XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)            
Net loss $ (2,370,500) $ (1,535,000) $ (4,079,400) $ (2,105,300) $ (13,668,100) $ (3,672,500)
Depreciation and amortization 187,900 254,500        
Stock-based compensation 602,600 653,700 1,236,700 1,266,400 2,350,600 2,108,000
Change in fair value of contingent consideration 0 17,500 0 (60,000) (42,500) (30,000)
Loss on sale of investment securities 69,200 15,100 89,200 (4,000) 32,700 (35,600)
Operating activities:            
Unrealized holding (gain) loss on investment securities (112,800) (70,200) (18,900) (32,600) (233,700) (10,400)
Deferred income taxes 0 (222,100) 0 733,300 (2,490,000) 1,152,500
Trade accounts receivable 143,200 (278,600) 175,600 (50,100) (206,700) (75,500)
Adjustments to reconcile net loss to net cash used in operating activities:            
Inventories (338,600) (746,000) (733,600) (637,900) (1,719,200) (560,000)
Prepaid and other current assets (27,100) 102,000 89,400 (229,700) (207,800) (211,400)
Provision for bad debt     17,300 0 0 4,000
Income tax receivable 0 (95,100) 300 267,300 172,200 1,500
Other assets 0 115,300        
Carrying value of right of use assets 75,500 (781,700) (103,800) 1,600 810,200 (138,000)
Accounts payable 71,000 128,800 (191,500) 461,300 652,400 79,600
Accrued expenses 151,900 11,200 27,300 (11,100) 180,300 (195,300)
Contract liabilities (119,500) 796,100        
Other long term liabilities 0 10,900 (107,600) 0 (10,900) 10,900
Lease liabilities (77,500) 0 106,500   29,000 (20,000)
Total changes in operating assets and liabilities (121,100) (737,100) (526,200) (220,900) (1,121,100) (937,800)
Net cash used in operating activities (1,744,700) (1,483,200) (2,849,000) (1,931,000) (5,190,200) (3,580,100)
Purchase of investment securities (791,800) (1,421,500)        
Extinguishment of debt     0 (433,800) (433,800) (531,000)
Redemption of investment securities 1,731,300 434,200        
Capital expenditures (45,800) (174,000) (253,000) (163,400) (757,600) (198,700)
Purchase of other intangible assets 0 (500) (1,500) (66,500) (67,000) (58,700)
Net cash provided by (used) in investing activities 893,700 (1,161,800) 1,803,500 (3,386,800) (3,749,300) (10,884,000)
Impairment of goodwill and intangible asset     51,500 0 4,280,100 0
Financing activities:            
Proceeds from issuance of common stock 0 3,000,000        
Issuance costs of common stock and warrants 0 (272,800)       (1,300,000)
Bank overdraft 0 (117,700)        
Net cash provided by financing activities 0 2,609,500 0 (163,400) 2,306,700 16,588,800
Effect of changes in foreign currency exchange rates on cash and cash equivalents 3,300 (193,500) 1,500 103,000 (71,300) (9,200)
Depreciation and amortization     380,800 327,300 688,200 251,500
Net decrease in cash and cash equivalents (847,700) (229,000) (1,044,000) (5,378,200) (6,704,100) 2,115,500
Cash and cash equivalents, beginning of period 1,927,100 4,297,000 2,971,100 9,675,200 9,675,200 7,559,700
Cash and cash equivalents, end of period 1,079,400 4,068,000 1,927,100 4,297,000 2,971,100 9,675,200
Loss on disposal of subsidiary     0 0 0 405,400
Changes in operating assets and liabilities:            
Lease Liabilities         807,900 (105,600)
Net cash used in operating activities (1,744,700) (1,483,200) (2,849,000) (1,931,000) (5,190,200) (3,580,100)
Investing activities:            
Redemption of investment securities     2,404,200 844,300 2,709,800 6,181,400
Purchase of investment securities     (346,200) (4,001,200) (5,634,500) (9,569,000)
Proceeds from sale of Altamira     0 0 0 440,000
Purchase of Aquila, net of cash acquired     0 0 0 (7,679,000)
Net cash provided by (used) in investing activities 893,700 (1,161,800) 1,803,500 (3,386,800) (3,749,300) (10,884,000)
Financing activities:            
Proceeds from issuance of common stock     0 0 3,000,000 17,080,400
Issuance of common stock and warrants     0 0 (272,800) (1,006,400)
Payments of contingent consideration     0 0 (98,800) (168,000)
Proceeds from Payroll Protection Program, net of repayment     0 0 0 401,100
Proceeds from stock options exercised     0 0 0 3,100
Bank overdraft     0 (163,400) (321,700) 278,600
Net cash received in financing activities 0 2,609,500 0 (163,400) 2,306,700 16,588,800
Net (decrease) increase in cash and cash equivalents $ (847,700) $ (229,000) (1,044,000) (5,378,200) (6,704,100) 2,115,500
Cash paid during the period for:            
Income taxes     0 0 0 2,500
Noncash financing activities:            
Record right-of-use assets     104,326 0 1,010,900 0
Record lease liabilities     $ 104,642 $ 0 $ 1,010,400 $ 0