Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

v3.7.0.1
Consolidated Statements Of Cash Flows
 12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ (8,113,548) $ (9,648,308) $ 1,961,873
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 3,683,009 3,312,587 2,482,300
Share based compensation 631,875 898,760 784,785
Deferred taxes (8,456) 2,220,623 790,402
Change in fair value of acquisition-related contingent consideration (142,234) (20,636)  
(Gain)/loss on sale of assets (749,509) (8,090) 112,242
Excess tax benefits from share-based payments   5,712 (80,402)
Changes in assets and liabilities:      
Trade receivables 3,249,449 (3,979,435) 9,057,078
Inventories 2,682,835 6,097,476 (2,039,599)
Prepaid income taxes 1,567,676 (654,583) (936,186)
Other assets 126,031 (393,105) (282,456)
Accounts payable (1,178,120) 2,941,322 105,602
Accrued compensation and benefits (406,608) (246,464) 139,698
Other accrued liabilities (107,726) (191,676) 405,424
Income taxes payable (80,871) 19,642 (243,165)
Other 61,558 486,467 (85,519)
Net cash used in operating activities 1,215,361 840,292 12,172,077
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (2,286,027) (2,394,261) (5,577,039)
Purchases of investments     (12,682,351)
Acquisition of business   (917,363)  
Proceeds from the sale of fixed assets 974,860 57,924 51,073
Proceeds from the sale of investments 5,746,633 4,648,965 6,160,000
Net cash provided by (used in) investing activities 4,435,466 1,395,265 (12,048,317)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings against line of credit 4,894,046 3,900,000  
Payments against line of credit (4,894,046) (3,900,000)  
Cash dividends paid (4,628,402) (5,621,665) (5,571,672)
Mortgage principal payments (103,603) (524,220) (489,706)
Proceeds from issuance of common stock, net of shares withheld 132,747 145,516 246,119
Excess tax benefit from stock based payments   (5,712) 80,402
Payment of deferred consideration related to acquisition (300,000)   (565,647)
Net cash used in financing activities (4,899,258) (6,006,081) (6,300,504)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH (121,032) (153,596) (145,519)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 630,537 (3,924,120) (6,322,263)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 9,812,737 13,736,857 20,059,120
CASH AND CASH EQUIVALENTS AT END OF YEAR 10,443,274 9,812,737 13,736,857
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Income taxes (refunded) paid (1,232,979) (2,364,994) 1,591,257
Interest paid 43,630 77,801 73,860
Dividends declared not paid 412,542 1,474,892 1,446,498
Capital expenditures in accounts payable $ 6,621 190,888 $ 188,564
Acquisition costs in accrued consideration   $ 442,234