XML 20 R7.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net income $ 8,403,968 $ 9,616,683
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,489,215 1,373,337
Deferred income taxes (32,495) 68,844
Stock based compensation 407,860 312,610
Provision for bad debts 311,123 196,887
Provision for slow moving and obsolete inventory 24,450 46,175
Impairment of equipment 65,725
Other operating non-cash items 1,975 (549)
Cash used related to 2019 chemical incident (200,665)
Gain on insurance settlement (201,210)
Changes in assets and liabilities:    
Trade accounts receivable (1,528,317) (1,389,520)
Receivables due from affiliated companies 284,105 (536,000)
Inventories (3,667,947) (3,666,860)
Prepaid expenses and other current assets (834,185) (324,764)
Accounts payable – trade 911,613 918,625
Income taxes payable 45,295
Accrued expenses payable (310,963) (72,113)
Net cash provided by operating activities 5,505,697 6,207,205
Cash flows from investing activities:    
Insurance proceeds received for damaged machinery and equipment 486,657
Purchases of property, plant and equipment (7,442,783) (1,836,756)
Net cash used in investing activities (7,442,783) (1,350,099)
Cash flows from financing activities:    
Payments on long term debt (753,284) (510,437)
Proceeds from long term debt 4,989,789
Payments for taxes related to net share settlements of stock awards (37,800) (19,991)
Proceeds from CARES Act note 1,556,800
Repayment of CARES Act note (1,556,800)
Dividends paid to common shareholders (1,138,737) (757,362)
Repurchase of common stock (39,112)
Proceeds from exercise of stock options 20,700
Net cash provided by (used in) financing activities 3,020,856 (1,267,090)
Effect of exchange rate on cash 13 716
Net increase in cash and restricted cash 1,083,783 3,590,732
Cash and restricted cash at beginning of period 11,601,152 8,010,420
Cash and restricted cash at end of period 12,684,935 11,601,152
Supplemental disclosure of cash flow information:    
Cash paid for interest during period 125,432 141,021
Cash paid for income taxes during period 2,256,938 2,627,384
Finance lease right to use assets exchanged for finance lease liabilities 96,039
Cash paid under operating lease 94,800 94,800
Cash 12,684,935 11,123,726
Restricted cash 477,426
Total cash and restricted cash $ 12,684,935 $ 11,601,152