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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 1,299,281 $ 1,904,269
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 405,022 357,594
Deferred income taxes 105,363 (88,566)
Provision for bad debts 80,003 88,289
Provision for slow moving and obsolete inventory 70,049 9,756
Other operating non-cash items 311 (1,572)
Changes in assets and liabilities:    
Trade accounts receivable (797,417) (2,110,546)
Receivables due from affiliated companies 364,973 358,826
Inventories (3,225,694) (1,068,795)
Prepaid expenses and other current assets 508,494 (162,596)
Accounts payable – trade 499,359 1,174,548
Income taxes payable 163,047 576,626
Accrued expenses payable 288,372 169,969
Net cash (used in) provided by operating activities (238,837) 1,207,802
Cash flows from investing activities:    
Purchases of property, plant and equipment (1,610,684) (915,899)
Net cash used in investing activities (1,610,684) (915,899)
Cash flows from financing activities:    
Payments on long-term debt (233,104) (130,092)
Dividends paid to common shareholders (380,392) (284,454)
Repurchase of common stock (5,645)
Net cash used in financing activities (619,141) (414,546)
Effect of exchange rate on cash 651 976
Net decrease in cash and restricted cash (2,468,011) (121,667)
Cash and restricted cash at beginning of period 12,684,935 11,601,152
Cash and restricted cash at end of period 10,216,924 11,479,485
Supplemental disclosure of cash flow information:    
Cash paid for interest during period 28,786 32,606
Cash paid for income taxes during period 65,000
Cash paid under operating lease 23,700 23,700
Cash 10,216,924 11,161,761
Restricted cash 317,724
Total cash and restricted cash $ 10,216,924 $ 11,479,485