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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 27, 2021
Mar. 28, 2020
OPERATING ACTIVITIES:    
Net Income $ 9,311,100 $ 7,317,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 113,800 123,100
Provisions charged to expense (48,700) 615,400
Compensation expense related to stock options 385,200 140,300
Deferred income taxes (439,900) 11,100
Deferred initial direct costs (1,500) (8,500)
Amortization of deferred initial direct costs 10,500 37,200
Operating lease right of use asset amortization 54,200 192,100
Tax benefits on exercised stock options 47,100 87,000
Change in operating assets and liabilities:    
Receivables (515,000) 689,000
Principal collections on lease receivables 2,268,700 4,988,400
Income tax receivable/payable 3,333,300 2,046,500
Inventories (3,600) (19,200)
Prepaid expenses 155,300 (253,800)
Other assets (2,600) (3,600)
Accounts payable (370,300) 56,200
Accrued and other liabilities (532,300) (674,200)
Rents received in advance and security deposits (95,400) (885,300)
Deferred revenue (84,900) (95,500)
Net cash provided by operating activities 13,585,000 14,363,200
INVESTING ACTIVITIES:    
Purchase of property and equipment (34,300) (31,200)
Purchase of equipment for lease contracts (65,500) (1,706,000)
Net cash used for investing activities (99,800) (1,737,200)
FINANCING ACTIVITIES:    
Proceeds from borrowings on line of credit   45,700,000
Payments on line of credit   (5,700,000)
Payments on notes payable (1,062,500) (812,500)
Repurchases of common stock (10,455,200) (48,987,500)
Proceeds from exercises of stock options 268,800 145,900
Dividends paid (935,400) (912,200)
Proceeds from discounted lease rentals   1,157,000
Net cash used for financing activities (12,184,300) (9,409,300)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 1,300,900 3,216,700
Cash, cash equivalents and restricted cash, beginning of period 6,684,000 25,180,300
Cash, cash equivalents and restricted cash, end of period $ 7,984,900 $ 28,397,000