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 ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,859,845) $ (1,515,512)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 631,512 873,357
Share based compensation 84,577 93,018
Deferred taxes   9,415
Loss/(gain) on sale of assets (27,531) 17,800
Changes in assets and liabilities:    
Trade accounts receivables 427,806 780,483
Inventories (218,697) 2,301,681
Prepaid income taxes 52,064 33,794
Other assets, net (591,025) 1,004
Accounts payable 433,148 (1,396,445)
Accrued compensation and benefits 249,526 674,910
Other accrued liabilities 1,057,571 (181,336)
Income taxes payable 408 2,045
Net cash provided by operating activities 239,514 1,694,214
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (263,867) (38,082)
Purchases of investments (3,488,793)  
Proceeds from the sale of property, plant and equipment 29,013  
Proceeds from the sale of investments 3,004,602 3,435,154
Net cash (used in) provided by investing activities (719,045) 3,397,072
CASH FLOWS FROM FINANCING ACTIVITIES:    
Cash dividends paid (390,738) (368,388)
Proceeds from issuance of common stock, net of shares withheld 1,342 21,999
Net cash used in financing activities (389,396) (346,389)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 7,374 (16,910)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (861,553) 4,727,987
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 12,453,663 10,443,274
CASH AND CASH EQUIVALENTS AT END OF PERIOD 11,592,110 15,171,261
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Income taxes (refunded) paid (44,902) 24,739
Interest paid 9,382 9,448
Dividends declared not paid 371,545 $ 398,467
Capital expenditures in accounts payable $ 61,304