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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 990,972 $ 7,616,455
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,938,921 696,846
Net unrealized gain on investments (1,492,011) (3,331,109)
Realized (gain) loss on investments (746,262) 38,378
Accreted interest 9,157 21,097
Deferred taxes 230,917 5,071,519
Provision for doubtful accounts 370,573  
Share-based compensation   1,132,078
Other income - TIA (1,557,779) (355,089)
(Increase) decrease in operating assets:    
Accounts receivable (1,849,918) 15,332,107
Inventories (1,414,879) 1,732,909
Other current assets (533,279) (57,627)
Income taxes receivable 1,100,847  
Other assets 11,178  
Increase (decrease) in operating liabilities:    
Accounts payable (1,034,169) (7,113,028)
Accrued liabilities 276,150 (439,435)
Income taxes payable   714,326
Net cash provided (used) by operating activities (3,699,582) 21,059,427
Cash flows from investing activities    
Purchase of property, plant, and equipment (467,530) (4,969,045)
Purchase of debt and equity securities (15,918,837) (4,066,575)
Proceeds from the sales of equity securities 6,784,228 1,924,769
Net cash used by investing activities (9,602,139) (7,110,851)
Cash flows from financing activities    
Repayments of long-term debt (70,496) (71,252)
Proceeds from Technology Investment Agreement (TIA) 1,172,310 3,786,988
Proceeds from the exercise of stock options   10,500
Payment of preferred stock repurchase payable (1,101,110) (1,101,110)
Payment of preferred stock dividends (58,111) (78,545)
Repurchase of common stock   (2,547,724)
Net cash used by financing activities (57,407) (1,143)
Net increase (decrease) in cash and cash equivalents (13,359,128) 13,947,433
Cash and cash equivalents at:    
Beginning of period 19,721,345 29,162,913
End of period 6,362,217 43,110,346
Supplemental schedule of cash flow information:    
Interest paid 34,398 26,009
Supplemental schedule of noncash investing and financing activities:    
Preferred dividends declared, not paid 1,417,937 1,417,937
Amounts receivable under Technology Investment Agreement (TIA) 1,390,919 5,542,048
Redemption price payable $ 6,000  
Preferred stock repurchase payable   $ 1,058,935