XML 15 R6.htm IDEA: XBRL DOCUMENT v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 7,980,000 $ 4,550,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,147,000 1,292,000
Non-cash operating lease expense 300,000 287,000
Provision for doubtful accounts 122,000 174,000
Deferred taxes 286,000 388,000
Foreign currency transaction (gains) losses (195,000) 16,000
Share-based compensation 726,000 671,000
Unrealized loss (gain) on available-for-sale equity security 12,000 (12,000)
Changes in operating assets and liabilities:    
Accounts receivable (8,351,000) (7,303,000)
Inventories (2,710,000) (3,493,000)
Prepaid expenses and other assets (1,194,000) (117,000)
Accounts payable 2,714,000 6,024,000
Advance customer payments and other 79,000 133,000
Accrued expenses (597,000) 456,000
Operating leases (429,000) (409,000)
Net cash provided by (used in) operating activities (110,000) 2,657,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of available-for-sale marketable securities 5,098,000 6,083,000
Proceeds from sales of available-for-sale marketable securities 0 225,000
Purchases of available-for-sale marketable securities (9,086,000) (6,775,000)
Additions to equipment and leasehold improvements (908,000) (936,000)
Additions to patents (72,000) (159,000)
Net cash used in investing activities (4,968,000) (1,562,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 239,000 67,000
Tax payments for shares withheld related to stock option exercises (1,000) 0
Net cash provided by financing activities 238,000 67,000
Effects of exchange rate changes on cash and cash equivalents 32,000 6,000
Net (decrease) increase in cash and cash equivalents (4,808,000) 1,168,000
Cash and cash equivalents – beginning of period 13,684,000 8,399,000
Cash and cash equivalents – end of period $ 8,876,000 $ 9,567,000