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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 27, 2020
Jun. 29, 2019
Operating Activities    
Net income $ 1,007,036 $ 4,100,733
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,050,250 2,391,314
Unrecognized pension and postretirement benefits (962,094) 448,214
Goodwill impairment loss 4,002,548 0
(Gain) loss on sale of equipment and other assets (420,536) 2,208,740
Provision for doubtful accounts 156,286 43,420
Stock compensation expense 448,669 293,726
Changes in operating assets and liabilities:    
Accounts receivable 3,408,873 (1,794,182)
Inventories (2,330,448) 3,618,303
Prepaid expenses and other 616,300 (21,533)
Other assets 734,790 709,357
Accounts payable (730,055) (89,081)
Accrued compensation (1,697,444) (1,307,966)
Other accrued expenses (927,178) (1,893,440)
Net cash provided by operating activities 7,356,997 8,707,605
Investing Activities    
Marketable securities 8,389 (23,136)
Business disposition 1,378,602 0
Proceeds from sale of equipment 445,212 0
Purchases of property, plant and equipment (1,183,419) (1,261,942)
Net cash provided by/used in investing activities 648,784 (1,285,078)
Financing Activities    
Principal payments on long-term debt (2,622,745) (6,275,000)
Note Receivable (1,251,943)  
Purchase common stock for treasury (368,864)  
Dividends paid (1,372,673) (1,373,700)
Net cash used in financing activities (5,616,225) (7,648,700)
Effect of exchange rate changes on cash (400,006) (31,690)
Net change in cash and cash equivalents 1,989,550 (257,863)
Cash and cash equivalents at beginning of period 17,996,505 13,925,765
Cash and cash equivalents at end of period 19,986,055 $ 13,667,902
Non-cash investing and financing activities    
Right of use asset (957,712)  
Lease liability $ 957,712