Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2017
OPERATING ACTIVITIES    
Net Income $ 78,053 $ 4,449,535
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 756,927 889,724
(Gain) Loss on sale of fixed assets 3,480 (62,574)
Bad debt expense 272,807 262,766
Stock options issued for services 616,802 841,166
Changes in operating assets and liabilities:    
Changes in accounts receivable (2,063,449) (2,591,392)
Changes in income taxes receivable/payable (190,746) 1,040,713
Changes in inventories 3,304,972 1,346,919
Changes in prepaid expenses (95,156) (49,923)
Changes in deferred tax asset/liability (241,241) (11,876)
Changes in accounts payable and accrued liabilities (58,736) 1,597,753
Net Cash Provided by Operating Activities 2,383,713 7,712,811
INVESTING ACTIVITIES    
Proceeds from sale of equipment 16,896 140,462
Purchase of investments (10,685,553) (334,910)
Purchase of fixed assets (18,485) (611,060)
Net Cash Used in Investing Activities (10,687,142) (805,508)
FINANCING ACTIVITIES    
Value of equity awards surrendered by employees for tax liability (30,000) (43,139)
Cash received in exercise of stock options 15,000 111,676
Purchase of Treasury stock (3,582,805) (3,307,544)
Net Cash Used in Financing Activities (3,597,805) (3,239,007)
Effect of exchange rate changes on cash (75,325) 97,882
NET INCREASE (DECREASE) IN CASH (11,976,559) 3,766,178
CASH AT BEGINNING OF PERIOD 19,656,180 7,679,621
CASH AT END OF PERIOD 7,679,621 11,445,799
CASH PAID FOR:    
Interest 0 0
Income taxes $ 255,769 $ 1,710,135