v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
OPERATING ACTIVITIES    
Net income $ 2,654,122 $ 3,590,498
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 483,063 442,959
Gain on sale of fixed assets (38,340) (76,703)
Bad debt expense 229,792 141,348
Stock awards issued for services 749,547 861,189
Changes in operating assets and liabilities:    
Changes in accounts receivable 605,009 548,419
Changes in income taxes receivable/payable (1,261,267) (790,946)
Changes in inventories 1,831,865 (2,074,974)
Changes in prepaid expenses (35,637) 114,907
Changes in deferred tax asset/liability 205,314 91,890
Changes in accounts payable and accrued liabilities (115,813) 274,744
Net Cash Provided by Operating Activities 5,307,655 3,123,331
INVESTING ACTIVITIES    
Proceeds from sale of equipment 39,810 159,449
Sale of investments 1,109,297 368,379
Purchase of fixed assets (1,429,735) (1,184,126)
Payments to Acquire Intangible Assets (2,088,814) 0
Net Cash Used in Investing Activities (2,369,442) (656,298)
FINANCING ACTIVITIES    
Value of equity awards surrendered by employees for tax liability (184,433) (736,160)
Cash received in exercise of stock options 0 174,002
Purchase of Treasury stock (1,333,578) (4,000,000)
Principal paid towards lease liability (32,185) 0
Net Cash Used in Financing Activities (1,550,196) (4,562,158)
Effect of exchange rate changes on cash (2,171) (51,997)
NET INCREASE (DECREASE) IN CASH 1,385,846 (2,147,122)
CASH AT BEGINNING OF PERIOD 10,101,932 11,445,799
CASH AT END OF PERIOD 11,487,778 9,298,677
CASH PAID FOR:    
Interest 2,832 0
Income taxes 1,793,281 1,691,397
NON-CASH FINANCING AND INVESTING ACTIVITIES:    
Acquisition of assets (Preliminary estimate) $ 237,032 $ 0

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