v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows from Operating Activities:    
Net Income $ 270,484 $ 184,721
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 947,669 754,243
Stock based compensation 120,252 116,557
Gain on forgiveness of debt (789,277)
Gain on contingent liability (350,000)
Loss on disposal of equipment 29,732
Changes in Assets and Liabilities:    
Accounts receivable 106,797 (241,675)
Other assets (344) 16,125
Prepaid expenses and other current assets (154,912) (98,874)
Right of use asset (227,732) 61,233
Accounts payable and accrued expenses (206,385) 252,717
Deferred revenue (151,103) 61,687
Deferred tax liability (19,362)
Operating lease liability 227,226 (60,647)
Net Cash Provided by Operating Activities 153,045 696,087
Cash Flows from Investing Activities:    
Capital expenditures (418,422) (164,796)
Cash acquired in business acquisition 212,068
Cash consideration for business acquisition (6,149,343)
Net Cash Used in Investing Activities (6,355,697) (164,796)
Cash Flows from Financing Activities:    
Proceeds from issuance of note payable 481,977
Proceeds from line of credit 50,000
Repayments of finance lease obligations related party (886,189) (641,170)
Repayments of finance lease obligations (111,995) (24,320)
Proceeds from issuance of common stock and warrants 16,944,380
Cash received for the exercise of warrants 3,381,271
Cash received for the exercised of options 5,400
Repayments of dividend payable (1,179,357)
Repayment of line of credit (24) (74,976)
Net Cash Provided by (Used) in Financing Activities 18,198,086 (253,089)
Increase in Cash and Cash Equivalents 11,995,434 278,202
Cash and Cash Equivalents, Beginning of Period 893,598 326,561
Cash and Cash Equivalents, End of Period 12,889,032 604,763
Supplemental Disclosures:    
Cash paid for interest 92,779 124,297
Cash paid for income taxes
Non-cash investing and financing activities:    
Accrual of preferred stock dividend 63,683 105,877
Assets acquired by finance lease $ 50,000 $ 808,261

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