XML 18 R6.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statement of Cash Flow (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities    
Net Income $ 7,242,815 $ 2,237,139
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,024,296 1,855,257
Unrealized loss (gain) on investments in equity securities (118,482) 434,069
Amortization of right of use assets 792,382 647,471
Loss on disposal of assets 59,071 15,370
Non-cash share-based compensation expense 928,788 918,114
Changes in assets and liabilities:    
Accounts receivable 697,128 (3,100,400)
Inventories (987,162) (2,219,722)
Contract assets (125,609) 71,046
Prepaid expenses & other assets 470,831 (599,793)
Accounts payable (1,251,066) 2,603,596
Lease liabilities (327,772) (639,452)
Other current liabilities (576,177) 1,383,324
Unearned revenue (606,775) 843,202
Total adjustments 979,453 2,212,082
Net Cash Provided by Operating Activities 8,222,268 4,449,221
Cash Flows from Investing Activities    
Cash paid for business acquisitions 0 (4,331,739)
Capital expenditures (866,127) (324,967)
Net Cash (Used in) Investing Activities (866,127) (4,656,706)
Cash Flows from Financing Activities    
Payments on notes (1,447,315) (2,030,541)
Payments on bank debt (9,304,931) (1,916,666)
Borrowings on bank debt 5,545,035 6,702,395
Payments on contingent liability 0 (750,000)
Share repurchase (111,775) (140,709)
Net Cash (Used in) Provided by Financing Activities (5,318,986) 1,864,479
Net Increase in cash and cash equivalents 2,037,155 1,656,994
Cash and cash equivalents at beginning of period 1,247,627 1,494,415
Cash and cash equivalents at end of period 3,284,782 3,151,409
Supplemental disclosures of cash flow information    
Interest Paid 742,808 438,210
Supplemental disclosures of noncash financing and investing activity    
Additions to ROU assets obtained from new operating lease liabilities 457,317 380,298
Purchase accounting adjustment to Goodwill for a change in inventory 147,591 0
Purchase accounting adjustment to Goodwill for a change in fixed assets 73,520 0
Issuance of Class A common shares in business acquisition 0 1,000,012
Issuance of Class A common shares for capital expenditures $ 150,000 $ 0