XML 17 R6.htm IDEA: XBRL DOCUMENT v3.22.1
STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 56,064,241 $ 24,223,013 $ 3,148,234
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,257,417 832,069 852,080
Net unrealized gain on investments (513,529) (1,870,010) (129,315)
Realized gains on investments   (162,595) (7,925)
Accreted interest 109,019    
Deferred taxes (9,234,628) (4,631,206)  
Provision for doubtful accounts, net of write-offs 150,000 59,440  
Share-based compensation 3,660,387    
Gain on forgiveness of PPP loan (1,377,652)    
Loss on disposal of assets   33,140  
(Increase) decrease in operating assets:      
Accounts receivable (13,877,663) (14,626,910) (1,652,015)
Inventories (10,355,273) (2,784,054) 94,502
Other current assets (17,652) (49,116) 9,602
Income taxes receivable   100,785 100,937
Other assets 38,892 43,748 77,541
Increase (decrease) in operating liabilities:      
Accounts payable 4,148,128 11,248,840 (362,072)
Accrued liabilities 2,147,705 2,232,059 55,150
Income taxes payable 594,107 4,347,826 7,919
Net cash provided by operating activities 32,793,499 18,997,029 2,194,638
Cash flows from investing activities      
Purchase of property, plant, and equipment (58,366,563) (21,049,656) (632,078)
Purchase of debt and equity securities (4,748,624) (2,242,897) (7,360,398)
Proceeds from the sales of debt and equity securities 75,000 3,965,329 2,712,134
Net cash used by investing activities (63,040,187) (19,327,224) (5,280,342)
Cash flows from financing activities      
Repayments of long-term debt (274,791) (260,894) (407,014)
Proceeds of long-term debt   1,363,000  
Proceeds from Technology Investment Agreement (TIA) 52,366,282 10,636,822  
Proceeds from the exercise of stock options 48,600 922,512  
Payment of preferred stock redemption price payable (101,250)    
Payment of preferred stock repurchase payable (1,101,110) (482,670)  
Payment of preferred stock dividends (3,824,311) (216,642) (219,825)
Repurchase of common stock (5,270,501)    
Net cash provided (used) by financing activities 41,842,919 11,962,128 (626,839)
Net increase (decrease) in cash and cash equivalents 11,596,231 11,631,933 (3,712,543)
Cash and cash equivalents at:      
Beginning of period 17,566,682 5,934,749 9,647,292
End of period 29,162,913 17,566,682 5,934,749
Supplemental schedule of cash flow information:      
Interest paid 118,163 260,264 166,897
Income taxes paid 27,124,342 2,106,000  
Supplemental schedule of noncash investing and financing activities:      
Preferred dividends declared, not paid 1,438,371 49,091 54,800
Conversion of preferred stock to common stock 30,500 96,700 $ 8,500
Amounts receivable under Technology Investment Agreement 5,924,136 11,779,078  
Redemption price payable 6,000 107,250  
Preferred stock repurchase payable $ 2,132,948 $ 3,007,002