Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net income (loss) $ 5,904,013 $ (1,581,476)
Stock-based compensation - amortization of prepaid services 486,667 263,646
Stock-based compensation 33,782 408,034
Amortization of discount of notes payable 1,336,171 1,438,615
Amortization of debt issuance costs 0 79,188
Amortization of right to use assets 40,924 338,535
Amortization of patent rights 205,534 204,600
Depreciation expense 12,927 11,679
Impairment loss 219,707 0
Loss on change in fair value of profit share 11,209,677 801,517
Changes in operating assets and liabilities    
Accounts receivable 544,396 (1,762,554)
Inventory 195,967 84,270
Prepaid expenses and other assets 88,772 (59,030)
Accrued salaries (58,542) (494,952)
Accounts payable and accrued liabilities (950,564) 679,124
Operating lease liability (43,394) (340,207)
Net cash provided by operating activities 19,226,037 70,989
Cash flows from investing activities    
Purchase of property and equipment 0 (10,727)
Net cash used in investing activities 0 (10,727)
Cash flows from financing activities    
Proceeds from exercise of stock options 209,500 58,333
Payments of equipment notes payable 0 (2,677)
Net cash provided by financing activities 209,500 55,656
Net increase in cash and cash equivalents 19,435,537 115,918
Cash and cash equivalents - beginning of period 1,504,225 1,388,307
Cash and cash equivalents - end of period 20,939,762 1,504,225
Cash paid during the period for:    
Interest 19,721 52,643
Income taxes 0 0
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS    
Common stock issued for prepaid services 0 53,333
Common stock issued for consulting services $ 0 $ 106,667