XML 25 R7.htm IDEA: XBRL DOCUMENT v3.3.1.900
STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 1,511,176 $ 3,206,081 $ 3,805,210
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,730,306 1,050,281 872,171
Deferred income taxes 105,166 1,398,711 416,684
Stock compensation expense 673,855 608,645 538,304
Changes in operating assets and liabilities:      
Accounts receivable 539,368 290,731 251,904
Prepaid expenses, other current assets and income tax receivable 609,029 (1,185,641) 353,389
Accounts payable (97,780) 334,521 (159,239)
Accrued expenses (491,283) (1,246,096) (126,876)
Net cash provided by operating activities 4,579,837 4,457,233 5,951,547
CASH FLOWS FROM INVESTING ACTIVITIES:      
Increase in long-term assets; capitalized patent costs (45,573) (243,704) (226,130)
Purchases of property and equipment and capitalized software development costs (1,752,583) (7,564,676) (1,531,632)
Net cash used in investing activities (1,798,156) (7,808,380) (1,757,762)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Dividends paid (3,242,020) (3,212,267) (3,178,909)
Proceeds from stock options and tax withholding related to vested shares from employee stock plans (106,037) (43,028) (110,149)
Proceeds from equipment financing 1,098,539 6,999,626 0
Payments of equipment financing (1,454,852) (751,543) 0
Net cash (used in) provided by financing activities (3,704,370) 2,992,788 (3,289,058)
Net (decrease) increase in cash and cash equivalents (922,689) (358,359) 904,727
Cash and cash equivalents, beginning of year 3,612,153 3,970,512 3,065,785
Cash and cash equivalents, end of year 2,689,464 3,612,153 3,970,512
Supplemental Disclosures of Cash Flow Information:      
Cash paid for income taxes 39,813 1,167,920 1,233,000
Cash paid for interest 128,250 77,046 0
Non-cash investing and financing activities:      
Issuance of restricted stock awards 199 260 185
Exercise of stock options 60,394 32,722 20,817
Purchases of equipment through accrued liabilities $ 337,582 $ 149,509 $ 1,161,255