Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (4,044,751) $ (848,252)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fair value of vested stock options 78,944 327,471
Depreciation and amortization 628,107 385,583
Amortization of operating lease right-of-use assets 660,720  
Inventory reserve 270,000
Changes in operating assets and liabilities    
Accounts receivable 6,793,089 (4,668,653)
Inventories (5,710,431) (2,984,716)
Prepaid expenses (910,035) (231,996)
Deposits (6,505)
Refundable income taxes 484,472 (86,600)
Accounts payable (491,905) 308,662
Customer deposits 118,303 39,145
Accrued expenses and other current liabilities 527,150 (81,832)
Decrease in lease liability (570,347)
Net cash used in operating activities (2,166,684) (7,847,693)
Cash flows from investing activities:    
Acquisition of property and equipment (338,190) (574,990)
Net cash used in investing activities (338,190) (574,990)
Cash flows from financing activities:    
Purchase of treasury stock (39,942)
Repayment of notes (255,145) (138,402)
Net cash used in financing activities (295,087) (138,402)
Decrease in cash and cash equivalents (2,799,961) (8,561,085)
Cash and cash equivalents, beginning of period 5,640,078 14,201,163
Cash and cash equivalents, end of period 2,840,117 5,640,078
Supplemental Cash Flow Information:    
Interest paid 51,746 20,170
Taxes Paid
Supplemental non-cash investing and financing activities:    
Property and equipment acquired under notes payable 153,307 1,109,275
Initial recognition of operating lease right-of-use assets and operating lease obligations upon adoption of ASC Topic 842 2,847,495
Reclassification of prepaid expenses to property and equipment $ 113,887