Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2022 |
Mar. 31, 2021 |
| Cash flows from operating activities |
|
|
| Net income |
$ 11,714,595
|
$ 7,898,975
|
| Adjustments to reconcile net income to cash used in operating activities: |
|
|
| Depreciation and amortization |
247,264
|
67,005
|
| Stock-based compensation expense |
1,375,097
|
1,513,012
|
| Change in fair value of acquisition contingencies |
(3,379,890)
|
|
| Non-cash lease expense |
8,762
|
|
| Loss from equity method investment |
21,339
|
464,943
|
| Loss on disposition of assets |
93,421
|
|
| Deferred income taxes |
(1,359,716)
|
302,399
|
| Bad debt expense |
47,862
|
79,700
|
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
(871,083)
|
(59,994)
|
| Prepaid expenses |
1,042,932
|
(114,473)
|
| Inventory |
(3,088,944)
|
1,797,581
|
| Deferred revenue |
(150,000)
|
(146,516)
|
| Income taxes payable |
2,745,803
|
1,128,438
|
| Accounts payable, accrued expenses and other liabilities |
(641,604)
|
(661,115)
|
| Net cash provided by operating activities |
7,805,838
|
12,269,955
|
| Cash flows from investing activities |
|
|
| Purchases of property and equipment |
(396,600)
|
(139,558)
|
| Proceeds from maturities of marketable investment securities |
1,255,266
|
2,032,802
|
| Investment in joint venture |
|
500,000
|
| Net cash provided by investing activities |
858,666
|
2,393,244
|
| Cash flows from financing activities |
|
|
| Proceeds from exercise of options and warrants |
150,001
|
148,981
|
| Net cash provided by financing activities |
150,001
|
148,981
|
| Net increase in cash and cash equivalents |
8,814,505
|
14,812,180
|
| Cash and cash equivalents at beginning of period |
88,607,234
|
42,976,713
|
| Cash and cash equivalents at end of period |
97,421,739
|
57,788,893
|
| Supplemental disclosure of cash flow information |
|
|
| Interest paid |
|
|
| Income taxes paid |
|
|
| Supplemental disclosure of non-cash investing and financing transactions |
|
|
| Inventory moved to property, plant and equipment |
192,056
|
|
| Right-of-use assets obtained in exchange for new operating lease liabilities |
$ 681,327
|
|