XML 20 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 2,780,642 $ 10,304,983 $ 4,047,122
Adjustments to reconcile to net cash provided by operating activities:      
Deferred tax provision 1,766,000 4,449,000 2,113,783
Depreciation 706,906 429,498 382,829
Amortization of intangible assets 5,923,269 5,148,546 4,828,452
Stock based compensation charges 2,098,553 1,772,679 1,702,163
Changes in assets and liabilities:      
Restricted cash and investments 212,268 357 4,077
Accounts receivable, net 2,997,664 (1,114,106) (1,240,479)
Prepaid and other assets (40,721) (332,450) 40,320
Accrued expenses and other liabilities (382,084) 1,170,929 446,044
Liability for option cancellations 0 0 (136,563)
Deferred revenue (260,399) 2,406,212 2,601,109
Net cash provided by operating activities 15,802,098 24,235,648 14,788,857
CASH FLOWS FROM INVESTING ACTIVITIES:      
Website and database development additions (8,508,597) (5,804,090) (3,822,745)
Furniture, fixtures and equipment additions (4,818,683) (383,059) (380,318)
Proceeds from sale of furniture, fixtures and equipment 2,091 0 0
Net cash (used in) investing activities (13,325,189) (6,187,149) (4,203,063)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Dividends (7,746,655) (6,337,568) (3,697,588)
Registration statement costs 0 (89,331)  
Proceeds from option exercises 153,000 284,250 428,750
Payments for option cancellations and restricted stock units (701,159) (992,971) (131,778)
Payment of financing cost (205,552) 0 0
Stock repurchases (1,143,913) 0 0
Net cash (used in) financing activities (9,644,279) (7,135,620) (3,400,616)
Net (decrease) increase in cash and cash equivalents (7,167,370) 10,912,879 7,185,178
Cash and cash equivalents, beginning of year 28,657,956 17,745,077 10,559,899
Cash and cash equivalents, end of year 21,490,586 28,657,956 17,745,077
SUPPLEMENTAL INFORMATION:      
Cash paid during the year for interest 42,500 25,347 25,347
Cash paid during the year for income taxes, net of refunds 722,105 651,502 229,982
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Accrual for furniture, fixtures and equipment additions 346,330    
Disposal of fully depreciated furniture, fixtures and equipment 2,074,098 138,160 130,115
Accrual for website and database development costs   350,000  
Disposal of fully depreciated website costs     2,895
Shares issued for vested employee restricted stock units $ 1,048 $ 1,297 2,894
Shares issued for settlement of vested director restricted stock units     811
Exercise of stock options through the receipt of tendered shares     $ 36,246