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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Apr. 01, 2023
Apr. 02, 2022
Operating Activities    
Net income $ 607,313 $ 3,030,438
Less: gain from discontinued operations 0 344,320
Income from continuing operations 607,313 2,686,118
by (used in) operating activities:    
Depreciation and amortization 1,814,749 1,830,427
Unrecognized pension and postretirement benefits 880,421 247,133
Loss on sale of equipment and other assets 0 268,770
Provision for doubtful accounts 3,269 19,740
Stock compensation (benefit) expense (49,246) 221,468
Changes in operating assets and liabilities:    
Accounts receivable (1,585,976) (3,951,314)
Inventories 7,212,179 (4,902,631)
Prepaid expenses and other (37,330) (1,075,545)
Other assets 155,055 89,366
Accounts payable (1,031,704) 3,526,499
Accrued compensation (1,104,186) (1,858,898)
Other accrued expenses 305,824 (478,878)
Net cash provided by (used in) operating activities 6,860,258 (3,556,477)
Investing Activities    
Payments received from notes receivable 2,233,192 175,220
Proceeds from sale of equipment 0 1,371,073
Purchases of property, plant, and equipment (1,151,205) (572,047)
Net cash provided by investing activities 1,081,987 974,246
Financing Activities    
Proceeds from short term borrowings (revolver) (268,249) (5,000,000)
Principal payments on long-term debt (4,858,000) (1,852,107)
Financing leases, net 723,254 (92,111)
Purchase common stock for treasury 0 (766,889)
Dividends paid (684,293) (687,180)
Net cash (used in) provided by financing activities (5,087,288) 1,601,713
Cash used in operating activities 6,860,258 (3,556,477)
Cash used in discontinued operations 0 (396,936)
Effect of exchange rate changes on cash 28,538 (22,903)
Net change in cash and cash equivalents 2,883,495 (1,400,357)
Cash and cash equivalents at beginning of period 10,187,522 6,602,429
Cash and cash equivalents at end of period ? 13,071,017 5,202,072
Supplemental disclosure of cash flow information:    
Interest 716,763 463,080
Income taxes 59,681 110,917
Non-cash investing and financing activities    
Right of use asset (652,914) 292,097
Lease liability $ (328,721) $ (226,903)