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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 29, 2019
Jun. 30, 2018
Operating Activities    
Net income $ 4,100,733 $ 6,358,672
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,391,314 2,314,985
Unrecognized pension and postretirement benefits 448,214 116,578
Loss on restructuring of equipment and other assets 2,208,740 50,348
Provision for doubtful accounts 43,420 201,552
Stock compensation expense 293,726 214,821
Changes in operating assets and liabilities:    
Accounts receivable (1,794,182) (3,717,778)
Inventories 3,618,303 (2,658,358)
Prepaid expenses and other (21,533) (339,385)
Other assets 709,357 (58,426)
Accounts payable (89,081) 3,712,586
Accrued compensation (1,307,966) (1,527,545)
Other accrued expenses (1,893,440) 946,368
Net cash provided by operating activities 8,707,605 5,614,417
Investing Activities    
Marketable securities (23,136) 0
Business acquisition, net of cash acquired 0 (4,994,685)
Capitalized software 0 (1,444,459)
Purchases of property, plant and equipment (1,261,942) (1,236,375)
Net cash used in investing activities (1,285,078) (7,675,519)
Financing Activities    
Proceeds from short term borrowings 0 7,000,000
Payments on revolving credit note 0 (6,000,000)
Principal payments on long-term debt (6,275,000) (775,000)
Dividends paid (1,373,700) (1,378,456)
Net cash used in financing activities (7,648,700) (1,153,456)
Effect of exchange rate changes on cash (31,690) (80,996)
Net change in cash and cash equivalents (257,863) (3,295,553)
Cash and cash equivalents at beginning of period 13,925,765 22,275,477
Cash and cash equivalents at end of period 13,667,902 $ 18,979,924
Non-cash investing and financing activities    
Right of use asset 10,026,397  
Lease liability $ (10,026,397)