Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net loss $ (1,173,767) $ 2,654,122
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization expense 566,791 483,063
Gain on sale of fixed assets (153,973) (38,340)
Bad debt expense 236,005 229,792
Stock awards issued for services 250,198 363,841
Changes in operating assets and liabilities:    
Accounts receivable 3,248,693 983,865
Income taxes receivable/payable (1,761) (1,261,267)
Inventories 445,634 1,831,865
Prepaid expenses 168,718 (35,637)
Deferred tax asset/liability 104,166 205,314
Accounts payable and accrued liabilities (2,843,685) (115,813)
Net Cash Provided by Operating Activities 847,019 5,300,805
INVESTING ACTIVITIES    
Proceeds from sale of equipment 0 39,810
Sale of investments 1,057,404 1,109,297
Purchase of fixed assets (994,410) (1,429,735)
Payments for acquisitions, net of cash acquired 0 (2,088,814)
Net Cash Provided by (Used in) Investing Activities 62,994 (2,369,442)
FINANCING ACTIVITIES    
Value of equity awards surrendered by employees for tax liability (148,879) (184,433)
Cash received in exercise of stock options 2,020 6,850
Purchase of treasury stock 0 (1,333,578)
Principal paid towards lease liability (34,267) (32,185)
Net Cash Used in Financing Activities (181,126) (1,543,346)
Effect of exchange rate changes on cash (65,506) (2,171)
NET INCREASE IN CASH 663,381 1,385,846
CASH AT BEGINNING OF PERIOD 7,358,856 10,101,932
CASH AT END OF PERIOD 8,022,237 11,487,778
CASH PAID FOR:    
Interest 4,247 2,832
Income taxes 0 1,793,281
NON-CASH FINANCING AND INVESTING ACTIVITIES    
Common stock issued in settlement of accrued bonuses $ 419,373 $ 379,861