v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
OPERATING ACTIVITIES    
Net income $ 5,249,587 $ 3,130,676
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 667,085 675,223
Gain on sale of fixed assets (120,825) (62,310)
Bad debt expense 134,901 147,470
Stock awards issued for services 916,795 648,244
Changes in operating assets and liabilities:    
Changes in accounts receivable (184,951) (2,024,858)
Changes in income taxes receivable/payable (432,575) 840,343
Changes in inventories (3,863,287) 634,646
Changes in prepaid expenses (172,497) (93,669)
Changes in deferred tax asset/liability 22,564 (139,298)
Changes in accounts payable and accrued liabilities 1,506,396 588,868
Net Cash Provided by Operating Activities 3,723,193 4,345,335
INVESTING ACTIVITIES    
Proceeds from sale of equipment 219,269 140,198
Sale of investments (876,463) (869,554)
Purchase of fixed assets (1,271,997) (214,632)
Net Cash Used in Investing Activities (1,929,191) (943,988)
FINANCING ACTIVITIES    
Value of equity awards surrendered by employees for tax liability (737,024) (25,667)
Cash received in exercise of stock options 174,002 0
Purchase of Treasury stock (4,000,000) (3,120,716)
Net Cash Used in Financing Activities (4,563,022) (3,146,383)
Effect of exchange rate changes on cash (38,941) 213,793
NET DECREASE IN CASH (2,807,961) 468,757
CASH AT BEGINNING OF PERIOD 11,445,799 7,553,088
CASH AT END OF PERIOD 8,637,838 8,021,845
CASH PAID FOR:    
Interest 0 0
Income taxes $ 2,164,149 $ 1,282,157

Source