XML 18 R6.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (7,554,305) $ (4,296,561)
Adjustments to reconcile net loss to net cash provided by operating activites    
Depreciation and amortization 462,000 388,000
Amortization of ROU asset 501,000 470,771
Realized currency translation gain (92,282) 0
Gain on forgiveness of PPP Funding 0 (1,047,700)
Gain on sale of building (3,356,794) 0
Provision for losses on accounts receivable 39,540 20,666
Provision for losses on inventories 0 (40,382)
Impairment of Note Receivable 95,000 350,000
Deconsolidation of disposed entities 10,014,537 2,520,616
Change in assets and liabilities:    
Accounts receivable (1,673,283) 3,991,366
Inventories (604,327) 1,827,506
Prepaid expenses and other assets 131,884 (249,373)
Change in ROU liability (501,000) (470,771)
Trade payables (1,172,867) (1,361,051)
Accrued liabilities 964 (780,534)
Net cash provided by (used in) operating activities (3,709,933) 1,322,452
Cash flows from investing activities:    
Purchases of property, plant and equipment (122,000) (115,080)
Proceeds from Sale of building 3,500,000 0
Net cash provided by (used in) investing activities 3,378,000 (115,080)
Cash flows from financing activities:    
Repayment of debt and revolving line of credit (8,283,898) (10,158,387)
Proceeds from advance from investor 0 1,500,000
Proceeds from issuance of preferred stock 3,000,000 5,426,601
Cash paid for stock issuance costs 0 (1,024,313)
Cash paid for deferred financing fees 85,492 (64,887)
Proceeds from PPP 0 1,047,700
Proceeds from issuance of long-term debt and revolving line of credit 5,995,339 876,791
Net cash used in financing activities 625,949 (2,266,721)
Effect of exchange rate changes on cash (550,365) 536,430
Net decrease in cash and cash equivalents (256,349) (522,919)
Cash and cash equivalents at beginning of period 322,179 845,098
Cash and cash equivalents at end of period 65,830 322,179
Supplemental disclosure of cash flow information:    
Cash payments for interest 491,000 1,167,029
Accrued dividend and accretion on Series A and B Preferred Stock 536,000 412,000
Issuance of Placement agent warrants in connection with Series A Preferred offering 0 919,000
Stock issued 3,000,000 0
Cash receipts for tax refund 206,000 0
Amortization of beneficial conversion feature and deemed dividend on Series C and D Preferred stock 2,990,000 3,968,000
Stock Placement Agent [Member]    
Supplemental disclosure of cash flow information:    
Stock issued 0 306,000
Conversion of Debt to Series A Preferred [Member]    
Supplemental disclosure of cash flow information:    
Conversion of accounts payable debt to Series A Preferred $ 0 $ 478,000