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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 28, 2020
Mar. 30, 2019
Operating Activities    
Net income $ 2,895,817 $ 1,570,960
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,055,782 1,438,799
Unrecognized pension and postretirement benefits (678,305) 207,816
(Gain)/loss on sale of equipment and other assets (437,446) 671,138
Provision for doubtful accounts 156,286 25,711
Stock compensation expense 238,293 104,992
Changes in operating assets and liabilities:    
Accounts receivable (2,273,864) (2,123,227)
Inventories (994,546) 1,313,875
Prepaid expenses and other 341,582 (81,231)
Other assets (415,415) 101,919
Accounts payable 2,766,829 (27,186)
Accrued compensation (1,585,976) (1,724,968)
Other accrued expenses (564,572) 11,718
Net cash provided by operating activities 1,504,465 1,490,316
Investing Activities    
Marketable securities 11,151 (91,400)
Capitalized software 0 (104,484)
Proceeds from sale of equipment 445,212 0
Purchases of property, plant and equipment (828,115) (743,622)
Net cash used in investing activities (371,752) (939,506)
Financing Activities    
Principal payments on long-term debt (1,221,423) (387,500)
Purchase common stock for treasury (368,864) 0
Dividends paid (686,614) (686,740)
Net cash used in financing activities (2,276,901) (1,074,240)
Effect of exchange rate changes on cash (343,436) 144,954
Net change in cash and cash equivalents (1,487,624) (378,476)
Cash and cash equivalents at beginning of period 17,996,505 13,925,765
Cash and cash equivalents at end of period 16,508,881 13,547,289
Non-cash investing and financing activities    
Right of use asset (489,822)
Lease liability $ 489,822