XML 14 R6.htm IDEA: XBRL DOCUMENT v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Oct. 01, 2022
Operating Activities    
Net income $ 5,068,480 $ 11,925,632
Less: gain from discontinued operations 0 1,042,465
Net income from continuing operations 5,068,480 10,883,167
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 5,471,633 5,389,394
Unrecognized pension and postretirement benefits 635,677 (477,560)
Loss (Gain) on sale of equipment and other assets 331,474 (345,718)
Provision for doubtful accounts (88,353) 35,000
Stock compensation expense 151,300 699,454
Changes in operating assets and liabilities:    
Accounts receivable 116,025 (8,008,687)
Inventories 4,628,294 (5,217,395)
Prepaid expenses and other 888,342 (1,082,483)
Other assets 190,216 340,925
Accounts payable 1,499,401 (537,072)
Accrued compensation 476,714 (957,022)
Other accrued expenses (119,557) (1,046,094)
Net cash provided by (used in) operating activities 19,249,646 (324,091)
Investing Activities    
Business Acquisition (547,638) 0
Issuance of Notes Receivable 0 (400,000)
Payments received from notes receivable 2,265,730 748,148
Proceeds from sale of equipment 0 2,171,073
Purchases of property, plant, and equipment (4,718,673) (1,734,553)
Net cash (used in) provided by investing activities (3,000,581) 784,668
Financing Activities    
Principal payments on long-term debt (74,919,004) (5,688,866)
Principal payments on short-term borrowings (revolver) (300,029) (1,000,000)
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 (161,906)
Purchase common stock for treasury (245,546) (1,637,072)
Dividends paid (2,069,043) (2,054,875)
Net cash used in financing activities (16,859,064) (542,719)
Discontinued Operations    
Cash used in operating activities 0 (610,887)
Cash used in discontinued operations 0 (610,887)
Effect of exchange rate changes on cash (36,737) (257,093)
Net change in cash and cash equivalents (646,737) (950,122)
Cash and cash equivalents at beginning of period 10,187,522 6,602,429
Cash and cash equivalents at end of period ? 9,540,786 5,652,307
Supplemental disclosure of cash flow information:    
Interest 2,482,362 1,753,699
Income taxes 1,321,170 3,197,375
Non-cash investing and financing activities    
Right of use asset 3,579,222 1,743,518
Lease liability $ (4,484,838) $ (1,608,530)