XML 15 R6.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Oct. 03, 2020
Sep. 28, 2019
Operating Activities    
Net income $ 3,991,709 $ 8,293,815
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,144,226 3,807,479
Unrecognized pension and postretirement benefits (1,066,777) 134,199
Goodwill impairment loss 4,002,548 0
(Gain) loss on sale of equipment and other assets (414,078) 1,727,788
Provision for doubtful accounts 156,286 51,711
Stock compensation expense 652,232 445,338
Changes in operating assets and liabilities:    
Accounts receivable 3,270,585 359,606
Inventories 4,668,705 3,217,736
Prepaid expenses and other (93,693) 762,646
Other assets 753,170 (589,448)
Accounts payable (2,600,966) (1,815,309)
Accrued compensation (1,262,577) (1,680,668)
Other accrued expenses (1,511,729) (2,202,622)
Net cash provided by operating activities 16,689,641 12,512,271
Investing Activities    
Marketable securities 7,741 (33,759)
Business disposition 1,378,602 0
Business acquisition, net of cash acquired (7,172,868) (81,155,753)
Proceeds from sale of equipment 445,211 0
Purchases of property, plant and equipment (1,976,370) (1,896,128)
Net cash provided by/used in investing activities (7,317,684) (83,085,640)
Financing Activities    
Proceeds from long-term borrowings 0 100,000,000
Principal payments on long-term debt (3,846,861) (29,009,769)
Issuance of Note Receivable (1,251,943) 0
Payments Received from Note Receivable 54,069 0
Purchase common stock for treasury (368,864) 0
Dividends paid (2,058,943) (2,058,697)
Net cash used in financing activities (7,472,542) 68,931,534
Effect of exchange rate changes on cash (344,534) (300,602)
Net change in cash and cash equivalents 1,554,881 (1,942,437)
Cash and cash equivalents at beginning of period 17,996,505 13,925,765
Cash and cash equivalents at end of period 19,551,386 11,983,328
Non-cash investing and financing activities    
Right of use asset (186,021) 10,280,814
Lease liability $ 136,619 $ (10,280,814)