Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.8.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Net income $ 943,158 $ 876,930
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 436,198 388,625
Deferred taxes (384,000)
Loss on disposal of assets 1,594
Stock based compensation 483,287 593,746
Changes in operating assets and liabilities:    
Accounts receivable 1,666,920 548,293
Inventories 313,183 (341,490)
Other assets 41,706 228,259
Accounts payable, accrued expenses and deferred rent (1,497,524) (2,899,667)
Net cash provided by (used in) operating activities 2,004,522 (605,304)
Cash flows from investing activities    
Purchases of property, plant and equipment and intangible assets (229,999) (529,302)
Purchases of investments (2,466,000) (7,440,000)
Proceeds from maturities of investments 2,477,000 2,459,000
Net cash used in investing activities (218,999) (5,510,302)
Cash flows from financing activities    
Repurchases of common stock (10,850)
Proceeds from issuance of common stock under employee stock purchase plan 148,259 169,500
Proceeds from issuance of common stock upon exercise of stock options 3,249 17
Tax withholding related to vesting of restricted stock grants (9,262) (10,326)
Net cash provided by financing activities 131,396 159,191
Increase (decrease) in cash and cash equivalents 1,916,919 (5,956,415)
Cash and cash equivalents, beginning of period 18,536,111 28,014,321
Cash and cash equivalents, end of period 20,453,030 22,057,906
Supplemental disclosures for cash flow information    
Cash paid during the year for income taxes 2,500 12,250
Non-cash financing activities    
Cashless exercise of stock options $ 5,782 $ 32,984