XML 14 R5.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income for the period including non-controlling interest $ 1,959,221 $ 3,506,106
Adjustments to reconcile net income to cash provided by operations:    
Stock based compensation 366,526 109,465
Depreciation and amortization 751,574 472,278
Lease right of use amortization 25,687 25,583
Lease right of use financing 3,353 4,678
Gain on investment (326,703) (214,316)
Gain on acquisition of ENP Peru (335,051)
Changes in non-cash working capital items:    
(Increase) Decrease in accounts receivable 2,014,807 466,252
(Increase) Decrease in inventories 3,646,494 (5,683,515)
(Increase) Decrease in prepaid expenses (558,583) (119,892)
Increase (Decrease) in accounts payable and accrued liabilities (8,821) 1,416,460
Increase (Decrease) in taxes payable 405,577 1,255,248
Increase (Decrease) deferred revenue (352,357) (110,760)
Cash provided by operating activities 7,926,775 792,536
Investing activities    
Non-controlling interest of 317 Mendota 200,000
Acquisition of ENP Peru (499,329)
Additional investment in Trio (470,000)
Proceeds of equity method investment distributions 108,750
Deposits on purchases of equipment (361,616)
Net purchase of property, equipment and leaseholds (3,784,193) (422,067)
Cash (used in) investing activities (4,415,809) (812,646)
Financing activities    
Repayment of short term line of credit (2,818,591) (1,151,165)
Repayment of long term debt (361,265) (1,945,865)
Proceeds from loans 2,248,292 2,194,000
Dividends paid (626,777)
Lease financing costs (29,040) (30,261)
Distributions to non-controlling interest (387,696) (382,856)
Proceeds of issuance of common stock 13,600 74,020
Cash (used in) financing activities (1,961,477) (1,242,127)
Effect of exchange rate changes on cash 59,406 40,636
Inflow (outflow) of cash 1,608,895 (1,221,601)
Cash and cash equivalents, beginning 6,815,099 6,735,574
Cash resources 8,423,994 5,513,973
Cash and cash equivalents are comprised of:    
Cash and cash equivalents 7,413,753 4,488,626
Term deposits 1,010,241 1,025,347
Supplemental disclosure of cash flow information:    
Income taxes paid 248,572
Interest paid 250,368 109,457
Inventory additions in accounts payable $ 250,110 $ 580,034