Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

v3.3.1.900
Consolidated Statements Of Cash Flows
 12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ (9,648,308) $ 1,961,873 $ (957,888)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 3,312,587 2,482,300 2,184,830
Share based compensation 898,760 784,785 (80,886)
Deferred taxes 2,220,623 790,402 (317,727)
Impairment loss     5,849,853
Change in fair value of acquisition-related contingent consideration (20,636)   (43,898)
(Gain)/loss on sale of assets (8,090) 112,242 73,126
Excess tax benefit from share-based payments 5,712 (80,402) (16,284)
Changes in assets and liabilities:      
Trade receivables (3,979,435) 9,057,078 (8,207,253)
Inventories 6,097,476 (2,039,599) 4,647,916
Prepaid income taxes (654,583) (936,186) 732,618
Other assets (393,105) (282,456) 89,533
Accounts payable 2,941,322 105,602 (4,342,626)
Accrued compensation and benefits (246,464) 139,698 994,012
Other accrued liabilities (191,676) 405,424 71,293
Income taxes payable 19,642 (243,165) 96,704
Other 486,467 (85,519)  
Net cash provided by operating activities 840,292 12,172,077 773,323
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (2,394,261) (5,577,039) (2,699,347)
Purchases of investments   (12,682,351) (4,401,321)
Acquisition of business (917,363)    
Proceeds from the sale of fixed assets 57,924 51,073 82,078
Proceeds from the sale of investments 4,648,965 6,160,000 12,794,000
Net cash provided by (used in) investing activities 1,395,265 (12,048,317) 5,775,410
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings against line of credit 3,900,000   (4,099,087)
Payments against line of credit (3,900,000)    
Cash dividends paid (5,621,665) (5,571,672)  
Mortgage principal payments (524,220) (489,706) (457,464)
Proceeds from issuance of common stock, net of shares withheld 145,516 246,119 310,857
Excess tax benefit from stock-based payments (5,712) 80,402 16,284
Payment of contingent consideration related to acquisition   (565,647) (161,060)
Net cash used in financing activities (6,006,081) (6,300,504) (4,390,470)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH (153,596) (145,519) 31,145
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (3,924,120) (6,322,263) 2,189,408
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 13,736,857 20,059,120 17,869,712
CASH AND CASH EQUIVALENTS AT END OF YEAR 9,812,737 13,736,857 20,059,120
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Income taxes (refunded) paid (2,364,994) 1,591,257 1,556,590
Interest paid 77,801 73,860 106,101
Dividends declared not paid 1,474,892 1,446,498 $ 1,436,318
Capital expenditures in accounts payable 190,888 $ 188,564  
Acquisition costs in accrued liabilities $ 442,234