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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income $ 16,461 $ 15,074
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 7,477 6,103
Provision for bad debt 0 98
Reserve for inventory obsolescence 133 0
Gain on sales of asset 0 (19)
Change in fair value of interest rate swap (1,298) 2,028
Amortization of loan fees 9 9
Stock-based compensation 1,088 0
Gain on forgiveness of PPP loan (5,000) 0
(Increase) decrease in operating assets    
Accounts receivable (9,438) (2,458)
Inventories (11,226) (13,187)
Prepaid expenses and other current assets 840 (2,332)
Due from affiliated companies 0 (840)
Deposits (64) 1,739
Other assets (238) 0
Increase (decrease) in operating liabilities    
Accounts payable (1,041) 801
Accrued expenses 3,202 1,069
Related party payable (2,427) 1,170
Credit cards payable (663) (317)
Income taxes payable 65 3,088
Customer deposits 574 (11)
Other liabilities 300 285
Net cash (used in) provided by operating activities (1,246) 12,300
Cash flows from investing activities    
Purchases of property and equipment (3,947) (27,621)
Proceeds on disposal of property and equipment 0 24
Deposits paid for property and equipment (3,792) (5,640)
Effect on initial consolidation of Lollicup Franchising Inc, net of cash acquired 0 (893)
Acquisition of Pacific Cup, Inc., net of cash acquired (900) 0
Net cash used in investing activities (8,639) (34,130)
Cash flows from financing activities    
Proceeds from line of credit 1,470 5,190
Payments on line of credit (34,639) 0
Proceeds from long-term debt, net of issuance cost 15,997 24,542
Payments on long-term debt (38,985) (5,497)
Issuance of common stock in connection with initial public offering, net of issuance costs 67,592 0
Dividends paid to shareholders 0 (607)
Payments on capital lease obligations (319) (285)
Treasury stock acquired 0 (248)
Net cash provided by financing activities 11,116 23,095
Net increase in cash and cash equivalents 1,231 1,265
Cash and cash equivalents    
Beginning of year 448 802
End of year 1,679 2,067
Supplemental disclosures of non-cash investing and  financing activities:    
Capital expenditures funded by capital lease borrowings 0 23
Transfers from deposit to property and equipment 3,215 15,749
Acquisition of Pacific Cup, Inc. included within deposits 100 0
Forgiveness of PPP loan 5,000 0
Supplemental disclosures of cash flow information:    
Cash paid for income tax 3,324 2,395
Cash paid for interest $ 2,472 $ 2,869