XML 14 R5.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income (loss) $ (3,546,511) $ (7,038,772) $ (8,049,815)
Discontinued operations net of tax 5,665,177 3,782,224 4,798,025
Net income (loss) from continuing operations (9,211,688) (10,820,996) (12,847,840)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:      
Depreciation and amortization expense 4,404,175 2,982,703 2,647,753
Deferred tax expense 65,408 81,886 4,206,753
Share-based compensation 1,485,898 1,364,698 1,115,063
Share-based compensation (foundation contribution) 0 0 372,500
Excess tax (benefit) expense derived from exercise of stock options 0 (81,886) (91,109)
Decrease in non-cash contingent consideration (804,167) 0 0
Noncash interest expense 47,525 99,883 77,911
Noncash investment gains (26,315) (168,440) (52,012)
Net changes in assets and liabilities affecting operating activities:      
Accounts receivable (1,399,012) (47,288) 753,521
Inventories 1,106,175 528,153 (292,710)
Prepaid, other current assets and other assets (615,199) 676,750 (1,155,630)
Accounts payable and other current liabilities 3,221,780 4,153,287 339,751
Other long-term liabilities (729,820) (159,558) 413,097
Net cash (used in) operating activities from continuing operations (2,455,240) (1,390,808) (4,512,952)
Discontinued operations 5,511,596 4,503,545 3,955,238
Net cash provided by (used in) operating activities 3,056,356 3,112,737 (557,714)
Cash flows from investing activities:      
Additions to property and equipment (246,202) (455,569) (275,960)
Additions to intangible assets (772,944) (3,819,486) (1,213,110)
Cash paid for acquisition (5,000,000) (20,000,000) 0
Proceeds from sale of marketable securities 20,062,132 16,122,376 13,381,061
Purchases of marketable securities (11,745,138) (19,572,139) (2,379,414)
Net cash provided by (used in) investing activities 2,297,848 (27,724,818) 9,512,577
Cash flows from financing activities:      
Borrowings on line of credit 76,000,000 56,000,000 24,500,000
Repayments on line of credit (77,500,000) (45,800,000) (18,800,000)
Repurchase of common shares (3,494,921) (2,879,426) (3,724,375)
Payments of deferred equity offering costs 0 (383,310) (27,950)
Sales of shares of common stock, net of offering costs 0 200,909 0
Payments of financing costs (52,500) 0 0
Cash payments of contingent consideration (1,033,108) 0 0
Sale of subsidiary shares to noncontrolling interest 1,000,000 0 0
Net cash provided by (used in) financing activities (5,080,529) 7,138,173 1,947,675
Net increase (decrease) in cash and cash equivalents 273,675 (17,473,908) 10,902,538
Cash and cash equivalents, beginning of year 27,938,960 45,412,868 34,510,330
Cash and cash equivalents, end of year 28,212,635 27,938,960 45,412,868
Net cash paid (refunded) during the year for:      
Interest 198,661 95,965 14,993
Income taxes 16,694 15,441 18,000
Noncash investing and financing activities:      
Change in unpaid invoices for purchases of intangibles (576,837) (539,467) (513,481)
Deferred offering costs included in accounts payable and other accrued expenses 0 0 97,254
Non cash increase in liabilities related to acquisition (see Note 3) 0 14,034,000 0
Recognition of operating lease assets and liabilities through adoption of ASC 842 3,629,320    
Vesting of shares related to RediTrex approval 862,200 0 0
Repurchase of subsidiary shares from noncontrolling interests (800,000) 0 0
Additions to intangible assets from final purchase price allocation $ 148,000 $ 0 $ 0