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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jul. 01, 2023
Jul. 02, 2022
Operating Activities    
Net income $ 2,006,521 $ 7,067,053
Less: gain from discontinued operations 0 (680,145)
Income from continuing operations 2,006,521 6,386,908
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 3,621,126 3,632,317
Unrecognized pension and postretirement benefits 656,655 81,210
Loss on sale of equipment and other assets 318,775 276,250
Provision for doubtful accounts (16,731) 39,437
Stock compensation expense 10,185 414,619
Changes in operating assets and liabilities:    
Accounts receivable 918,871 (3,302,349)
Inventories 7,711,536 (5,237,113)
Prepaid expenses and other 562,548 (1,228,182)
Other assets 163,077 58,576
Accounts payable (953,660) (100,497)
Accrued compensation (165,590) (1,711,069)
Other accrued expenses (1,274,858) (1,812,968)
Net cash provided by (used in) operating activities 13,558,455 (2,502,862)
Investing Activities    
Business Acquisition (547,638) 0
Payments received from notes receivable 2,309,236 428,832
Proceeds from sale of equipment 0 1,371,073
Purchases of property, plant and equipment (1,978,784) (1,140,728)
Net cash (used in) provided by investing activities (217,186) 659,177
Financing Activities    
Principal payments on long-term debt (69,248,743) (3,767,866)
Principal payments on short-term borrowing (revolver) (252,025) 0
Proceeds from short term borrowings (revolver) 0 10,000,000
Proceeds from new long-term debt financing 60,000,000 0
Financing leases, net 674,558 (126,547)
Purchase common stock for treasury 0 (1,423,378)
Dividends paid (1,369,941) (1,372,101)
Net cash (used in) provided by financing activities (10,196,151) 3,310,108
Discontinued Operations    
Cash used in operating activities 0 (717,668)
Cash used in discontinued operations 0 (717,668)
Effect of exchange rate changes on cash (127,966) (160,653)
Net change in cash and cash equivalents 3,017,152 588,103
Cash and cash equivalents at beginning of period 10,187,522 6,602,429
Cash and cash equivalents at end of period ? 13,204,674 7,190,532
Supplemental disclosure of cash flow information:    
Interest 1,364,527 1,012,157
Income taxes 315,120 1,647,375
Non-cash investing and financing activities    
Right of use asset 4,404,043 1,694,711
Lease liability $ (5,355,510) $ (1,595,081)