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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows provided by/(used in) operating activities:    
Net income $ 5,342,545 $ 11,004,241
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Depreciation and amortization 2,503,291 1,218,559
Stock-based compensation 1,544,156 627,856
Loss on disposal of fixed assets 0 (1,000)
Gain on sale of discontinued operations, net of income taxes 0 (8,595,798)
Tax benefit from release of valuation allowance (3,349,032) 0
Bad debt 538,298 6,000
Changes in operating assets and liabilities:    
Accounts receivable (2,248,925) (6,240,377)
Contract assets (448,891) (761,714)
Inventory (722,690) (967,797)
Other assets (242,112) 1,849,629
Other long-term assets 44,976 0
Accounts payable and accrued expenses 591,585 (461,927)
Contract liabilities 1,245,000 (986,498)
Net cash provided by/(used in) operating activities 4,798,201 (3,308,826)
Cash flows (used in)/provided by investing activities:    
Acquisition of property and equipment (540,635) (386,890)
Proceeds from sale of property and equipment 0 1,000
Intangible property costs (270,106) (374,766)
Acquisition of Micron Optics, net 0 (5,001,750)
Acquisition of General Photonics Corporation, net (19,004,250) 0
Proceeds from sale of discontinued operations, net 0 15,799,529
Net cash (used in)/provided by investing activities (19,814,991) 10,037,123
Cash flows used in financing activities:    
Payments on debt obligations (625,000) (1,833,333)
Payments on finance lease obligations (40,047) (46,653)
Purchase of treasury stock (2,220,467) (466,894)
Proceeds from the exercise of options and warrants 447,954 1,097,316
Net cash used in financing activities (2,437,560) (1,249,564)
Net change in cash and cash equivalents (17,454,350) 5,478,733
Cash and cash equivalents—beginning of period 42,460,267 36,981,534
Cash and cash equivalents—end of period 25,005,917 42,460,267
Supplemental disclosure of cash flow information    
Cash paid for interest 18,359 117,616
Cash paid for income taxes 1,160,276 1,828,203
Non-cash investing and financing activity:    
Contingent liability for business combination 900,000 0
Common stock issued pursuant to restricted stock vesting 0 200,202
Dividend on preferred stock $ 285,450 $ 257,302