Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

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Consolidated Statements Of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (11,825,632) $ (8,113,548)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 3,186,458 3,683,009
Share based compensation 417,489 631,875
Deferred taxes (91,134) (8,456)
Impairment loss 1,617,389  
Change in fair value of acquisition-related contingent consideration   (142,234)
Loss/(gain) on sale of assets 582,317 (749,509)
Changes in assets and liabilities:    
Trade accounts receivables 2,393,310 3,249,449
Inventories 8,268,676 2,682,835
Prepaid income taxes 908,513 1,567,676
Other assets 595,869 126,031
Accounts payable (2,499,232) (1,178,120)
Accrued compensation and benefits 482,324 (406,608)
Other accrued liabilities (283,628) (107,726)
Income taxes payable (102,799) (80,871)
Other   61,558
Net cash provided by operating activities 3,649,920 1,215,361
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (773,367) (2,286,027)
Purchases of investments (6,043,715)  
Proceeds from the sale of fixed assets 219,888 974,860
Proceeds from the sale of investments 6,303,681 5,746,633
Net cash (used in) provided by investing activities (293,513) 4,435,466
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowing against line of credit   4,894,046
Payments against line of credit   (4,894,046)
Cash dividends paid (1,458,298) (4,628,402)
Mortgage principal payments   (103,603)
Proceeds from issuance of common stock, net of shares withheld 97,045 132,747
Payment of contingent consideration related to acquisition   (300,000)
Net cash used in financing activities (1,361,253) (4,899,258)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 15,235 (121,032)
NET INCREASE IN CASH AND CASH EQUIVALENTS 2,010,389 630,537
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 10,443,274 9,812,737
CASH AND CASH EQUIVALENTS AT END OF YEAR 12,453,663 10,443,274
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Income taxes refunded (693,113) (1,232,979)
Interest paid 38,851 43,630
Dividends declared not paid 397,151 412,542
Capital expenditures in accounts payable $ 90,623 $ 6,621