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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating activities:    
Net income $ 3,034,766 $ 13,655,679
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 2,762,276 2,557,680
Amortization of intangible assets 1,815,508 1,490,894
Stock compensation expense 1,803,302 1,806,758
Deferred income taxes (293,995) 489,059
Non-cash lease adjustment (42,570) 158,250
Provision for excess and obsolete inventory 189,874  
Provision for doubtful accounts 199,996  
Amortization of deferred financing costs 30,151  
PPP loan forgiveness   (3,508,047)
Changes in operating assets and liabilities    
Accounts receivable 1,839,243 (7,228,368)
Inventories (9,606,835) (3,209,330)
Prepaid expenses and other current assets (173,341) (1,040,319)
Accounts payable 1,914,813 1,497,258
Other accrued liabilities (581,449) (1,528,936)
Total adjustments (143,027) (8,515,101)
Net cash provided by operating activities 2,891,739 5,140,578
Investing activities:    
Purchase of property, plant and equipment (4,304,264) (6,372,615)
Purchase of intellectual property (300,000)  
Acquisition of Safety Made (9,622,391)  
Net cash used by investing activities (14,226,655) (6,372,615)
Financing activities:    
Net borrowings (repayments) of long-term debt 16,848,326 (5,729,995)
Repayments on mortgage (401,410) (3,177,778)
Borrowing on mortgage   11,469,459
Distributions to stockholders (1,903,346) (1,792,356)
Cash settlement of stock options (108,155) (342,285)
Tax paid on net share settlement of stock options (243,463)  
Purchase of treasury stock   (1,473,444)
Issuance of common stock 84,715 3,089,045
Net cash provided by financing activities 14,276,667 2,042,646
Effect of exchange rate changes (184,691) (134,636)
Net increase in cash and cash equivalents 2,757,060 675,973
Cash, cash equivalents and restricted cash at beginning of year 4,843,349 4,167,376
Cash, cash equivalents and restricted cash at end of year 7,600,409 4,843,349
Supplemental cash flow information:    
Cash paid for income taxes 978,378 874,996
Cash paid for interest expense 2,124,144 908,781
Non-cash investing activities    
Safety Made acquisition contingent consideration 1,330,000  
Non-cash financing activities    
Dividends accrued not paid $ 495,406 $ 457,745