XML 16 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 8,683,675 $ 8,455,431
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization 1,632,823 1,215,814
Stock-based compensation expense 100,428 100,428
Deferred tax expense 298,121 (2,747,864)
Changes in operating assets and liabilities:    
Accounts receivable (871,093) (1,298,832)
Income tax receivable 437,781 916,843
Prepaid expenses and other current assets (48,719) (170,591)
Patent costs 0 (23,341)
Accounts payable and accrued expenses 46,626 380,858
Income taxes payable 0 279,333
Deferred revenue (907,776) 7,667,163
Net cash provided by operating activities 9,371,866 14,775,242
Cash flows from investing activities:    
Maturity of marketable investments 43,579,082 32,548,040
Purchases of marketable investments (50,933,705) (47,568,734)
Net cash used in investing activities (7,354,623) (15,020,694)
Cash flows from financing activities:    
Proceeds from stock option exercises 258,250 529,300
Payments for repurchase of common stock (616,499) (898,025)
Excess tax benefits from share-based payment arrangements 0 224,047
Net cash used in financing activities (358,249) (144,678)
Increase (decrease) in cash and cash equivalents 1,658,994 (390,130)
Cash and cash equivalents at beginning of year 4,763,364 5,137,875
Cash and cash equivalents at end of period 6,422,358 4,747,745
Cash paid during the period for:    
Interest 0 0
Taxes $ 4,410,000 $ 5,825,000