Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF CASH FLOWS (UNAUDITED)

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STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income $ 403,427 $ 126,951
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:    
Amortization of deferred compensation cost 7,000
Stock based compensation expense 45,933 50,330
Depreciation and amortization 74,578 74,880
Deferred capital gain - building lease (5,620) (5,620)
Deferred taxes 2,329 226
Provision for returns and doubtful accounts (602)
Changes in operating assets and liabilities:    
Decrease/(Increase) in accounts receivable 7,307 (336,305)
(Increase)/Decrease in inventory (141,868) 66,908
(Increase)/Decrease in prepaid expense and other assets (32,563) 99,936
Increase/(Decrease) in accounts payable 95,366 (156,791)
Decrease in accrued payroll and related taxes (138,275) (21,490)
(Decrease)/Increase in accrued expense (319,139) 140,423
(Decrease)/Increase in accrued tax liability (4,589) 97,600
NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES (13,114) 143,446
CASH FLOWS FROM INVESTING ACTIVITIES    
Payments for property and equipment (4,145) (62,521)
Proceeds from certificate of deposit 104,360
Payments for patents (28,482) (41,718)
NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES 71,733 (104,239)
CASH FLOWS FROM FINANCING ACTIVITIES    
Purchase of treasury stock (484)
NET CASH USED IN FINANCING ACTIVITIES (484)
NET INCREASE IN CASH AND CASH EQUIVALENTS 58,619 38,723
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,974,536 3,417,183
CASH AND CASH EQUIVALENTS, END OF PERIOD 4,033,155 3,455,906
Cash paid during the periods for:    
Interest
Taxes 110,000
NON-CASH FINANCING AND INVESTING ACTIVITIES    
Issuance of common stock as compensation $ 33,750 $ 33,750