Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.3.1.900
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities    
Net income $ 1,383,320 $ 1,069,373
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 348,749 229,900
Deferred taxes 217,000 $ 529,000
Loss on disposal of assets 1,390
Stock based compensation 226,767 $ 283,627
Tax benefit from stock-based awards (348,000)
Changes in operating assets and liabilities:    
Accounts receivable, net 991,240 $ 372,879
Inventories 239,335 31,187
Other assets (146,494) (222,800)
Accounts payable and accrued expenses (1,003,144) (1,219,481)
Net cash provided by operating activities 1,910,163 1,073,685
Cash flows from investing activities    
Purchases of property, plant and equipment and intangible assets (226,710) (1,764,875)
Purchases of investments (1,184,000) (1,638,000)
Proceeds from maturities of investments 1,886,000 1,375,000
Net cash provided by (used in) investing activities 475,290 $ (2,027,875)
Cash flows from financing activities    
Tax benefit from stock-based awards 348,000
Repurchase of common stock (257,242) $ (170,170)
Proceeds from issuance of common stock under employee stock purchase plan 118,013 105,615
Proceeds from issuance of common stock upon exercise of stock options 34,990 $ 1,276
Tax withholding related to vesting of restricted stock grants (1,391)
Net cash provided by (used in) financing activities 242,370 $ (63,279)
Increase (decrease) in cash and cash equivalents 2,627,823 (1,017,469)
Cash and cash equivalents, beginning of period 18,071,210 18,191,493
Cash and cash equivalents, end of period 20,699,033 $ 17,174,024
Supplemental disclosures for cash flow information    
Cash paid during the year for income taxes 15,884
Non-cash financing activities    
Cashless exercise of stock options $ 15,890 $ 3,220