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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 429,384 $ 990,972
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,889,467 1,938,921
Net unrealized gain on investments (1,732,649) (1,492,011)
Realized gain on investments   (746,262)
Accreted interest   9,157
Bond amortization (251)  
Deferred taxes 83,891 230,917
Provision for credit losses   370,573
Net realizable value inventory adjustment 1,845 141,518
Other income - TIA (1,484,620) (1,557,779)
(Increase) decrease in operating assets:    
Accounts receivable 3,247,092 (1,849,918)
Inventories (1,909,296) (1,556,397)
Other current assets (51,550) (533,279)
Income taxes receivable   1,100,847
Other assets 14,904 11,178
Increase (decrease) in operating liabilities:    
Accounts payable (2,184,723) (1,034,169)
Accrued liabilities (322,754) 276,150
Income taxes payable (3,147)  
Net cash used by operating activities (2,022,407) (3,699,582)
Cash flows from investing activities    
Purchase of property, plant, and equipment (226,396) (467,530)
Purchase of debt and equity securities (276,326) (15,918,837)
Proceeds from the sales of debt and equity securities   6,784,228
Net cash used by investing activities (502,722) (9,602,139)
Cash flows from financing activities    
Repayments of long-term debt (73,648) (70,496)
Proceeds from Technology Investment Agreement (TIA)   1,172,310
Payment of preferred stock repurchase payable   (1,101,110)
Payment of preferred stock dividends (57,611) (58,111)
Net cash used by financing activities (131,259) (57,407)
Net decrease in cash and cash equivalents (2,656,388) (13,359,128)
Cash and cash equivalents at:    
Beginning of period 12,667,550 19,721,345
End of period 10,011,162 6,362,217
Supplemental schedule of cash flow information:    
Interest paid 33,483 34,398
Supplemental schedule of noncash investing and financing activities:    
Preferred dividends declared, not paid 57,611 1,417,937
Amounts receivable under Technology Investment Agreement (TIA)   1,390,919
Redemption price payable $ 6,000 $ 6,000