XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 26, 2020
Sep. 28, 2019
OPERATING ACTIVITIES:    
Net Income $ 21,731,000 $ 23,687,900
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 366,700 276,700
Provision for credit losses 164,300 23,900
Compensation expense related to stock options 929,900 1,511,400
Deferred income taxes (1,251,000) (1,320,800)
Loss from disposal of property and equipment 200  
Deferred initial direct costs (18,300) (87,400)
Amortization of deferred initial direct costs 89,400 492,800
Operating lease right of use asset amortization 293,400 285,000
Tax benefits on exercised stock options 602,400 580,700
Change in operating assets and liabilities:    
Receivables (278,100) (41,300)
Principal collections on lease receivables 11,418,500 14,407,300
Income tax receivable/payable 368,000 (406,900)
Inventories 900 37,900
Prepaid expenses (190,700) (110,900)
Other assets 34,200 (18,600)
Accounts payable 257,700 (166,500)
Accrued and other liabilities (864,100) (519,300)
Rents received in advance and security deposits (1,252,000) (149,500)
Deferred revenue (630,300) (414,500)
Net cash provided by operating activities 31,772,100 38,067,900
INVESTING ACTIVITIES:    
Purchase of property and equipment (33,400) (135,200)
Purchase of equipment for lease contracts (3,128,200) (7,936,600)
Net cash used for investing activities (3,161,600) (8,071,800)
FINANCING ACTIVITIES:    
Proceeds from borrowings on line of credit 46,600,000 18,800,000
Payments on line of credit (46,600,000) (18,800,000)
Payments on notes payable (2,687,500) (2,437,500)
Repurchases of common stock (48,987,500) (24,028,100)
Proceeds from exercises of stock options 7,074,100 2,995,000
Dividends paid (2,029,500) (2,483,700)
Proceeds from discounted lease rentals 1,157,000 944,400
Net cash used for financing activities (45,473,400) (25,009,900)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (16,862,900) 4,986,200
Cash, cash equivalents and restricted cash, beginning of period 25,180,300 2,576,000
Cash, cash equivalents and restricted cash, end of period $ 8,317,400 $ 7,562,200