Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities:    
Net earnings $ 1,740,040 $ 1,671,817
Adjustments to reconcile net earnings to net cash and cash equivalents provided (used) by operating activities:    
Depreciation and amortization 61,404 58,806
Bad debt expense 25,560 21,286
Inventory reserve (4,135) 25,317
Provision for deferred income taxes 4,439 (18,185)
(Increase) decrease in operating assets:    
Accounts and trade notes receivables 66,360 (1,022,015)
Inventories 186,028 1,993
Refundable income taxes 135,701 (134,884)
Vendor deposits (803,177) 340,740
Other current assets (515,677) 4,912
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses 1,483,125 (3,346,683)
Accrued employee expenses 337,415 (282,710)
Deferred income (9,420) 20,464
Customer deposits (1,266,429) (1,191,457)
Net cash provided (used) by operating activities 1,441,234 (3,850,599)
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 increase (decrease) in cash and cash equivalents 32,925 (5,315,366)
Cash and cash equivalents at beginning of year 3,908,974 9,224,340
Cash and cash equivalents at end of year 3,941,899 3,908,974
Supplemental information:    
Cash paid for income taxes $ 913,000 $ 1,164,000