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 ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES    
Net loss $ (2,231,515) $ 3,575,870
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization expense 860,028 732,396
Gain on sale of fixed assets (193,938) (73,166)
Bad debt expense 182,179 255,943
Stock awards issued for services 351,943 358,270
Changes in operating assets and liabilities:    
Accounts receivable 3,404,439 1,244,104
Income taxes receivable/payable (404,304) (890,523)
Inventories 714,245 1,711,446
Prepaid expenses 43,099 (586,576)
Deferred tax asset/liability 44,840 219,138
Accounts payable and accrued liabilities (2,648,339) 855,207
Net Cash Provided by Operating Activities 122,677 7,402,109
INVESTING ACTIVITIES    
Proceeds from sale of equipment 16,313 75,310
Sale of investments 1,814,070 2,476,227
Purchase of fixed assets (1,146,400) (3,309,191)
Payments for acquisitions, net of cash acquired 0 (4,322,722)
Net Cash Provided by (Used in) Investing Activities 683,983 (5,080,376)
FINANCING ACTIVITIES    
Value of equity awards surrendered by employees for tax liability (148,879) (185,004)
Cash received in exercise of stock options 2,020 8,870
Purchase of treasury stock 0 (2,249,745)
Principal paid towards lease liability (45,965) (53,190)
Net Cash Used in Financing Activities (192,824) (2,479,069)
Effect of exchange rate changes on cash (53,147) (468)
NET CHANGE IN CASH 560,689 (157,804)
CASH AT BEGINNING OF PERIOD 7,358,856 10,101,932
CASH AT END OF PERIOD 7,919,545 9,944,128
CASH PAID FOR:    
Interest 4,946 4,469
Income taxes 402,510 1,793,281
NON-CASH FINANCING AND INVESTING ACTIVITIES    
Common stock issued in settlement of accrued bonuses 419,373 379,861
Issuance of common stock - Midflow acquisition $ 0 $ 1,020,000