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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net income $ 662,336 $ 623,644
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 143,789 144,893
Stock-based compensation 5,306
Non-cash other revenue (86,433)
Non-cash miscellaneous loss 24,618
(Gain) loss on sale of property, plant and equipment (434,549)
Foreign currency transaction (gain) loss 87,162 5,925
(Increase) decrease in trade, accounts & notes receivable, and deposits from related parties (104,389) (839,989)
(Increase) decrease in inventories (189,667) 705,371
(Increase) decrease in refundable income taxes (223,097) 1,918
(Increase) decrease in prepaid expenses and other current assets (364,638) (251,056)
(Increase) decrease in other assets (49,681)
Increase (decrease) in income taxes payable 40,411 42,522
Increase (decrease) in accounts payable & accrued expenses, deferred revenue, and other noncurrent liabilities 1,209,504 (19,235)
Net cash provided by (used in) operating activities 1,261,411 (126,746)
Investing activities:    
Purchase of property, plant and equipment (9,207) (38,890)
Payments received on notes receivables - related parties 31,928 49,691
Net cash provided by investing activities 22,721 10,801
Financing activities:    
Proceeds from line of credit borrowings 500,000
Net cash provided by financing activities 500,000
Effect of exchange rate changes on cash and cash equivalents (86,272) 7,058
Increase (decrease) in cash and cash equivalents 1,197,860 391,113
Cash and cash equivalents at beginning of period 1,630,779 1,989,974
Cash and cash equivalents at end of period $ 2,828,639 $ 2,381,087