XML 44 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ 420,810 $ 984,718
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 1,143,002 800,231
Deferred tax benefit 23,593 0
Share-based compensation 549,603 325,344
Excess tax benefit derived from exercise of stock options (313,955) (711,348)
Noncash interest expense 19,782 12,038
Noncash investment (gains) losses (44,870) 181,950
Net changes in assets and liabilities affecting operating activities, net of effect of business combination:    
Accounts receivable (303,286) (1,484,052)
Inventory 804,776 136,039
Other current assets and other assets 422,946 (701,604)
Accounts payable and other current liabilities 1,265,725 2,165,828
Other long-term liabilities 79,742 109,244
Net cash provided by operating activities 4,067,868 1,818,388
Cash flows from investing activities:    
Additions to property and equipment (62,291) (48,239)
Purchases of marketable securities (4,046,142) (3,254,903)
Proceeds from sale of marketable securities 4,795,505 2,267,082
Cash paid for acquisitions 0 (2,000,000)
Additions to intangible assets (2,740,001) (732,072)
Net cash used in investing activities (2,052,929) (3,768,132)
Cash flows from financing activities:    
Net borrowings on line of credit 1,700,000 0
Exercise of stock options 21,366 0
Excess tax benefit derived from exercise of stock options 313,955 711,348
Cash settlement of contingent consideration (1,618,983) 0
Sale of subsidiary shares to noncontrolling interest 0 1,000,005
Repurchase of common shares (3,356,633) (1,580,225)
Net cash (used in) provided by financing activities (2,940,295) 131,128
Net decrease in cash and cash equivalents (925,356) (1,818,616)
Cash and cash equivalents at beginning of period 39,866,037 40,869,457
Cash and cash equivalents at end of period 38,940,681 39,050,841
Non-cash investing and financing activities:    
Net change in unpaid additions to intangibles, property and equipment $ 1,550,017 $ 450,781