Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

v3.5.0.2
Condensed Consolidated Statements Of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (6,274,936) $ (3,907,692)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 2,754,189 2,476,244
Share based compensation 505,306 701,204
Deferred taxes (11,083) (311,424)
Change in fair value of acquisition-related contingent consideration (135,316) (28,574)
Gain on sale of assets (748,234) (9,408)
Excess tax benefits from share-based payments 63,304 (87,842)
Changes in assets and liabilities:    
Trade receivables 1,443,908 (9,155,151)
Inventories 352,653 5,177,573
Prepaid income taxes (141,566) (1,465,114)
Other assets (148,010) (1,363,057)
Accounts payable (1,188,066) 1,865,964
Accrued compensation and benefits 224,713 130,096
Other accrued liabilities 352,789 (27,998)
Income taxes payable (49,657) 146,493
Other 58,001 (58,295)
Net cash used in operating activities (2,942,005) (5,916,981)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (1,889,283) (1,782,717)
Acquisition of business, net of cash aquired   (917,363)
Proceeds from the sale of fixed assets 972,595 56,471
Proceeds from the sale of investments 2,014,023 3,449,207
Net cash provided by investing activities 1,097,335 805,598
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on line of credit 4,894,046 3,900,000
Payments against line of credit (4,894,046)  
Cash dividends paid (4,269,451) (4,220,716)
Mortgage principal payments (103,603) (389,799)
Proceeds from issuance of common stock, net of shares withheld 92,191 92,607
Excess tax benefit from share-based payments (63,304) 87,842
Payment of deferred consideration related to acquisition (300,000)  
Net cash used in financing activities (4,644,167) (530,066)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH (90,510) (67,767)
NET DECREASE IN CASH AND CASH EQUIVALENTS (6,579,347) (5,709,216)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 9,812,737 13,736,857
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,233,390 8,027,641
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Income taxes paid (refunded) 443,106 (1,447,021)
Interest paid 43,630 34,503
Dividends declared not paid 413,966 1,464,332
Capital expenditures in accounts payable 57,181 91,808
Acquisition costs in accrued consideration $ 6,918 $ 434,286