Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OPERATING ACTIVITIES    
Net income $ 1,876,228 $ 600,071
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 220,245 237,116
Gain on sale of fixed assets (64,731) (2,101)
Bad debt expense 63,566 45,313
Stock awards issued for services 581,619 181,318
Changes in operating assets and liabilities:    
Changes in accounts receivable (746,179) 249,844
Changes in income taxes receivable/payable 591,277 568,065
Changes in inventories (863,148) (399,410)
Changes in prepaid expenses 104,008 33,698
Changes in deferred tax asset/liability (111,406) (49,520)
Changes in accounts payable and accrued liabilities (198,540) 500,552
Net Cash Provided by Operating Activities 1,452,939 1,964,946
INVESTING ACTIVITIES    
Proceeds from sale of equipment 139,763 30,451
Purchase of investments (484,142) (500,408)
Purchase of fixed assets (234,778) (52,720)
Net Cash Used in Investing Activities (579,157) (522,677)
FINANCING ACTIVITIES    
Value of equity awards surrendered by employees for tax liability (83,600) 0
Cash received in exercise of stock options 74,241 0
Purchase of Treasury stock 0 (318,904)
Net Cash Used in Financing Activities (9,359) (318,904)
Effect of exchange rate changes on cash (113,644) 20,158
NET INCREASE IN CASH 750,779 1,143,523
CASH AT BEGINNING OF PERIOD 11,445,799 7,669,644
CASH AT END OF PERIOD 12,196,578 8,813,167
CASH PAID FOR:    
Interest 0 0
Income taxes $ 0 $ 78