Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

v3.4.0.3
Condensed Consolidated Statements Of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (2,466,667) $ (4,163,476)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 890,411 780,477
Share based compensation 279,642 238,349
Deferred taxes (29,972) (89,248)
Gain on sale of assets (808,322) (4,285)
Excess tax benefit from share-based payments 22,874 5,712
Changes in assets and liabilities:    
Trade receivables (633,822) 2,956,932
Inventories 45,478 (1,398,048)
Prepaid income taxes 178,159 (1,496,921)
Other assets (350,173) (657,485)
Accounts payable (1,119,113) 1,071,831
Accrued compensation and benefits 196,909 (371,707)
Other accrued liabilities 283,666 256,330
Income taxes payable (13,555) (5,168)
Other 49,103  
Net cash used in operating activities (3,475,382) (2,876,707)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (806,970) (853,074)
Proceeds from the sale of fixed assets 969,114 22,853
Proceeds from the sale of investments 1,257,324 734,537
Net cash provided by (used in) investing activities 1,419,468 (95,684)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on line of credit 1,500,000  
Cash dividends paid (1,418,741) (1,395,200)
Mortgage principal payments (103,603) (127,727)
Proceeds from issuance of common stock, net of shares withheld 29,529 (7,541)
Excess tax benefit from stock-based payments (22,874) (5,712)
Payment of deferred consideration related to acquisition (300,000)  
Net cash used in financing activities (315,689) (1,536,180)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 18,182 (78,662)
NET DECREASE IN CASH AND CASH EQUIVALENTS (2,353,421) (4,587,233)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 9,812,737 13,736,857
CASH AND CASH EQUIVALENTS AT END OF PERIOD 7,459,316 9,149,624
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Income taxes paid 198,418 500
Interest paid 8,058 13,121
Dividends declared not paid 1,495,544 1,463,075
Capital expenditures in accounts payable 81,700 $ 218,019
Acquisition costs in accrued consideration $ 142,234