Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities:    
Net loss $ 82,739 $ (652,501)
Adjustments to reconcile net loss to cash used in operating activities:    
Stock-based compensation expense related to employee stock options 1,815 1,815
Stock issued to directors as compensation 0 18,000
Depreciation and amortization 13,240 14,795
Noncash operating lease expense 57,387 58,779
Gain on debt extinguishment (920,673) 0
Changes in operating assets and liabilities:    
Accounts receivable, net (142,384) 960,997
Inventories, net 223,479 331,261
Prepaid expenses (40,951) (89,314)
Deposits 0 10,130
Accounts payable (268,338) (581,746)
Accrued royalties - long-term (35,000) 0
Accrued liabilities 234,291 (84,970)
Contract liabilities 108,580 (157,064)
Contract assets 89,520 115,356
Operating lease liabilities (57,658) (55,029)
Income taxes receivable 0 (397)
Net Cash Used In Operating Activities (653,953) (109,888)
Cash Flows From Financing Activities:    
Proceeds from line of credit 1,680,000 2,820,000
Payments on line of credit (1,359,475) (2,925,884)
Net Cash Provided By (Used In) Financing Activities 320,525 (105,884)
Net decrease in cash and cash equivalents (333,428) (215,772)
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 2,678,383 3,084,828
Cash transactions:    
Cash paid during the period for interest $ 5,875 $ 15,565