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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 7,776,445 $ 8,736,032
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,105,542 1,020,179
Deferred income taxes 32,577 88,377
Stock based compensation 55,780 22,220
Provision for bad debts 170,978 213,398
Provision for slow moving and obsolete inventory 24,450 47,146
Impairment of equipment 65,725
Other operating non-cash items (690) (1,061)
Cash used related to 2019 chemical incident (200,665)
Gain on insurance settlement (126,210)
Changes in assets and liabilities:    
Trade accounts receivable (9,070,929) (9,343,556)
Receivables due from affiliated companies 871,356 (145,840)
Inventories (3,637,494) (2,812,905)
Prepaid expenses and other current assets (710,424) (43,784)
Accounts payable – trade 3,116,589 2,709,747
Income taxes payable 267,402
Accrued expenses payable 678,139 881,019
Net cash provided by operating activities 412,319 1,377,224
Cash flows from investing activities:    
Insurance proceeds received for damaged machinery and equipment 411,657
Purchases of property, plant and equipment (4,956,102) (1,549,077)
Net cash used in investing activities (4,956,102) (1,137,420)
Cash flows from financing activities:    
Payments on long-term debt (513,990) (381,616)
Proceeds from term loan 4,989,789
Proceeds from CARES Act note 1,556,800
Repayment of CARES Act note (1,556,800)
Dividends paid to common shareholders (853,482) (567,726)
Proceeds from exercise of stock options 20,700
Net cash provided by (used in) financing activities 3,622,317 (928,642)
Effect of exchange rate on cash 17 (602)
Net decrease in cash and restricted cash (921,449) (689,440)
Cash and restricted cash at beginning of period 11,601,152 8,010,420
Cash and restricted cash at end of period 10,679,703 7,320,980
Supplemental disclosure of cash flow information:    
Cash paid for interest during period excluding capitalized interest 95,858 107,147
Cash paid for income taxes during period 2,175,938 2,029,484
Cash paid under operating lease 71,100 71,100
Cash 10,679,703 6,581,944
Restricted cash 739,036
Total cash and restricted cash 10,679,703 7,320,980
Noncash lease activities:    
Finance lease right to use assets exchanged for finance lease liabilities $ 96,039