Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements Of Cash Flows

v3.7.0.1
Condensed Consolidated Statements Of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,515,512) $ (2,466,667)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 873,357 890,411
Share based compensation 93,018 279,642
Deferred taxes 9,415 (29,972)
Gain on sale of assets 17,800 (808,322)
Excess tax benefit from share-based payments   22,874
Changes in assets and liabilities:    
Trade receivables 780,483 (633,822)
Inventories 2,301,681 45,478
Prepaid income taxes 33,794 178,159
Other assets 1,004 (350,173)
Accounts payable (1,396,445) (1,119,113)
Accrued compensation and benefits 674,910 196,909
Other accrued liabilities (181,336) 283,666
Income taxes payable 2,045 (13,555)
Other   49,103
Net cash provided by (used in) operating activities 1,694,214 (3,475,382)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (38,082) (806,970)
Proceeds from the sale of fixed assets   969,114
Proceeds from the sale of investments 3,435,154 1,257,324
Net cash provided by investing activities 3,397,072 1,419,468
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on line of credit   1,500,000
Cash dividends paid (368,388) (1,418,741)
Mortgage principal payments   (103,603)
Proceeds from issuance of common stock, net of shares withheld 21,999 29,529
Excess tax expense benefit from share-based payments   (22,874)
Payment of deferred consideration related to acquisition   (300,000)
Net cash used in financing activities (346,389) (315,689)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH (16,910) 18,182
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4,727,987 (2,353,421)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 10,443,274 9,812,737
CASH AND CASH EQUIVALENTS AT END OF PERIOD 15,171,261 7,459,316
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Income taxes paid 24,739 198,418
Interest paid 9,448 8,058
Dividends declared not paid $ 398,467 1,495,544
Capital expenditures in accounts payable   81,700
Acquisition costs in accrued consideration   $ 142,234