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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Operating activities:    
Net income $ 4,598,350 $ 4,052,479
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 2,011,675 1,722,568
Amortization 1,217,525 1,172,292
Stock compensation expense 869,055 684,351
Deferred income taxes 396,233 660,703
Changes in operating assets and liabilities    
Accounts receivable 807,988 (5,230,159)
Inventories (1,580,151) (1,846,765)
Prepaid expenses and other current assets 573,604 82,679
Accounts payable (3,066,106) 3,733,667
Other accrued liabilities (1,352,904) (220,939)
Total adjustments (123,081) 758,397
Net cash provided by operating activities 4,475,269 4,810,876
Investing activities:    
Purchase of property, plant and equipment (2,850,993) (3,146,194)
Purchase of intellectual property (379,921)  
Purchase of building   (4,000,000)
Acquisitions   (7,233,114)
Net cash used by investing activities (3,230,914) (14,379,308)
Financing activities:    
Net (repayments) borrowings of long-term debt (3,167,233) 10,514,417
Borrowings on mortgage   4,000,000
Repayments on mortgage (266,667) (22,222)
Distributions to shareholders (1,484,829) (1,408,428)
Cash settlement of stock options (768,075) (823,530)
Purchase of treasury stock (365,149)  
Issuance of common stock   649,231
Net cash (used) provided by financing activities (6,051,953) 12,909,468
Effect of exchange rate changes (121,629) 86,463
Net (decrease) increase in cash and cash equivalents (4,929,227) 3,427,499
Cash and cash equivalents at beginning of year 9,338,269 5,910,770
Cash and cash equivalents at end of year 4,409,042 9,338,269
Supplemental cash flow information    
Cash paid for income taxes 887,592 1,570,370
Cash paid for interest expense $ 1,855,356 $ 1,255,190