XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 7,177,448 $ 289,980
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 22,406 20,125
Amortization of intangible assets 127,640 86,136
Bad debt expense 93,151 0
Deferred tax 84,871 11,175
Amortization of right of use assets 92,651 1,541
Compensation expense related to stock options granted 85,987 0
Increase (decrease) in cash due to change in:    
Accounts receivable (11,945,931) (4,015,838)
Inventories 9,018,037 (1,153,573)
Prepaid expenses and other current assets 9,192 2,894
Advance payments to vendors (9,870) 28,725
Other assets (2,925) (23,390)
Accounts payable 2,766,929 3,433,115
Income tax payable 1,883,173 49,145
Advance payments from customers 0 154,744
Lease liabilities (95,871) 0
Accrued liabilities (148,193) 46,835
Net cash provided by (used in) operating activities 9,158,695 (1,068,386)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of certificate of deposit (1,621) 27,336
Purchases of property and equipment (5,704) (77,580)
Purchases of intangible assets (79,280) (366,944)
Net cash used in investing activities (86,605) (417,188)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Sales of treasury stock 6,000,008
Cash received from exercise of stock options 17,420 0
Net cash provided by financing activities 6,017,428 0
Effect of foreign currency translation 66,424 (18,317)
Net increase (decrease) in cash and cash equivalents 15,155,942 (1,503,891)
Cash and cash equivalents, beginning of period 28,161,644 6,447,505
Cash and cash equivalents, end of period 43,317,586 4,943,614
Cash paid during the periods for:    
Interest 0 0
Income taxes $ (7,335) $ 0