreciation and amortization 66,082 67,107
Provision for doubtful accounts, net of recoveries 0 55,152
Reserve for inventory obsolescence (126,509) (130,749)
Noncash operating lease expense 237,901 0
Changes in operating assets and liabilities:    
Accounts receivable (1,202,296) 473,845
Inventories 544,354 (400,637)
Prepaid expenses and other current assets 325,767 (433,820)
Accounts payable 857,515 (570,162)
Accrued liabilities and expenses (128,785) (12,203)
Contract liability (468,439) 329,243
Contract assets 126,629 34,251
Operating lease liability (219,798) 0
Deferred revenue 0 (512,066)
Income taxes receivable (93,396) (2,395)
Deferred lease liability 0 23,038
Net Cash Used In Operating Activities (1,875,846) (3,945,742)
Cash Flows From Investing Activities:    
Purchase of property and equipment (5,318) (10,225)
Net Cash Used In Investing Activities (5,318) (10,225)
Cash Flows From Financing Activities:    
Proceeds from line of credit 11,739,000 3,720,000
Payments on line of credit (11,236,127) (4,280,737)
Net Cash Provided (Used in) Financing Activities 502,873 (560,737)
Net decrease in cash and cash equivalents (1,378,291) (4,516,704)
Cash and cash equivalents at the beginning of the period 4,678,891 9,195,595
Cash and cash equivalents at the end of the period 3,300,600 4,678,891
Cash transactions:    
Cash paid during the year for interest 83,109 32,662
Cash paid (received) during the year for income taxes, net of refunds (6,967) 12,410
Non-cash transactions:    
Issuance of stock to directors $ 132,000 $ 144,000

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