v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES    
Net Income (Loss) $ 627,161 $ (601,500)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization expense 281,119 293,615
Gain on sale of property and equipment (95,842) (73,901)
Bad debt expense 28,453 (3,084)
Stock awards issued for services 138,503 125,043
Changes in operating assets and liabilities:    
Accounts receivable (1,663,295) 974,602
Income taxes receivable/payable 439,034 (94,597)
Inventories (530,568) 342,980
Prepaid expenses and other current assets 49,283 906,459
Deferred tax asset/liability 47,030 (707)
Accounts payable and accrued liabilities (513,227) (48,245)
Net Cash Provided by (Used in) Operating Activities (1,192,349) 1,820,665
INVESTING ACTIVITIES    
Proceeds from sale of property and equipment 112,982 27,784
Sale (purchase) of investments 679,636 (438,830)
Purchase of property and equipment (207,848) (57,825)
Net Cash Provided by (Used in) Investing Activities 584,770 (468,871)
FINANCING ACTIVITIES    
Value of equity awards surrendered by employees for tax liability (91,098) (26,629)
Purchase of treasury stock (622,263) 0
Principal paid towards lease liability (12,629) (11,227)
Net Cash Used in Financing Activities (725,990) (37,856)
Effect of exchange rate changes on cash 24,766 13,179
NET CHANGE IN CASH (1,308,803) 1,327,117
CASH AT BEGINNING OF PERIOD 8,188,270 9,148,312
CASH AT END OF PERIOD 6,879,467 10,475,429
CASH PAID FOR:    
Interest 697 1,936
Income taxes 0 0
NON-CASH FINANCING AND INVESTING ACTIVITIES    
Common stock issued in settlement of accrued bonuses $ 212,787 $ 0

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