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v3.5.0.2

Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended
--- | ---
Jun. 30, 2016 | Jun. 30, 2015
Operating activities: |  |
Net earnings | $ 1,740,040 | $ 1,671,817
Adjustments to reconcile net earnings to net cash and cash equivalents provided (used) by operating activities: |  |
Depreciation and amortization | 61,404 | 58,806
Bad debt expense | 25,560 | 21,286
Inventory reserve | (4,135) | 25,317
Provision for deferred income taxes | 4,439 | (18,185)
(Increase) decrease in operating assets: |  |
Accounts and trade notes receivables | 66,360 | (1,022,015)
Inventories | 186,028 | 1,993
Refundable income taxes | 135,701 | (134,884)
Vendor deposits | (803,177) | 340,740
Other current assets | (515,677) | 4,912
Increase (decrease) in operating liabilities: |  |
Accounts payable and accrued expenses | 1,483,125 | (3,346,683)
Accrued employee expenses | 337,415 | (282,710)
Deferred income | (9,420) | 20,464
Customer deposits | (1,266,429) | (1,191,457)
Net cash provided (used) by operating activities | 1,441,234 | (3,850,599)
Investing activities: |  |
Capital expenditures | (1,563) | (58,021)
Net cash used by investing activities | (1,563) | (58,021)
Financing activities: |  |
Dividends paid | (1,406,746) | (1,406,746)
Net cash used by financing activities | (1,406,746) | (1,406,746)
Net increase (decrease) in cash and cash equivalents | 32,925 | (5,315,366)
Cash and cash equivalents at beginning of year | 3,908,974 | 9,224,340
Cash and cash equivalents at end of year | 3,941,899 | 3,908,974
Supplemental information: |  |
Cash paid for income taxes | $ 913,000 | $ 1,164,000

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