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Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
[1]
Cash flows from operating activities:    
Net income $ 644,144 $ 2,674,399
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 1,035,003 880,094
Operating lease asset amortization 1,734,140 0
(Gain) loss on disposal of assets (34,737) 4,556
Stock-based compensation 377,761 52,688
Deferred income taxes 624,445 (154,643)
Exchange (gain) loss 133,525 (215,866)
Changes in operating assets and liabilities:    
Accounts receivable-trade (44,689) (22,534)
Inventory 7,182,787 (688,434)
Prepaid expenses 469,347 165,857
Other current assets 26,063 0
Accounts payable-trade (675,164) 721,717
Accrued expenses and other liabilities (2,339,493) (1,920,897)
Income taxes, net (1,541,142) (202,651)
Other assets (216,874) 422,302
Operating lease liability (1,677,442) 0
Total adjustments 5,053,530 (957,811)
Net cash provided by operating activities 5,697,674 1,716,588
Cash flows from investing activities:    
Purchase of property and equipment (136,424) (421,861)
Purchase of short-term investments (10,678,860) 0
Proceeds from sales of short-term investments 1,680,000 0
Proceeds from sales of assets 85,314 7,028
Net cash used in investing activities (9,049,970) (414,833)
Cash flows from financing activities:    
Proceeds from long-term debt 0 982,938
Payments on long-term debt (8,968,018) 0
Repurchase of treasury stock (724,107) (995,186)
Net cash used in financing activities (9,692,125) (12,248)
Effect of exchange rate changes on cash and cash equivalents 248,013 (417,036)
Net (decrease) increase in cash and cash equivalents (12,796,408) 872,471
Cash and cash equivalents, beginning of period 24,070,351 18,082,857
Cash and cash equivalents, end of period $ 11,273,943 $ 18,955,328
[1] As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.