XML 38 R6.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 17,115,988 $ 13,869,585
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization 202,875 1,984,577
Stock-based compensation expense 520,387 159,883
Deferred tax expense 199,908 128,418
Extinguishment of accrued liabilities 0 (78,138)
Changes in operating assets and liabilities:    
Accounts receivable (1,250,070) (2,245,522)
Income tax payable / receivable (949,791) (774,624)
Prepaid expenses and other current assets (189,959) (178,453)
Patent costs (189,704) (95,399)
Accounts payable and accrued expenses (921,360) (356,548)
Deferred revenue 0 (139,680)
Net cash provided by operating activities 14,538,274 12,274,099
Cash flows from investing activities:    
Maturity of marketable investments 76,636,059 58,380,000
Purchases of marketable investments (93,357,599) (64,618,676)
Net cash used in investing activities (16,721,540) (6,238,676)
Cash flows from financing activities:    
Proceeds from stock option exercises 2,133,396 2,570,830
Payments for repurchase of common stock (357,289) (2,559,050)
Net cash provided by financing activities 1,776,107 11,780
Increase (decrease) in cash and cash equivalents (407,159) 6,047,203
Cash and cash equivalents at beginning of year 13,176,452 7,333,810
Cash and cash equivalents at end of period 12,769,293 13,381,013
Cash paid during the period for:    
Interest 0 0
Taxes $ 4,462,362 $ 3,917,572