v3.25.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (2,017,634) $ (1,339,622)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Deferred income taxes 1,737 (188,674)
Loss on disposal of property and equipment   354
Provision for bad debt (100)  
Warranty reserves   (15,000)
Depreciation 223,847 289,547
Amortization of right-of-use assets 76,825 100,138
Inventory reserves (146,200) 94,063
Stock-based compensation expense 612,561 408,740
Changes in operating assets and liabilities:    
Accounts receivable 1,068,100 842,057
Inventories (1,418,185) (66,013)
Prepaid expenses and other current assets (332,400) (224,116)
Accounts payable 2,336,310 1,486,003
Accrued expenses and other liabilities (1,461,601) 700,041
Operating lease liabilities (78,857) (44,141)
Net cash (used in) provided by operating activities (1,135,596) 2,043,378
Cash flows from investing activities:    
Redemption of short-term investment grade securities 597,288 1,811,364
Purchases of property and equipment, including capitalization of labor costs for test equipment and ERP (12,793) (167,168)
Net cash provided by investing activities 584,495 1,644,196
Cash flows from financing activities:    
Proceeds from exercise of stock options and warrants 373,310 127,350
Payment of payroll taxes on net issuance of employee stock options (243,654) (246,376)
Repayments on notes payable   (680,948)
Net cash provided by (used in) financing activities 129,656 (799,974)
Net change in cash and cash equivalents (421,445) 2,887,600
Effect of exchange rates on cash 125,820 (32,446)
Cash and cash equivalents, beginning of period 6,794,093 4,048,948
Cash and cash equivalents, end of period 6,498,468 6,904,102
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 13,103 35,342
Cash paid during the period for income taxes $ 130,330 74,223
Supplemental disclosure of non-cash flow transactions:    
Reclassification of inventories to property and equipment   $ 25,797