v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net income $ 5,446,778 $ 911,990
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 547,996 558,832
Gain on sale of property and equipment (234,418) (310,683)
Bad debt expense 378,753 28,474
Stock awards issued for services 583,493 412,893
Changes in operating assets and liabilities:    
Accounts receivable (3,034,236) (877,417)
Income taxes receivable/payable 682,284 534,456
Inventories (2,662,032) (2,097,471)
Prepaid expenses and other current assets (51,121) (140,352)
Deferred tax asset/liability 205,571 (408)
Accounts payable and accrued liabilities (80,409) 1,601,376
Net Cash Provided by Operating Activities 1,782,659 621,690
INVESTING ACTIVITIES    
Proceeds from sale of property and equipment 309,493 412,339
Purchase of investments (405,578) (231,032)
Purchase of property and equipment (607,248) (223,215)
Net Cash Used in Investing Activities (703,333) (41,908)
FINANCING ACTIVITIES    
Value of equity awards surrendered by employees for tax liability (248,958) (93,527)
Cash received in exercise of stock options 65,335 25,106
Purchase of treasury stock (57,957) (1,228,731)
Principal paid towards lease liability (13,972) (19,787)
Net Cash Used in Financing Activities (255,552) (1,316,939)
Effect of exchange rate changes on cash 37,740 (32,286)
NET CHANGE IN CASH 861,514 (769,443)
CASH AT BEGINNING OF PERIOD 7,384,578 8,188,270
CASH AT END OF PERIOD 8,246,092 7,418,827
CASH PAID FOR:    
Interest 1,787 1,253
Income taxes 576,750 21,000
NON-CASH FINANCING AND INVESTING ACTIVITIES    
Common stock issued in settlement of accrued bonuses $ 378,526 $ 212,787

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