STATEMENTS OF CASH FLOWS - USD ($)
|
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Operating activities: |
|
|
| Net income |
$ 7,529,920
|
$ 2,050,366
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Bad debt expense |
3,553
|
(108,852)
|
| Provision for excess and obsolete inventory |
51,089
|
62,069
|
| Depreciation and amortization |
223,942
|
149,056
|
| Excess tax benefit on the exercise of stock options |
(1,728,595)
|
(165,228)
|
| Stock-based compensation |
1,220,118
|
724,063
|
| Impairment of intangible assets |
55,433
|
|
| Loss on sale of investments |
3,575
|
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(1,906,971)
|
130,721
|
| Inventory |
(308,409)
|
(847,576)
|
| Prepaid expenses and other current assets |
(31,977)
|
(154,912)
|
| Other assets |
(113,959)
|
(15,433)
|
| Prepaid income taxes |
1,775,568
|
(48,188)
|
| Deferred income taxes |
(16,116)
|
(167,305)
|
| Accounts payable |
376,293
|
201,693
|
| Accrued payroll and benefits |
43,350
|
589,536
|
| Other accrued liabilities |
(35,103)
|
(14,997)
|
| Warranty reserve |
6,156
|
15,923
|
| Deferred revenue |
501,463
|
186,172
|
| Other |
|
(1,388)
|
| Net cash provided by operating activities |
7,649,330
|
2,585,720
|
| Investing activities: |
|
|
| Purchases of investments |
|
(7,951,497)
|
| Proceeds from sale of investments |
253,370
|
255,109
|
| Purchases of property and equipment |
(298,723)
|
(583,977)
|
| Capitalized intangible assets |
(16,116)
|
(22,311)
|
| Net cash used in investing activities |
(61,469)
|
(8,302,676)
|
| Financing activities: |
|
|
| Proceeds from stock option and warrant exercises |
597,508
|
105,000
|
| Income tax benefits credited to equity |
1,728,595
|
165,228
|
| Repayment of officer note payable |
|
(6,333)
|
| Proceeds from the issuance of common stock pursuant to initial public offering |
|
14,490,000
|
| Payment of initial public offering costs |
|
(2,044,348)
|
| Net cash provided by financing activities |
2,326,103
|
12,709,547
|
| Net increase in cash and cash equivalents |
9,913,964
|
6,992,591
|
| Cash and cash equivalents, beginning of year |
9,454,150
|
2,461,559
|
| Cash and cash equivalents, end of year |
19,368,114
|
9,454,150
|
| Supplemental disclosure of cash flow information: |
|
|
| Cash paid for income taxes |
$ 2,702,000
|
$ 1,182,430
|