Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
OPERATING ACTIVITIES    
Net Income (Loss) $ 600,071 $ (764,617)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 237,116 259,789
Gain on sale of fixed assets (2,101) (887)
Bad debt expense 45,313 38,940
Stock options issued for services 181,318 12,521
Changes in operating assets and liabilities:    
Changes in accounts receivable 249,844 2,431,450
Changes in income taxes receivable/payable 568,065 (207,514)
Changes in inventories (399,410) 16,042
Changes in prepaid expenses 33,698 28,512
Changes in deferred tax asset/liability (49,520) 217,464
Changes in accounts payable and accrued liabilities 500,552 (478,844)
Net Cash Provided by Operating Activities 1,964,946 1,552,856
INVESTING ACTIVITIES    
Proceeds from sale of equipment 30,451 42,117
Purchase of investments (500,408)  
Purchase of fixed assets (52,720) 0
Net Cash Provided by (Used in) Investing Activities (522,677) 42,117
FINANCING ACTIVITIES    
Value of equity awards surrendered by employees for tax liability   (99)
Purchase of Treasury stock (318,904)  
Net Cash Used in Financing Activities (318,904) (99)
Effect of exchange rate changes on cash 20,158 416,220
NET INCREASE IN CASH 1,143,523 2,011,094
CASH AT BEGINNING OF PERIOD 9,316,036 19,281,501
CASH AT END OF PERIOD 10,459,559 21,292,595
CASH PAID FOR:    
Interest
Income taxes $ 78 $ 0