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, 2018
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:      
Net income $ 4,274,547 $ 3,847,839 $ 8,013,062
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 2,047,746 1,622,094 1,449,202
Impairment of long-lived assets 0 643,604 0
Deferred income taxes (339,141) 32,297 2,340,771
(Gain) loss on disposal of assets (17,691) 35,281 12,348
Stock-based compensation expense 2,003,207 2,319,975 1,404,899
Changes in operating assets and liabilities, net of business acquisition:      
Accounts receivable (5,583,617) 761,569 (1,988,310)
Inventories 1,183,998 (80,412) (1,190,301)
Prepaid expenses and other current assets 254,501 180,456 (812,811)
Accounts payable and accrued expenses 723,990 (3,064,650) 2,323,891
Net cash provided by operating activities 4,547,540 6,298,053 11,552,751
Cash flows from investing activities:      
Business acquisition (10,350,000)
Purchases of property, plant and equipment (1,066,284) (1,951,615) (1,550,128)
Purchase of investments (7,283,075) (17,630,075) (8,138,075)
Proceeds from sale of property and equipment 83,052 5,100 729
Patent additions (123,569) (69,936) (77,138)
Sale of investments 6,132,000 8,107,000 8,123,000
Net cash used in investing activities (12,607,876) (11,539,526) (1,641,612)
Cash flows from financing activities:      
Repurchase of common stock (1,760,442) (3,647,314) (333,761)
Proceeds from issuance of common stock under employee stock purchase plan 297,860 334,692 254,426
Proceeds from issuance of common stock 24,012 28,717 548,844
Tax withholding related to vesting of restricted stock grants and exercise of stock options (489,428) (952,832) (437,537)
Net cash (used in) provided by financing activities (1,927,998) (4,236,737) 31,972
(Decrease) increase in cash and cash equivalents (9,988,334) (9,478,210) 9,943,111
Cash and cash equivalents at beginning of year 18,536,111 28,014,321 18,071,210
Cash and cash equivalents at end of year 8,547,777 18,536,111 28,014,321
Supplemental cash flow information      
Cash paid during the year for income taxes, net of refunds 719,694 1,471,203 1,130,930
Non-cash financing activities      
Cashless exercise of stock options 5,782 34,268 853,033
Establishment of deferred tax asset for the adoption of ASU 2016-09 $ 1,864,980