XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net income $ 12,388,000 $ 10,508,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 4,943,000 3,869,000
Provision for bad debt 0 98,000
Gain on sale of asset 0 (8,000)
Change in fair value of interest rate swap (1,143,000) 2,298,000
Amortization of loan fees 6,000 6,000
Stock-based compensation 240,000 0
Gain on forgiveness of PPP loan (5,000,000) 0
(Increase) decrease in operating assets    
Accounts receivable (8,760,000) (636,000)
Inventories (13,134,000) (8,317,000)
Prepaid expenses and other current assets 3,099,000 (598,000)
Due from affiliated companies 0 (741,000)
Deposits (144,000) 1,762,000
Other assets 91,000 (85,000)
Increase (decrease) in operating liabilities    
Accounts payable 4,285,000 (2,783,000)
Accrued expenses 1,625,000 4,752,000
Related party payable (1,430,000) (1,174,000)
Credit cards payable (669,000) (493,000)
Income taxes payable (41,000) 0
Customer deposits 658,000 (16,000)
Other liabilities 299,000 301,000
Net cash (used in) provided by operating activities (2,687,000) 8,743,000
Cash flows from investing activities    
Purchases of property and equipment (957,000) (27,389,000)
Proceeds on disposal of property and equipment 0 12,000
Deposits paid for property and equipment (2,989,000) (3,593,000)
Acquisition of Pacific Cup, Inc., net of cash acquired (893,000) 0
Net cash used in investing activities (4,839,000) (30,970,000)
Cash flows from financing activities    
Proceeds from line of credit 1,470,000 3,820,000
Net payments on line of credit (31,400,000) 0
Proceeds from long-term debt, net of issuance cost 0 24,540,000
Payments on long-term debt (22,726,000) (3,495,000)
Issuance of common stock in connection with our initial public offering, net of issuance costs 67,592,000 0
Dividends paid to shareholders 0 (607,000)
Payments on capital lease obligations (176,000) (158,000)
Treasury stock acquired 0 (107,000)
Net cash provided by financing activities 14,760,000 23,993,000
Net increase in cash and cash equivalents 7,234,000 1,766,000
Cash and cash equivalents    
Beginning of year 448,000 802,000
End of year 7,682,000 2,568,000
Supplemental disclosures of non-cash investing and  financing activities:    
Capital expenditures funded by capital lease borrowings 0 23,000
Transfers from deposit to property and equipment 1,338,000 6,029,000
Acquisition of Pacific Cup, Inc. included within deposits 100,000 0
Forgiveness of PPP loan 5,000,000 0
Supplemental disclosures of cash flow information:    
Cash paid for income tax 1,574,000 0
Cash paid for interest $ 1,975,000 $ 1,789,000