v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net income $ 2,589,621 $ 627,161
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization expense 262,039 281,119
Gain on sale of property and equipment (53,075) (95,842)
Bad debt expense 41,792 28,453
Stock awards issued for services 223,047 138,503
Changes in operating assets and liabilities:    
Accounts receivable (1,108,889) (1,663,295)
Income taxes receivable/payable 629,371 439,034
Inventories (292,119) (530,568)
Prepaid expenses and other current assets (335,832) 49,283
Deferred tax asset/liability 212,548 47,030
Accounts payable and accrued liabilities (1,646,723) (513,227)
Net Cash Provided by (Used in) Operating Activities 521,780 (1,192,349)
INVESTING ACTIVITIES    
Proceeds from sale of property and equipment 97,886 112,982
Sale (purchase) of investments (390,548) 679,636
Purchase of property and equipment (153,755) (207,848)
Net Cash Provided by (Used in) Investing Activities (446,417) 584,770
FINANCING ACTIVITIES    
Value of equity awards surrendered by employees for tax liability (242,506) (91,098)
Cash received in exercise of stock options 0 0
Purchase of treasury stock 0 (622,263)
Principal paid towards lease liability (6,947) (12,629)
Net Cash Used in Financing Activities (249,453) (725,990)
Effect of exchange rate changes on cash 8,868 24,766
NET DECREASE IN CASH (165,222) (1,308,803)
CASH AT BEGINNING OF PERIOD 7,384,578 8,188,270
CASH AT END OF PERIOD 7,219,356 6,879,467
CASH PAID FOR:    
Interest 933 697
Income taxes 0 0
NON-CASH FINANCING AND INVESTING ACTIVITIES    
Common stock issued in settlement of accrued bonuses $ 378,526 $ 212,787

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