Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.4.0.3
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating activities:    
Net earnings $ 1,309,958 $ 1,380,334
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:    
Depreciation and amortization 47,331 44,666
Bad debt expense 440 7,907
Inventory reserve 15,142 3,409
Provision (benefit) for deferred income taxes 20,429 (9,850)
(Increase) decrease in operating assets    
Accounts and trade notes receivables (1,561,475) (1,314,813)
Inventories 164,982 494,044
Refundable income taxes 197,764 (24,670)
Lease and mortgage receivables 12,000 1,392
Prepaid vendor deposits (1,077,000) 311,258
Prepaid and other current assets (54,412) 12,267
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses 2,414,198 (3,254,053)
Accrued employee expenses 95,945 $ (390,050)
Income taxes payable 258,074
Deferred income (5,526)
Customer deposits (1,383,098) $ (948,401)
Net cash provided (used) by operating activities 454,752 (3,686,560)
Investing activities:    
Capital expenditures (1,563) (58,021)
Net cash used by investing activities (1,563) (58,021)
Financing activities:    
Dividends paid (1,406,746) (1,406,746)
Net cash used by financing activities (1,406,746) (1,406,746)
Net idecrease in cash and cash equivalents (953,557) (5,151,327)
Cash and cash equivalents at beginning of period 3,908,974 9,224,340
Cash and cash equivalents at end of period 2,955,417 4,073,013
Supplemental information:    
Cash paid during the period for income taxes $ 316,000 $ 869,000