XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:    
Net income $ 383,316 $ 1,753,268
Adjustment to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 1,804,049 1,909,497
Amortization of debt discount 5,042 90,994
Change in value of swap agreement 158,090 0
Stock based compensation 133,830 131,010
Provision for losses on accounts receivable 20,714 8,219
Provision for losses on inventories 8,032 41,742
Deferred income taxes 153,830 (43,104)
Change in assets and liabilities:    
Accounts receivable 1,144,953 (1,092,959)
Inventories (3,308,400) (626,056)
Prepaid expenses and other assets (753,267) (336,137)
Trade payables 2,218,733 1,099,336
Accrued liabilities (1,150,949) 279,854
Net cash provided by operating activities 817,973 3,215,664
Cash flows from investing activities - purchases of property, plant and equipment (1,106,907) (2,007,286)
Cash received from investment in subsidiary 0 42,299
Net cash used in investing activities (1,106,907) (1,964,987)
Cash flows from financing activities:    
Change in checks written in excess of bank balance (535,524) (44,012)
Net change in revolving line of credit (208,251) (72,771)
Repayment of long-term debt (related parties $268,000 and $432,000) (506,272) (1,721,084)
Proceeds from issuance of debt 970,523 726,965
Proceeds from exercise of stock options and warrants 9,950 139,947
Proceeds from issuance of stock, net 300,000 0
Dividends paid (158,381) (314,441)
Cash paid for deferred financing fees (7,510) (90,066)
Net cash used in financing activities (135,465) (1,375,462)
Effect of exchange rate changes on cash 1,048 16,213
Net decrease in cash and cash equivalents (423,351) (108,572)
Cash and cash equivalents at beginning of year 761,874 870,446
Cash and cash equivalents at end of year 338,523 761,874
Supplemental disclosure of cash flow information:    
Cash payments for interest 767,965 855,738
Cash payments for taxes 42,250 116,054
Supplemental Disclosure of non-cash investing and financing activity    
Exercise of Warrants and payment of Subordinated Debt 0 1,027,000
Exercise of Options and Warrants by Surrender of Shares 0 240,579
Property, Plant & Equipment acquisitions funded by liabilities 49,248 35,020
Inventory used as investment in subsidiary 0 101,400
Reclassification of Line of Credit to Long-Term Debt $ 700,000 $ 0