Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

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Condensed Consolidated Statements Of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,011,166) $ (5,191,644)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 1,833,848 1,633,260
Share based compensation 449,997 499,475
Deferred taxes (20,528) 22,772
Change in fair value of acquisition-related contingent consideration (20,229)  
Gain on sale of assets (808,322) (4,373)
Excess tax benefits from share-based payments 49,543 (85,399)
Changes in assets and liabilities:    
Trade receivables 631,205 (3,475,720)
Inventories (1,843,034) 1,797,692
Prepaid income taxes (24,889) (2,495,449)
Other assets (821,584) (130,430)
Accounts payable 1,763,436 1,304,217
Accrued compensation and benefits 1,185,587 273,601
Other accrued liabilities 120,537 (297,840)
Income taxes payable (38,610) 86,492
Other 52,402 (58,224)
Net cash used in operating activities (2,501,807) (6,121,570)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (1,271,190) (1,654,960)
Acquisition of business, net of cash aquired   (917,363)
Proceeds from the sale of fixed assets 969,114 22,941
Proceeds from the sale of investments 1,504,862 2,731,718
Net cash provided by investing activities 1,202,786 182,336
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on line of credit 3,100,000 3,100,000
Cash dividends paid (2,844,805) (2,819,784)
Mortgage principal payments (103,603) (257,648)
Proceeds from issuance of common stock, net of shares withheld 57,368 46,066
Excess tax benefit from share-based payments (49,543) 85,399
Payment of deferred consideration related to acquisition (300,000)  
Net cash (used in) provided by financing activities (140,583) 154,033
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH (118,677) 20,751
NET DECREASE IN CASH AND CASH EQUIVALENTS (1,558,281) (5,764,450)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 9,812,737 13,736,857
CASH AND CASH EQUIVALENTS AT END OF PERIOD 8,254,456 7,972,407
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Income taxes paid 274,918 52,979
Interest paid 23,327 28,931
Dividends declared not paid 1,503,034 1,455,216
Capital expenditures in accounts payable 26,418 6,000
Acquisition costs in accrued consideration $ 122,005 $ 462,870