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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Jan. 02, 2021
Dec. 28, 2019
Operating Activities    
Net income $ 5,405,522 $ 13,266,142
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,477,512 6,454,881
Loss on disposition of subsidiaries 2,148,964 0
Unrecognized pension and postretirement benefits (1,010,684) 1,844,814
Goodwill impairment loss 4,975,372 0
(Gain) loss on sale of equipment and other assets (219,575) (568,956)
Non-cash restructuring charges 0 2,641,890
Provision for doubtful accounts 156,286 63,564
Deferred taxes (2,118,551) (2,093,654)
Stock compensation expense 849,226 656,925
Changes in operating assets and liabilities:    
Accounts receivable (488,156) 5,982,435
Inventories 767,796 1,463,409
Prepaid expenses and other (457,826) 860,607
Other assets 645,956 (499,010)
Accounts payable 3,160,622 (2,337,146)
Accrued compensation (145,806) (1,462,262)
Other accrued expenses (1,457,896) (3,315,475)
Net cash provided by operating activities 20,688,762 22,958,164
Investing Activities    
Marketable securities 5,354 (34,305)
Business acquisition, net of cash acquired (7,172,868) (81,155,753)
Proceeds from business dispositions 2,785,657 0
Issuance of Note Receivable (2,172,068) 0
Payments Received from Note Receivable 96,377 0
Proceeds from sale of equipment 445,212 857,967
Purchases of property, plant and equipment (3,098,983) (5,440,488)
Net cash used in investing activities (9,111,319) (85,772,579)
Financing Activities    
Proceeds from long-term borrowings 0 100,000,000
Principal payments on long-term debt (10,049,577) (30,285,146)
Lease Payments (10,500) 0
Purchase common stock for treasury (368,864) 0
Dividends paid (2,754,650) (2,743,993)
Net cash provided by (used in) financing activities (13,183,591) 66,970,861
Effect of exchange rate changes on cash (288,722) (85,706)
Net change in cash and cash equivalents (1,894,870) 4,070,740
Cash and cash equivalents at beginning of period 17,996,505 13,925,765
Cash and cash equivalents at end of period 16,101,635 17,996,505
Cash paid during the year for:    
Interest 2,754,980 1,857,961
Income taxes 3,755,475 3,197,984
Non-cash investing and financing activities    
Right of use asset 425,552 12,342,475
Lease liability $ (464,454) $ (12,342,475)