Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Dec. 31, 2015
Dec. 31, 2014
OPERATING ACTIVITIES    
Net Income $ 798,895 $ 6,216,057
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 729,695 784,193
Gain on disposal of fixed assets (19,391) (9,052)
Bad debt expense 104,252 (14,832)
Stock options issued for services 666,450 1,031,301
Changes in operating assets and liabilities:    
Changes in accounts receivable 2,683,035 (3,035,929)
Changes in income tax receivable (113,978)  
Changes in inventories 625,368 (4,533,903)
Changes in prepaid expenses (199,923) (345,977)
Changes in deferred tax asset (167,974) (246,016)
Changes in accounts payable and accrued liabilities 627,765 1,831,277
Changes in income taxes payable 45,417 (478,480)
Net Cash Provided by Operating Activities 5,779,611 1,198,639
INVESTING ACTIVITIES    
Proceeds from disposal of equipment 116,524 9,052
Cash paid for asset acquisition   (750,000)
Purchase of fixed assets (62,465) (5,941,953)
Net Cash Provided by (Used in) Investing Activities 54,059 (6,682,901)
FINANCING ACTIVITIES    
Proceeds from stock issued for cash, net of stock offering costs   16,424,688
Value of equity awards surrendered by employees for tax liability (39,243)  
Stock issued in exercise of stock options   197,961
Net Cash Provided by (Used in) Financing Activities (39,243) 16,622,649
Effect of exchange rate changes on cash (657,722) (209,454)
NET INCREASE IN CASH 5,136,705 10,928,933
CASH AT BEGINNING OF PERIOD 14,144,796 4,456,674
CASH AT END OF PERIOD 19,281,501 15,385,607
CASH PAID FOR:    
Interest   14,222
Income taxes $ 402,417 2,890,769
NON CASH INVESTING AND FINANCING ACTIVITIES:    
Stock issued for acquisition   $ 1,000,000