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 Loss $ (4,718,142) $ (4,926,937)
Adjustments to reconcile net loss to net cash from operating activities:    
Bad debt expense 26,631 136,337
Inventories fair value net realizable 0 (27,199)
Depreciation expense 167,983 166,266
Unrealized (gain) or loss on marketable equity securities (8,033) 42,395
Realized loss on marketable equity securities 2,002 21,205
Stock-based compensation - shares 431,813 719,975
Stock based compensation - options 515,490 849,043
Changes in operating assets and liabilities:    
Accounts receivable (112,716) (37,335)
Accounts receivable - related party 34,507 (19,331)
Inventories (178,299) (53,684)
Other receivable (20,519) 13,057
Prepaid expenses 45,602 158,474
Deposit 8,336 4,035
Operating lease right-of-use asset 325,329 139,754
Accounts payable and accrued liabilities 215,531 (21,722)
Other current liabilities 78,455 (17,135)
Lease liabilities (342,732) (117,245)
Other liabilities 0 12,064
Net cash flows used in operating activities (3,528,762) (2,957,983)
Cash flows from investing activities:    
Purchase of property and equipment (20,620) (42,187)
Purchase of marketable securities (43,644) (768,949)
Proceeds from sales of marketable securities 118,410 599,879
Net cash flows provided by (used in) investing activities 54,146 (211,257)
Cash flows from financing activities:    
Proceeds from related party loan 1,000,000 0
Forgiveness of debt 0 (158,547)
Purchase of treasury stock (1,434,048) (1,000,000)
Net cash flows used in financing activities (434,048) (1,158,547)
Effect of exchange rate (6,508) (7,452)
Net change in cash (3,915,172) (4,335,239)
Cash beginning of year 4,343,426 8,678,665
Cash end of year 428,254 4,343,426
Supplemental cash flow disclosure:    
Cash paid for income taxes 0 0
Cash paid for interest 13,142 12,164
Supplemental disclosure of non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for operating lease liabilities 273,041 0
Cashless exercise of options $ 41,401 $ 0