XML 21 R7.htm IDEA: XBRL DOCUMENT v3.19.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,199,932 $ 2,456,607
Adjustments to reconcile net income to net cash used in operating activities:    
Gain on sale of marketable securities (81,388) (93,066)
(Gain) loss on sale of property and equipment (13,298) 30,232
Profit from sale of assets on lease (946,185)
Change in inventory reserves (361,477) (1,851,036)
Change in accounts receivable reserves (47,321) (177,394)
Depreciation and amortization 7,686,070 2,428,731
Amortization of debt issuance cost 224,169 90,028
Impairment on property and equipment 34,504 250,126
Change in cash surrender value of life insurance (93,254) (105,057)
Deferred Income Tax Expense (Benefit), Total (1,158,945) (10,566)
Gain on asset retirement obligation (562,500)
Gain on bargain purchase, net of tax (1,983,777) (501,880)
Change in warranty reserve 335,632 122,686
Other-than-temporary impairment loss on investments 2,000,000 1,559,972
Unrealized (gain) loss on interest rate swap (145,222) 66,706
Unrealized gain on transition to equity method (721,585)
Unrealized loss on marketable securities 506,620
Change in operating assets and liabilities:    
Accounts receivable (1,960,509) 4,744,262
Costs and estimated earnings in excess of billings on uncompleted projects 2,012,121 (2,012,121)
Notes receivable and other non-trade receivables (4,367,919) 1,640,461
Inventories 9,530,655 (6,757,766)
Prepaid expenses and other assets (474,400) 331,466
Accounts payable 1,087,414 (1,689,030)
Accrued expenses 4,265,221 1,664,200
Income taxes payable/ receivable 2,037,422 (1,442,493)
Non-current liabilities (349,707) 261,180
Total adjustments 17,736,428 (2,734,444)
Net cash provided by (used in) operating activities 20,936,360 (277,837)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities (2,013,921) (2,519,045)
Proceeds from sale of marketable securities 889,838 720,452
Acquisition of businesses, net of cash acquired (3,375,700) (2,400,000)
Cash used for equity method investments (263,492) (2,301,026)
Investment in funds (100,000) (324,854)
Investment in reinsurance entity (2,000,000)
Capital expenditures related to property and equipment (1,319,718) (2,119,138)
Capital expenditures related to assets on lease (19,149,515) (18,096,456)
Proceeds from sale of property and equipment 135,537 3,859
Proceeds from sale of assets on lease 4,193,155
Net cash used in investing activities (23,003,816) (27,036,208)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from lines of credit 107,511,804 115,533,307
Payments on lines of credit (109,934,653) (119,176,727)
Proceeds from term loans 27,725,000 38,441,000
Payments on term loans (15,730,639) (4,816,825)
Debt issuance costs (227,642) (404,845)
Proceeds from loan against cash surrender value of life insurance policies 2,327,700
Earnout payments (1,533,041) (1,100,000)
Distribution to non-controlling member (75,507)
Contribution from non-controlling member 210,000 252,000
Payments for repurchase of stock (744,173)
Proceeds from exercise of stock options 17,762 8,638
Net cash provided by financing activities 9,546,611 28,736,548
Effect of foreign currency exchange rates on cash and cash equivalents 95,678 (3,340)
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 7,574,833 1,419,163
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR 5,072,897 3,653,734
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR 12,647,730 5,072,897
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES:    
Finished goods inventory transferred to equipment leased to customers 251,643
Equipment leased to customers transferred to inventory 2,057,417
Non-cash capital expenditures related to property & equipment 57,586
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 2,880,149 1,065,785
Income taxes $ 527,274 $ 1,659,064