XML 17 R6.htm IDEA: XBRL DOCUMENT v3.19.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income (loss) $ 1,353,263 $ (3,161,192)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Stock-based compensation 584,574 617,772
Provision for bad debts (114,395) 225,415
Depreciation and amortization 1,768,787 1,546,734
Change in fair value of contingent consideration   4,415,925
Gain on dispositions (3,545,755)  
Amortization of loan fees 483,983 470,376
Deferred income taxes 452,144 375,204
Change in operating assets and liabilities:    
Accounts receivable 11,155,406 2,426,074
Prepaid expenses (1,577,726) (3,020,162)
Other assets (2,884,940) (48,878)
Accounts payable (1,265,637) (419,087)
Other liabilities 846,902 2,410,033
Other operating activities 154,380 (44,593)
Net cash provided by operating activities 7,410,986 4,800,998
Cash flows from investing activities:    
Capital expenditures (1,841,132) (1,173,496)
Proceeds from dispositions 3,800,000  
Payments for translator licenses   (52,500)
Payments for investments (2,500,000)  
Net cash used in investing activities (541,132) (1,225,996)
Cash flows from financing activities:    
Payments on debt (2,500,000) (3,016,005)
Reduction of finance lease liabilities (16,776)  
Dividends paid (1,373,511) (1,286,381)
Purchase of treasury stock (19,826) (25,042)
Net cash used in financing activities (3,910,113) (4,327,428)
Net increase (decrease) in cash and cash equivalents 2,959,741 (752,426)
Cash and cash equivalents at beginning of period 13,433,828 13,922,390
Cash and cash equivalents at end of period 16,393,569 13,169,964
Cash paid for interest 4,112,206 3,051,884
Cash paid for income taxes 1,013,900 35,950
Supplement disclosure of non-cash investing and financing activities:    
Dividends declared but unpaid 1,387,832 1,366,922
Media advertising exchanged for investment 1,000,000  
Postretirement Benefits Plan [Member]    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Termination of pension plan   (992,623)
Class A Common Stock [Member]    
Supplement disclosure of non-cash investing and financing activities:    
Class A common stock returned to treasury stock   $ 13,515,406
Common stock issued for acquisition 198,500  
Common stock issued for investment $ 974,125