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, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (4,562,823) $ (1,212,063)
Adjustments to reconcile net (loss) to net cash used in operating activities:    
Stock-based compensation expense 2,707,554 1,618,732
Stock-based litigation settlement expense 1,285,102
Depreciation and amortization 463,130 418,595
Gain on disposal of fixed assets (1,009) (16,591)
Deferred income taxes (1,815,980) 62,967
Provision for doubtful accounts (8,176)
Abandonment of intangible assets 41,919
Changes in operating assets and liabilities:    
(Increase)/Decrease in accounts receivable (1,019,932) 669,743
Decrease/(Increase) in inventory 723,434 (4,441,295)
Increase in other receivables (718,220)
Increase in prepaid expenses and other assets (761,041) (420,614)
Increase in accounts payable 602,613 52,264
(Decrease)/Increase in accrued payroll and related taxes (126,527) 96,865
Increase in deferred revenue 90,000
Increase in accrued expenses 99,291 1,313,801
Decrease in accrued tax liability (204,572)
NET CASH USED IN OPERATING ACTIVITIES (4,319,510) (743,323)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (346,178) (920,604)
Purchases of intangible assets (29,056) (140,548)
Proceeds from disposal of property and equipment 9,065 25,000
NET CASH USED IN INVESTING ACTIVITIES (366,169) (1,036,152)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of equity 1,261,251 26,728,486
Common stock issuance settlement of litigation 938,094
Purchase of treasury stock (3,499,358)
Borrowings from indebtedness 924,389 4,976,508
Payments on indebtedness (415,806) (4,976,508)
Payments on finance lease liability (2,646) (5,296)
NET CASH PROVIDED BY FINANCING ACTIVITIES 2,705,282 23,223,832
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1,980,397) 21,444,357
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 27,315,286 5,870,929
CASH AND CASH EQUIVALENTS, END OF YEAR 25,334,889 27,315,286
Cash paid during the years 5for:    
Interest 13,241 27,736
Income taxes 1,903 321,983
Schedule of Non-Cash Operating, Investing and Financing Activities:    
Issuance of common stock as compensation 433,654 240,960
Issuance of common stock as settlement for litigation $ 938,094 $ 938,094