v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES    
Net income $ 10,776,714 $ 3,947,760
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 1,108,962 1,101,044
Gain on sale of property and equipment (268,817) (318,075)
Bad debt expense 488,420 77,704
Stock awards issued for services 1,043,740 814,769
Changes in operating assets and liabilities:    
Accounts receivable (3,128,051) (4,745,871)
Income taxes receivable/payable 1,515,843 765,650
Inventories (3,712,212) (3,240,049)
Prepaid expenses and other current assets (480,308) (1,337,076)
Deferred tax asset/liability (933,969) 512,274
Accounts payable and accrued liabilities 653,728 2,937,947
Net Cash Provided by Operating Activities 7,064,050 516,077
INVESTING ACTIVITIES    
Proceeds from sale of property and equipment 354,840 520,068
Sale (purchase) of investments (393,057) 91,601
Purchase of property and equipment (1,228,275) (601,012)
Net Cash Provided by (Used in) Investing Activities (1,266,492) 10,657
FINANCING ACTIVITIES    
Value of equity awards surrendered by employees for tax liability (605,996) (145,930)
Cash received in exercise of stock options 177,281 33,863
Purchase of treasury stock (1,987,949) (1,228,730)
Principal paid towards lease liability (37,855) (34,214)
Net Cash Used in Financing Activities (2,454,519) (1,375,011)
Effect of exchange rate changes on cash 39,902 44,585
NET INCREASE (DECREASE) IN CASH 3,382,941 (803,692)
CASH AT BEGINNING OF PERIOD 7,384,578 8,188,270
CASH AT END OF PERIOD 10,767,519 7,384,578
CASH PAID FOR:    
Interest 9,450 17,726
Income taxes 1,155,682 847,712
NON-CASH FINANCING AND INVESTING ACTIVITIES:    
Common stock issued in settlement of accrued bonuses $ 378,526 $ 212,788

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