v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
OPERATING ACTIVITIES    
Net income $ 1,668,618 $ 1,876,228
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 249,889 220,245
Gain on sale of fixed assets (16,930) (64,731)
Bad debt expense 177,906 63,566
Stock awards issued for services 445,984 581,619
Changes in operating assets and liabilities:    
Changes in accounts receivable 275,440 (746,179)
Changes in income taxes receivable/payable (234,042) 591,277
Changes in inventories 656,988 (863,148)
Changes in prepaid expenses (239,395) 104,008
Changes in deferred tax asset/liability 123,764 (111,406)
Changes in accounts payable and accrued liabilities (499,721) (198,540)
Net Cash Provided by Operating Activities 2,608,501 1,452,939
INVESTING ACTIVITIES    
Proceeds from sale of equipment 18,400 139,763
Sale (Purchase) of investments 647,739 (484,142)
Purchase of fixed assets (443,883) (234,778)
Net Cash Provided by (Used in) Investing Activities 222,256 (579,157)
FINANCING ACTIVITIES    
Value of equity awards surrendered by employees for tax liability (143,022) (83,600)
Cash received in exercise of stock options 0 74,241
Purchase of Treasury stock (1,333,579) 0
Principal paid towards lease liability (15,717) 0
Net Cash Used in Financing Activities (1,492,318) (9,359)
Effect of exchange rate changes on cash 16,507 (113,644)
NET INCREASE IN CASH 1,354,946 750,779
CASH AT BEGINNING OF PERIOD 10,101,932 11,445,799
CASH AT END OF PERIOD 11,456,878 12,196,578
CASH PAID FOR:    
Interest 1,411 0
Income taxes $ 711,524 $ 0

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