Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash from operating activities:    
Net loss $ (2,644,616) $ (406,023)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 73,628 73,049
Stock based compensation 250,577 76,301
Stock issued for services 40,000
PPP loan forgiveness including accrued interest (1,421,577)
Amortization of operating lease right of use asset 77,636 42,121
Changes in assets and liabilities:    
Accounts receivable 1,449,908 (197,827)
Contract assets (264,223) 64,892
Inventory (24,426) 131,656
Prepaid expenses and other current assets (264,687) (124,077)
Accounts payable (95,708) 90,332
Accrued expenses (30,622) (42,611)
Operating lease obligation 70,094 (44,241)
Contract liabilities 534,706 461,581
Net cash used in operating activities (827,733) (1,296,424)
Cash flows from investing activities:    
Purchase of patents/trademarks (600) (7,435)
Purchase of fixed assets (101,478) (50,670)
Net cash used in investing activities (102,078) (58,105)
Cash flows from financing activities:    
Repayments of insurance and equipment financing (128,437) (21,206)
Repayment of finance lease (23,959) (21,452)
Proceeds from common stock issued 6,095,000
Issuance cost (576,650)
Proceeds from preferred stock issued 4,500,000
Net cash provided by financing activities 5,365,954 4,457,342
Net increase in cash 4,436,143 3,102,813
Cash, beginning of period 893,720 3,969,100
Cash, end of period 5,329,863 7,071,913
Supplemental Disclosure of Cash Flow Information:    
Interest paid 3,180 5,671
Taxes paid
Supplemental Non-Cash Investing and Financing Activities:    
Notes issued for financing of insurance premiums $ 242,591 $ 215,654