XML 38 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 403,347 $ 205,362
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 320,140 275,433
Amortization 12,887 26,448
Stock based compensation 11,502 6,380
Gain on disposal of property, plant and equipment 3,102 (2,979)
Deferred income taxes   65,000
Changes in working capital components:    
Trade receivables (193,186) (323,479)
Inventories (76,405) 246,113
Prepaid expenses and other assets (31,713) (51,591)
Income taxes receivable (33,307) (17,925)
Accounts payable (20,571) (276,851)
Accrued expenses (31,419) (64,178)
Income taxes payable   (69,625)
Net cash provided by operating activities 364,377 18,108
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (403,212) (358,097)
Proceeds from disposal of property, plant and equipment 9,163 24,507
Purchases of intangibles (38,590) (59,762)
Purchases of short-term investments (1,510,000) (413,934)
Proceeds on sale of short-term investments 958,948 1,027,219
Net cash used in investing activities (983,691) 219,933
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 44,730 63,492
NET INCREASE IN CASH AND CASH EQUIVALENTS (574,584) 301,533
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,704,300 1,704,300
CASH AND CASH EQUIVALENTS AT END OF YEAR 1,129,716 1,269,476
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for income taxes, net of taxes received of $13,026 in 2014 and $13,026 paid in 2013. $ (241,624) $ 48,835