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Consolidated Statement of Cash Flow (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities    
Net Income $ 2,996,885 $ 3,391,473
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,038,052 923,228
Loss on investments in equity securities 118,077 59,033
Amortization of right of use assets 453,669 397,536
Share-based compensation expense 612,354 492,665
Changes in assets and liabilities:    
Accounts receivable (5,175,695) (1,716,552)
Inventories (670,089) 448,963
Contract assets (215,140) (857,308)
Prepaid expenses & other assets (679,078) 256,770
Right of use assets (107,907) (46,109)
Other noncurrent assets 13,000 87,415
Accounts payable 3,573,509 (289,046)
Lease liabilities (344,294) (347,115)
Accrued Income Taxes 1,149,177 1,172,171
Other current liabilities (14,779) 507,582
Unearned revenue 75,787 (763,842)
Total adjustments (173,357) 325,391
Net Cash Provided by Operating Activities 2,823,528 3,716,864
Cash Flows from Investing Activities    
Cash paid for business acquisitions, net (6,549,750) 0
Proceeds from sale of property, plant and equipment 72,000 0
Sale of investments 135,625 0
Capital expenditures (436,820) (147,661)
Net Cash (Used in) Investing Activities (6,778,945) (147,661)
Cash Flows from Financing Activities    
Payments on notes (201,289) (743,580)
Payments on bank debt (2,351,000) (3,892,153)
Borrowings on bank debt 7,859,942 1,791,604
Share repurchase (252,269) (71,185)
Net Cash Provided by (Used in) Financing Activities 5,055,384 (2,915,314)
Net Increase in cash and cash equivalents 1,099,967 653,889
Cash and cash equivalents at beginning of period 1,647,175 1,247,627
Cash and cash equivalents at end of period 2,747,142 1,901,516
Supplemental disclosures of cash flow information    
Interest Paid 230,169 348,042
Supplemental disclosures of noncash financing and investing activity    
Additions to ROU assets obtained from new operating lease liabilities $ 107,907 $ 46,109