1,098,421Net (loss) income per share - basic$
0.10Net (loss) income per share - diluted$
0.08Weighted average shares outstanding - basic11,522,29711,331,25810,902,061Weighted average shares outstanding – diluted11,522,29711,331,25815,619,304PHOTONIC PRODUCTS GROUP, INC AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWSYears Ended December 31,201020092008Cash flows from operating activities:Net (loss) income$
1,098,421Adjustments to reconcile net (loss) income to net cash provided by operating activities:Depreciation and amortization941,9411,008,3101,059,741Goodwill impairment charge—1,558,074—401K common stock contribution154,535179,068160,180Accrued interest on Related Party Convertible Note Payable150,000150,000150,000Deferred income taxes——(408,000)Gain on sale of plant and equipment—(4,671)(9,113)Gain on sale of precious metal—(7,371)—Stock-based compensation expense168,054112,95088,417Change in inventory reserve(154,326)94,628302,511Changes in operating assets and liabilities:Accounts receivable(296,920)882,930(628,743)Inventories29,423371,735(103,767)Other current assets 44,83824,003(24,019)Other assets(2,043)34,1077,865Accounts payable and accrued liabilities178,540(678,015)(731,301)Customer advances95,558(110,325)(413,796)Total adjustments1,309,6003,615,423(550,025)Net cash provided by operating activities575,787815,431548,396Cash flows from investing activities:Proceeds (purchase) of certificates of deposit—800,000(800,000)Purchase of plant and equipment(278,241)(210,563)(784,534)Purchase of precious metals—(53,538—Proceeds from disposal of plant and equipment—4,67110,000Proceeds from disposal of precious metals —16,317—Net cash (used in) provided by investing activities(278,241)556,887(1,574,534)Cash flows from financ
|SOURCE Photonic Products Group, Inc.|
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