XML 16 R6.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (2,162,663) $ (1,385,147)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 717,839 826,795
Bad debt expense (recoveries) (51,119) 36,214
Inventory and sample inventory reserve 12,815 50,499
Amortization of right of use asset 35,688 31,550
Change in fair value of derivative liability (1,734,000)  
Employee stock-based compensation 180,381 130,336
Stock issued for services 110,000  
Changes in operating assets and liabilities:    
Accounts receivable 320,266 (325,614)
Inventories 40,557 (55,092)
Prepaid expenses and other current assets 151,155 180,237
Accounts payable 424,000 51,954
Accrued expenses 965,924 (25,740)
Deferred revenue (117,238) (260,361)
Other current liabilities (13,817) 35,109
Other long-term liabilities (14,636) (39,103)
Net cash used in operating activities (1,134,848) (748,363)
Cash flows from financing activities:    
Payment of promissory note   (357,833)
Redemption of Series A Preferred Stock (1,121,411)  
Net cash (used in) provided by financing activities (1,121,411) (357,833)
Net (decrease) increase in cash (2,256,259) (1,106,196)
Cash, beginning of period 13,336,975 9,426,264
Cash, end of period 11,080,716 8,320,068
Supplemental cash flow information:    
Cash paid for interest during the period   142,167
Noncash Items:    
Noncash increase in inventory due to API reclass   218,041
Noncash decrease in API purchase commitment   228,001
Noncash decrease in other current assets: API purchase commitment   $ 9,960
Noncash redemption of Series A Preferred Stock 5,452,101  
Accrued Series A Convertible Preferred payments payable 840,353  
Accretion of Series A convertible preferred stock to redemption value 5,268,776  
Accrual of Series convertible preferred stock dividends $ 601,120