Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 12 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:      
Net income $ 3,847,839 $ 8,013,062 $ 4,682,008
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 1,622,094 1,449,202 1,216,083
Impairment of long-lived assets 643,604 0 0
Deferred income taxes 32,297 2,340,771 2,342,045
Loss on disposal of assets 35,281 12,348 23,196
Stock-based compensation expense 2,319,975 1,404,899 1,074,727
Changes in operating assets and liabilities:      
Accounts receivable, net 761,569 (1,988,310) (983,044)
Inventories (80,412) (1,190,301) (1,792,512)
Other current assets 180,456 (812,811) 121,381
Accounts payable and accrued expenses (3,064,650) 2,323,891 164,336
Net cash provided by operating activities 6,298,053 11,552,751 6,848,220
Cash flows from investing activities:      
Purchases of property, plant and equipment (1,951,615) (1,550,128) (4,518,782)
Purchase of investments (17,630,075) (8,138,075) (10,374,000)
Proceeds from sale of property and equipment 5,100 729 79,936
Patent additions (69,936) (77,138) (24,418)
Sale of investments 8,107,000 8,123,000 9,093,000
Net cash used in investing activities (11,539,526) (1,641,612) (5,744,264)
Cash flows from financing activities:      
Repurchase of common stock (3,647,314) (333,761) (849,157)
Proceeds from issuance of common stock under employee stock purchase plan 334,692 254,426 211,459
Proceeds from issuance of common stock 28,717 548,844 43,106
Excess tax benefit from exercise of stock options 9,660
Tax withholding related to vesting of restricted stock grants and exercise of stock options (952,832) (437,537) (639,307)
Net cash (used in) provided by financing activities (4,236,737) 31,972 (1,224,239)
(Decrease) increase in cash and cash equivalents (9,478,210) 9,943,111 (120,283)
Cash and cash equivalents at beginning of year 28,014,321 18,071,210 18,191,493
Cash and cash equivalents at end of year 18,536,111 28,014,321 18,071,210
Supplemental cash flow information      
Cash paid during the year for income taxes, net of refunds 1,471,203 1,130,930 50,850
Non-cash financing activities      
Cashless exercise of stock options 34,268 853,033 207,738
Establishment of deferred tax asset for the adoption of ASU 2016-09 $ 1,864,980