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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 8,736,032 $ 2,849,393
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,020,179 967,628
Deferred income taxes 88,377 54,399
Stock based compensation 22,220 275,540
Provision for bad debts 213,398 32,908
Provision for slow moving and obsolete inventory 47,146
Impairment of equipment 65,725
Other operating non-cash items (1,061) (884)
Cash used related to 2019 chemical incident (200,665)
Gain on insurance settlement (126,210)
Changes in assets and liabilities:    
Trade accounts receivable (9,343,556) (4,628,183)
Receivables due from affiliated companies (145,840) 195,963
Inventories (2,812,905) 677,828
Prepaid expenses and other current assets (43,784) (104,008)
Accounts payable - trade 2,709,747 1,068,715
Income taxes payable 267,402 172,242
Accrued expenses payable 881,019 26,362
Net cash provided by operating activities 1,377,224 1,587,903
Cash flows from investing activities:    
Insurance proceeds received for damaged machinery and equipment 411,657
Purchases of property, plant and equipment (1,549,077) (526,775)
Net cash used in investing activities (1,137,420) (526,775)
Cash flows from financing activities:    
Payments on long-term debt (381,616) (335,015)
Borrowings on revolving line of credit 1,000,000
Repayments on revolving line of credit (1,000,000)
Payments for taxes related to net share settlements of stock awards (20,949)
Proceeds from CARES Act note 1,556,800
Repayment of CARES Act note (1,556,800)
Dividends paid to common shareholders (567,726) (468,306)
Proceeds from exercise of stock options 20,700 13,799
Net cash used in financing activities (928,642) (810,471)
Effect of exchange rate on cash (602) 1,662
Net (decrease) increase in cash and restricted cash (689,440) 252,319
Cash and restricted cash at beginning of period 8,010,420 3,733,924
Cash and restricted cash at end of period 7,320,980 3,986,243
Supplemental disclosure of cash flow information:    
Cash paid for interest during period 107,147 120,164
Cash paid for income taxes during period 2,029,484 586,009
Cash paid under operating lease 71,100 71,100
Cash 6,581,944 2,109,439
Restricted cash 739,036 1,876,804
Total cash and restricted cash 7,320,980 3,986,243
Noncash lease activities:    
Operating lease right to use asset exchanged for operating lease liability 432,466
Finance lease right to use assets exchanged for finance lease liabilities 96,039 44,979
Total lease right to use assets exchanged for lease liabilities $ 96,039 $ 477,445