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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating activities:    
Net income (loss) $ (3,858,415) $ (3,275,800)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Stock based compensation 440,856 505,188
Depreciation and amortization 235,771 315,456
Amortization of right-of-use assets 136,404 292,849
Provision (recovery) for accounts receivable allowances (102,631) 264,808
Provision for inventory reserves 0 18,988
Non-cash loan forgiveness (1,057,330) 0
Changes in operating assets and liabilities:    
Accounts receivable (4,969,826) (1,574,778)
Inventories (8,871,803) 468,340
Prepaid expense and other current assets (129,381) 648,847
Other assets (142,017) 0
Accounts payable 6,673,914 655,220
Accrued expenses 4,686,050 462,244
Operating lease liabilities (135,466) (318,183)
Net cash provided by (used in) operating activities (7,093,874) (1,536,821)
Investing activities:    
Cash acquired from merger 501,845 0
Purchases of equipment (302,519) (174,254)
Certification costs incurred and capitalized (460,577) (310,000)
Capitalized software costs (316,838) 0
Net cash provided by (used in) investing activities (578,089) (484,254)
Financing activities:    
Net proceeds from (payments to) bank credit lines 2,442,246 (1,741,272)
Proceeds from debt 583,300 0
Net proceeds from private placement offering 3,163,370 4,942,610
Proceeds from stock option exercise 1,171,621 60,648
Proceeds from profit disgorgement 196,000 0
Proceeds from non-recourse promissory notes issued by Minim option holders 320,290 0
Net cash provided by (used in) financing activities 7,876,827 3,261,986
Net change in cash and cash equivalents 204,864 1,240,911
Cash, cash equivalents, and restricted cash - Beginning 1,366,893 125,982
Cash, cash equivalents, and restricted cash - Ending 1,571,757 1,366,893
Cash paid during the period for:    
Interest 48,473 48,404
Income taxes 26,716 31,769
Non-cash financing activities:    
Net share settlement from non-recourse promissory notes issued by Minim option holders 230,332 0
Repurchase of Minim common stock (14,860) 0
Cash is reported on the consolidated statements of cash flows as follows:    
Cash and cash equivalents 771,757 1,216,893
Restricted cash 800,000 150,000
Total Cash and cash equivalents $ 1,571,757 $ 1,366,893