XML 17 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Net cash provided by operating activities $ 11,727,551 $ 4,516,088
Cash flows from investing activities    
Maturity of certificate of deposit 0 5,637,538
Additions to property, plant and equipment and construction in progress (3,016,713) (2,569,066)
Proceeds from sale of equipment 18,827 547,332
Distribution of earnings from OC-BVI 1,136,250 0
Acquisition of Aerex, net of cash acquired 0 (7,742,853)
Collections on loans receivable 1,297,419 1,370,142
Release of restricted cash balance 0 398,744
Net cash used in investing activities (564,217) (2,358,163)
Cash flows from financing activities    
Dividends paid to common shareholders (3,346,477) (3,322,793)
Dividends paid to non-controlling interests 0 (182,663)
Dividends paid to preferred shareholders (8,665) (9,151)
Issuance (repurchase) of redeemable preferred stock 12,456 (9,599)
Proceeds received from exercise of stock options 0 174,853
Issuance (repayment) of note payable to related party (490,000) 490,000
Issuance of note payable to related party 392,000 0
Repayments of demand loan payable 0 (7,000,000)
Net cash used in financing activities (3,440,686) (9,859,353)
Effect of exchange rate changes on cash 0 806
Net increase (decrease) in cash and cash equivalents 7,722,648 (7,700,622)
Cash and cash equivalents at beginning of period 39,254,116 44,792,734
Cash and cash equivalents at end of period 46,976,764 37,092,112
Interest paid in cash 7,062 67,689
Non-cash investing and financing activities    
Conversion (on a one-to-one basis) of 12,214 and 11,558, respectively, shares of redeemable preferred stock to common stock 7,328 6,935
Dividends declared but not paid 1,120,176 1,114,083
Transfers from inventory to property, plant and equipment and construction in progress 228,549 134,362
Transfers from construction in progress to property, plant and equipment 2,109,960 1,787,580
Common Stock [Member]    
Non-cash investing and financing activities    
Issuance of 9,441 and 8,421, respectively, shares of redeemable preferred stock for services rendered 203,551 106,415
Redeemable Preferred Stock [Member]    
Non-cash investing and financing activities    
Issuance of 9,441 and 8,421, respectively, shares of redeemable preferred stock for services rendered $ 118,485 $ 111,410