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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income (loss) $ (1,903,781) [1] $ 4,398,365 [2] $ 2,478,444 [2]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 1,655,223 1,798,762 [2] 1,884,043 [2]
Operating lease asset amortization 3,481,931 0 [2] 0 [2]
Impairment of goodwill and long-lived assets 1,001,835 285,477 [2] 0 [2]
Loss on disposal of assets 8,795 1,321 [2] 3,139 [2]
Stock-based compensation 770,188 327,629 [2] 239,599 [2]
Deferred income taxes (334,343) 257,249 [2] 638,056 [2]
Exchange (gain) loss 137,241 (406,832) [2] 32,999 [2]
Changes in operating assets and liabilities:      
Accounts receivable-trade (22,703) 49,155 [2] 88,445 [2]
Inventory 9,329,998 1,034,430 [2] (2,978,285) [2]
Prepaid expenses 596,071 71,915 [2] 66,812 [2]
Other current assets (96,492) 0 [2] 0 [2]
Accounts payable-trade 3,499,627 (148,340) [2] 764,889 [2]
Accrued expenses and other liabilities (2,718,611) 314,937 [2] (2,266,301) [2]
Income taxes, net (1,219,596) (795,609) [2] 1,148,313 [2]
Other assets (325,691) 583,281 [2] 365,622 [2]
Operating lease liability (3,388,399) 0 [2] 0 [2]
Total adjustments 12,375,074 3,373,375 [2] (12,669) [2]
Net cash provided by operating activities 10,471,293 7,771,740 [2] 2,465,775 [2]
Cash flows from investing activities:      
Purchase of property and equipment (268,961) (1,088,328) [2] (1,691,999) [2]
Purchase of short-term investments (18,094,775) 0 [2] 0 [2]
Proceeds from sales of short-term investments 9,095,000 0 [2] 0 [2]
Proceeds from sales of assets 112,589 27,939 [2] 35,963 [2]
Net cash used in investing activities (9,156,147) (1,060,389) [2] (1,656,036) [2]
Cash flows from financing activities:      
Proceeds from long-term debt 0 1,596,288 [2] 0 [2]
Payments on long-term debt (8,968,018) 0 [2] 0 [2]
Payments on capital lease obligations 0 0 [2] (72,686) [2]
Repurchase of treasury stock (735,199) (1,653,266) [2] 0 [2]
Proceeds from exercise of stock options 0 0 [2] 223,404 [2]
Net cash (used in) provided by financing activities (9,703,217) (56,978) [2] 150,718 [2]
Effect of exchange rate changes on cash and cash equivalents 222,878 (666,879) [2] 260,096 [2]
Net (decrease) increase in cash and cash equivalents (8,165,193) 5,987,494 [2] 1,220,553 [2]
Cash and cash equivalents, beginning of period [2] 24,070,351 18,082,857 16,862,304
Cash and cash equivalents, end of period 15,905,158 24,070,351 [2] 18,082,857 [2]
Supplemental disclosures of cash flow information:      
Interest paid during the period 36,260 304,957 [2] 205,555 [2]
Income tax paid during the period, net of refunds 714,620 1,361,400 [2] 2,243,018 [2]
Supplemental disclosures of non-cash activity:      
Cumulative effect of accounting changes - ASC 842 [3] (361,816) 0 [2] 0 [2]
Operating lease assets obtained in exchange for lease liabilities, net $ 17,328,019 $ 0 [2] $ 0 [2]
[1] For the year ended December 31, 2019, there were 9,203 shares excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in that period.
[2] As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.
[3] ASC 842 - Leases - "Topic 842"