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, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ (5,191,644) $ 1,296,900
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 1,633,260 1,143,272
Share based compensation 499,475 240,485
Deferred taxes 22,772 278,601
(Gain) loss on sale of assets (4,373) 136,131
Excess tax benefit from share-based payments (85,399) (75,425)
Changes in assets and liabilities:    
Trade receivables (3,475,720) 3,743,374
Inventories 1,797,692 (1,934,942)
Prepaid income taxes (2,495,449) 397,360
Other assets (130,430) 135,705
Accounts payable 1,304,217 2,079,869
Accrued compensation and benefits 273,601 (12,258)
Other accrued liabilities (297,840) 127,808
Income taxes payable 86,492 (3,753)
Other (58,224)  
Net cash (used in) provided by operating activities (6,121,570) 7,553,127
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (1,654,960) (2,495,463)
Purchases of investments   (9,872,086)
Acquisition of business (917,363)  
Proceeds from the sale of fixed assets 22,941 15,993
Proceeds from the sale of investments 2,731,718 3,020,000
Net cash provided by (used in) investing activities 182,336 (9,331,556)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings against line of credit 3,100,000  
Cash dividends paid (2,819,784) (2,800,528)
Mortgage principal payments (257,648) (240,684)
Proceeds from issuance of common stock, net of shares withheld 46,066 180,394
Excess tax benefit from stock-based payments 85,399 75,425
Payment of contingent consideration related to acquisition   (565,647)
Purchase of common stock   (2,161)
Net cash provided by (used in) financing activities 154,033 (3,353,201)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH 20,751 24,942
NET DECREASE IN CASH AND CASH EQUIVALENTS (5,764,450) (5,106,688)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 13,736,857 20,059,120
CASH AND CASH EQUIVALENTS AT END OF PERIOD 7,972,407 14,952,432
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Income taxes paid 52,979 30,763
Interest paid 28,931 41,046
Dividends declared not paid 1,455,216 1,419,807
Capital expenditures in accounts payable 6,000 $ 50,871
Acquisition costs in accrued consideration $ 462,870