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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 29, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net income $ 1,498,860 $ 2,496,024
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 227,271 202,426
Amortization 1,187,442 1,029,083
Amortization of deferred financing fees 18,703 68,991
Interest expense on earn out payable 49,360 48,874
Provision for credit losses 31,658 (53,457)
Stock-based compensation 192,913 320,084
Deferred income taxes 311,700 543,023
Net changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable 3,488,673 1,951,758
Prepaid expenses (1,197,668) (1,475,294)
Other current assets (6,381) 0
Deposits (72,417) (325,480)
Accrued interest 108,349 (207,343)
Accounts payable (272,290) 7,902
Accrued expenses 1,100,437 748,466
Accrued workers’ compensation (351,609) (79,436)
Other current liabilities (16,565) 0
Income taxes receivable and payable 344,488 128,812
Operating leases 5,298 (22,891)
Net cash provided by operating activities 6,648,222 5,381,542
Cash flows from investing activities    
Business acquired, net of cash received (21,680,455) 0
Capital expenditures (1,049,673) (341,464)
Net cash used in investing activities (22,730,128) (341,464)
Cash flows from financing activities    
Net borrowings (payments) under line of credit 674,677 (133,731)
Proceeds from issuance of long-term debt 18,500,000 0
Principal payments on long-term debt 0 (1,837,500)
Payments of dividends (3,092,771) (3,068,847)
Net cash provided by (used in) financing activities 16,081,906 (5,040,078)
Net change in cash and cash equivalents 0 0
Cash and cash equivalents, beginning of period 0 0
Cash and cash equivalents, end of period 0 0
Supplemental cash flow information:    
Cash paid for interest 235,493 510,280
Cash paid for taxes, net of refunds $ 30,624 $ 54,201