Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flow from Operating Activities    
Net (loss) income $ (1,577,305) $ 539,441
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 39,631 51,467
Amortization of debt issuance costs 37,579 0
Non-cash stock-based compensation 1,721,250 0
Changes in assets and liabilities:    
Accounts receivable (448,512) (454,715)
Inventory 16,485 26,063
Prepaid expenses and other current assets (17,332) 2,468
Accounts payable 491,236 246,531
Accrued expenses and other current liabilities 104,541 (11,085)
Due to/from related party (127,689) (119,910)
Net Cash Provided by Operating Activities 239,884 280,260
Cash Flows from Investing Activities    
Purchases of property and equipment (16,403) (23,582)
Net Cash Used in Investing Activities (16,403) (23,582)
Cash Flows from Financing Activities    
Net borrowings under notes payable 645,000 0
Net repayments under notes payable - related parties (28,243) 0
Net repayments under notes payable (44,444)
Deferred offering costs (205,560) 0
Dividends paid 0 (358,614)
Net Cash Provided by (Used in) Financing Activities 366,753 (358,614)
Net Increase (Decrease) in Cash and Cash Equivalents 590,234 (101,936)
Cash and Cash Equivalents - Beginning of Year 557,268 2,534,753
Cash and Cash Equivalents - End of Year 1,147,502 2,432,817
Supplemental Disclosures of Cash Flow Information    
Interest 34,757 0
Income taxes $ 0 $ 0