XML 77 R5.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net income for the period including non-controlling interests $ 1,331,690 $ 1,040,414
Adjustments to reconcile net income to net cash:    
Stock based compensation 29,582 5,747
Depreciation and amortization 148,058 148,279
Gain on investment (140,182) (230,652)
Changes in non-cash working capital items:    
(Increase) Decrease in accounts receivable (3,192,845) (3,222,431)
(Increase) Decrease in inventories 235,397 (8,764)
(Increase) Decrease in prepaid expenses (85,116) (92,199)
Increase (Decrease) in accounts payable and accrued liabilities 444,898 403,062
Increase (Decrease) in taxes payable (29,038) 379,080
Increase (Decrease) in deferred income tax (125,999)
Increase (Decrease) deferred revenue 2,560 9,276
Cash used in operating activities (1,254,996) (1,694,187)
Investing activities    
Long term deposit 22,084
Investment (743,437) (996,001)
Net purchase of property, equipment and leaseholds (96,280) (1,275,835)
Cash used in investing activities (817,633) (2,271,836)
Financing activities    
Draw from short term line of credit 1,165,850 1,383,929
Loans (201,027) (205,262)
Dividends paid (590,483)
Partnership distributions (143,002)  
Proceeds from issuance of common stock 24,750 10,850
Cash provided by financing activities 846,571 599,034
Effect of exchange rate changes on cash 3,653 204,986
Outflow of cash (1,222,405) (3,162,003)
Cash, cash equivalents and restricted cash, beginning 4,634,670 7,857,936
Cash, cash equivalents and restricted cash, ending 3,412,265 4,695,933
Cash, cash equivalents and restricted cash are comprised of:    
Cash and cash equivalents 3,412,265 3,695,933
Restricted cash 1,000,000
Total Cash, cash equivalents and Restricted cash 3,412,265 4,695,933
Supplemental disclosure of cash flow information:    
Income taxes paid 464,026
Interest paid $ 101,245 $ 108,084