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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net income $ 9,616,683 $ 3,498,714
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,373,337 1,289,531
Deferred income taxes 68,844 31,025
Stock based compensation 312,610 275,540
Provision for bad debts 196,887 6,134
Provision for slow moving and obsolete inventory 46,175 (39,903)
Impairment of equipment 65,725
Other operating non-cash items (549) (897)
Cash used related to 2019 chemical incident (200,665)
Gain on insurance settlement (201,210)
Changes in assets and liabilities:    
Trade accounts receivable (1,389,520) (1,479,704)
Receivables due from affiliated companies (536,000) 83,836
Inventories (3,666,860) 2,570,645
Prepaid expenses and other current assets (324,764) 75,619
Accounts payable - trade 918,625 (424,845)
Accrued expenses payable (72,113) 106,033
Net cash provided by operating activities 6,207,205 5,991,728
Cash flows from investing activities:    
Insurance proceeds received for damaged machinery and equipment 486,657
Purchases of property, plant and equipment (1,836,756) (718,474)
Purchase of intangible assets (75,000)
Net cash used in investing activities (1,350,099) (793,474)
Cash flows from financing activities:    
Payments on long-term debt (510,437) (448,442)
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 (19,991) (20,949)
Proceeds from CARES Act note 1,556,800
Repayment of CARES Act note (1,556,800)
Dividends paid to common shareholders (757,362) (468,306)
Proceeds from exercise of stock options 20,700 13,799
Net cash used in financing activities (1,267,090) (923,898)
Effect of exchange rate on cash 716 2,140
Net increase in cash and restricted cash 3,590,732 4,276,496
Cash and restricted cash at beginning of period 8,010,420 3,733,924
Cash and restricted cash at end of period 11,601,152 8,010,420
Supplemental disclosure of cash flow information:    
Cash paid for interest during period 141,021 156,623
Cash paid for income taxes during period 2,627,384 778,009
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
Cash paid under operating lease 94,800 94,800
Cash 11,123,726 6,125,322
Restricted cash 477,426 1,885,098
Total cash and restricted cash 11,601,152 8,010,420
Noncash investing and financing activities:    
Issuance of note payable for asset acquisition 100,000
Imputed interest (2,988)
Principal portion of note payable issued for asset acquisition $ 97,012