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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 4,222,755 $ 2,060,838
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 276,924 236,535
Stock-based compensation 202,770 55,020
Bad debts reserve 14,526 63,111
Inventory reserve 13,656 (23,044)
(Gain) Loss on sale of property and equipment (21,590) 457
(Increase) decrease in:    
Accounts receivable (5,097,249) 2,950,042
Inventory 1,151,008 (236,474)
Payments in advance 68,865 82,168
Prepaid expenses and other current assets 277,927 (1,938,074)
Income tax refunds receivable 0 2,964
Deposits (16,411) 125
Increase (decrease) in:    
Accounts payable and accrued expenses (3,207,604) (2,301,718)
Income taxes payable 1,407,703 137,197
Deferred compensation 20,000 20,000
Net cash provided by (used in) operating activities (686,720) 1,109,147
Cash flows from investing activities    
Capital expenditures (260,912) (34,272)
Proceeds from sale of property and equipment 35,848 0
Increase in short-term investments, net (1) (1)
Net cash used in investing activities (225,065) (34,273)
Cash flows from financing activities    
Issuance of common stock 255,800 0
Repayment of note payable to bank (14,394) 0
Repayment of short-term loan, net (313,958) (237,767)
Net cash used in financing activities (72,552) (237,767)
Effect of exchange rates on cash and cash equivalents 207,577 (18,225)
Net increase (decrease) in cash and cash equivalents (776,760) 818,882
Cash and cash equivalents - beginning of period 5,022,436 2,967,042
Cash and cash equivalents - end of period 4,245,676 3,785,924
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 16,133 9,323
Cash paid for income taxes 354 550,000
Other noncash investing and financing activities    
Common stock issued for services $ 202,770 $ 55,020