v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,187,230) $ (850,083)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 155,344 93,319
Amortization of intangible asset 6,250 6,250
Amortization of right of use assets 48,613 8,803
Share of loss from equity method investment 32,164
Stock-based compensation 243,285 34,800
Change in operating assets and liabilities:    
Accounts receivable (572,312) (70,307)
Inventory (876,909) (453,496)
Unbilled revenue 141,702 8,278
Prepaid expense (32,009) (26,232)
Other current assets 48,539
VAT receivable (76,769) 33,044
Accounts payable and accrued expenses 94,458 352,201
Lease liabilities (43,102) (8,718)
Income taxes payable 2,103 (38,555)
Contract liabilities (2,595) (6,401)
Net cash used in operating activities (2,067,007) (868,558)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (68,582) (67,997)
Net cash used in investing activities (68,582) (67,997)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from (repayments to) note payable, related party, net (1,919) 19,737
Proceeds from common stock offering 5,605,038
Repayments to note payable Coronavirus loans (10,623) (16,422)
Net cash (used in) provided by financing activities (12,542) 5,608,353
Effect of exchange rate on cash (23,133) (31,841)
Net (decrease) increase in cash (2,171,264) 4,639,957
Cash beginning of period 18,891,232 17,267,978
Cash end of period 16,719,968 21,907,935
Cash paid during the period for    
Interest 4,988 3,243
Income tax 38,555
Non-cash adjustments during the period for    
Common stock issued for stock subscription payable $ 1,400,000

Source