v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income (loss) $ 501,728 $ (1,144,350)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation expense 104,825 91,190
Amortization of intangible assets 41,823 40,407
Amortization of deferred license costs 10,196 10,196
Amortization of Debt Issuance Costs 8,628
Bad Debt Expense 7,024
Interest income on long-term note receivable (9,247) (9,247)
Stock-based compensation 649,090 286,186
Loss on asset disposal 241
Changes in operating assets and liabilities:    
Accounts receivable 486,117 (581,299)
Contract assets (91,479) (599,441)
Inventories 219,483 (155,935)
Prepaid expenses and other current assets (128,592) (679,540)
Right of use asset 109,308 97,846
Accounts payable and accrued expenses (2,052,971) 2,062,776
Contract liabilities 3,768,133 (641,412)
Due to affiliates (264,451) (863,151)
Lease liability (102,829) (97,342)
Net cash provided by (used in) operating activities 3,257,027 (2,183,116)
Cash flows from investing activities:    
Purchase of property, plant and equipment (922,865) (862,090)
Purchase of intangible asset (42,500)
Proceeds from sale of equipment 760
Repayment of promissory note (100,000)
Payment on assumed liability of acquired assets (85,798)
Project Development Costs (338,885)
Investment in non-marketable securities (500,000)
Net cash (used in) investing activities (1,860,990) (990,388)
Cash flows from financing activities:    
Proceeds from received conversion of exercised warrants 703,438
Distribution paid to NCI (1,274,000)
Net cash (used in) provided by financing activities (1,274,000) 703,438
Net increase (decrease) in cash and cash equivalents 122,037 (2,470,066)
Cash and cash equivalents - beginning of period 13,024,381 13,010,356
Cash and cash equivalents - end of period $ 13,146,418 $ 10,540,290

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