Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,701,000) $ (1,187,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 203,000 155,000
Change in provision for doubtful accounts 2,000 0
Amortization of intangible assets 698,000 6,000
Amortization of right-of-use assets - operating leases 129,000 49,000
Amortization of right-of-use assets - finance leases 5,000 0
Equity in net loss of affiliate 0 32,000
Stock-based compensation 612,000 243,000
Impairment loss 132,000 0
Gain on sale or disposal of property and equipment (1,000) 0
Accounts receivable (4,230,000) (572,000)
Inventory (475,000) (877,000)
Unbilled revenue 4,000 142,000
Prepaid expense 236,000 (32,000)
Notes receivable (4,000) 0
VAT receivable (15,000) (76,000)
Accounts payable and accrued expenses 1,745,000 94,000
Operating lease liabilities (74,000) (43,000)
Income taxes payable (49,000) 2,000
Contract liabilities 98,000 (3,000)
Net cash used in operating activities (2,685,000) (2,067,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (64,000) (69,000)
Proceeds from sale or disposal of property and equipment 1,000 0
Net cash used in investing activities (63,000) (69,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of note payable, related party, net 23,000 (2,000)
Capital contribution 122,000 0
Payments on finance lease liabilities (5,000) 0
Repayments of notes payable (141,000) (11,000)
Net cash used in financing activities (1,000) (13,000)
Effect of exchange rate on cash (32,000) (23,000)
Net decrease in cash (2,781,000) (2,172,000)
Cash beginning of period 26,307,000 18,891,000
Cash end of period 23,526,000 16,719,000
SUPPLEMENTAL CASH FLOW INFORMATION    
Interest 170,000 4,000
Income tax $ 74,000 $ 0