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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net loss $ (4,515,300) $ (6,863,600)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 565,400 566,700
Stock-based compensation 849,700 2,033,000
Provision for bad debt 2,000 0
Loss on sale of investment securities 5,300 96,500
Unrealized holding gain on investment securities (44,800) (147,900)
Carrying value of right of use assets 249,000 201,400
Changes in operating assets and liabilities:    
Trade accounts receivable (192,600) (20,100)
Inventories 156,800 (532,400)
Prepaid and other current assets 14,300 (162,100)
Income tax receivable 87,800 108,800
Accounts payable (93,600) 175,400
Accrued expenses (158,600) 39,700
Contract liabilities 20,700 (114,000)
Lease liabilities (250,700) (203,000)
Net cash used in operating activities (3,304,600) (4,821,600)
Investing activities:    
Purchase of investment securities (519,100) (987,000)
Redemption of investment securities 3,025,000 4,505,400
Capital expenditures (76,000) (117,900)
Net cash provided by investing activities 2,429,900 3,400,500
Financing activities:    
Proceeds from issuance of common stock 716,800 0
Issuance costs of common stock and warrants (71,100) 0
Overdraft 0 13,300
Net cash provided by financing activities 645,700 13,300
Effect of changes in foreign currency exchange rates on cash and cash equivalents (3,600) (3,900)
Net decrease in cash and cash equivalents (232,600) (1,411,700)
Cash and cash equivalents, beginning of period 796,100 1,927,100
Cash and cash equivalents, end of period $ 563,500 $ 515,400