v3.25.2
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (4,038,364) $ (3,684,167)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Deferred income taxes (295,894) (187,845)
Loss on disposal of property and equipment   354
Provision for bad debt 4,531  
Warranty reserves   (30,000)
Depreciation 451,009 563,278
Amortization of right-of-use assets 184,962 206,771
Inventory reserves (378,466) 744,845
Stock-based compensation expense 1,128,335 965,938
Changes in operating assets and liabilities:    
Accounts receivable 1,524,472 (220,525)
Inventories 24,257 541,323
Prepaid expenses and other current assets (7,245) (867,319)
Accounts payable 1,847,345 1,683,944
Accrued expenses and other liabilities (1,814,124) 1,673,804
Operating lease liabilities (135,118) (163,659)
Net cash (used in) provided by operating activities (1,504,300) 1,226,742
Cash flows from investing activities:    
Redemption of short-term investment grade securities 2,184,302 2,745,180
Purchases of property and equipment, including capitalization of labor costs for test equipment and ERP (173,329) (204,094)
Net cash provided by investing activities 2,010,973 2,541,086
Cash flows from financing activities:    
Proceeds from exercise of stock options and warrants 1,000,780 219,348
Payment of payroll taxes on net issuance of employee stock options (303,477) (349,296)
Repayments on notes payable   (884,892)
Net cash provided by (used in) financing activities 697,303 (1,014,840)
Net change in cash and cash equivalents 1,203,976 2,752,988
Effect of exchange rates on cash 460,851 (50,165)
Cash and cash equivalents, beginning of period 6,794,093 4,048,948
Cash and cash equivalents, end of period 8,458,920 6,751,771
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 26,793 52,911
Cash paid during the period for income taxes 278,754 $ 221,353
Supplemental disclosure of non-cash flow transactions:    
Reclassification of inventories to property and equipment 18,406  
Capitalization of right-of-use assets and operating lease liability $ 2,438,697