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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jul. 03, 2021
Jun. 27, 2020
Operating Activities    
Net income $ 1,381,491 $ 1,007,036
Less: Loss from discontinued operations (7,067,665) (3,715,973)
Income from continuing operations 8,449,156 4,723,009
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,531,159 3,212,648
Unrecognized pension and postretirement benefits (1,722,275) (962,094)
(Gain) on sale of equipment and other assets (1,555,983) (424,211)
Provision for doubtful accounts 73,097 156,286
Stock compensation expense 680,014 448,669
Changes in operating assets and liabilities:    
Accounts receivable (3,343,695) 2,949,581
Inventories (5,763,475) (2,379,330)
Prepaid expenses and other (3,057,099) 420,134
Other assets (143,156) 734,790
Accounts payable 6,047,550 256,484
Accrued compensation (144,509) (1,527,149)
Other accrued expenses 1,215,384 (1,057,698)
Net cash provided by operating activities 4,266,168 6,551,119
Investing Activities    
Marketable securities (171) 8,389
Business disposition 0 1,178,601
Issuance of notes receivable 0 (1,251,943)
Payments received from notes receivable 629,912 0
Proceeds from sale of equipment 2,044,338 445,212
Purchases of property, plant and equipment (1,810,434) (830,077)
Net cash provided by/used in investing activities 863,645 (449,818)
Financing Activities    
Principal payments on long-term debt (2,336,564) (2,622,745)
Financing leases, net 169,765 0
Purchase common stock for treasury 0 (368,864)
Dividends paid (1,375,509) (1,372,673)
Net cash used in financing activities (3,542,308) (4,364,282)
Discontinued Operations    
Cash provided by operating activities 1,261,868 805,880
Cash used in investing activities (571,945) (153,342)
Cash provided by discontinued operations 689,923 652,538
Effect of exchange rate changes on cash 147,050 (400,006)
Net change in cash and cash equivalents 2,424,478 1,989,551
Cash and cash equivalents at beginning of period 16,101,635 14,883,954
Cash and cash equivalents at end of period ? 18,526,113 16,873,505
Supplemental disclosure of cash flow information:    
Interest 1,264,023 1,400,035
Income taxes 284,075 209,100
Non-cash investing and financing activities    
Right of use asset (484,797) (299,567)
Lease liability $ 315,032 $ 299,567