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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 15,143 $ 12,388
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 5,148 4,943
Adjustments to accounts receivable reserves 1,151 0
Adjustments to inventory reserves 513 0
Gain on sale of asset (17) 0
Change in fair value of interest rate swap (2,159) (1,143)
Amortization of loan fees 18 6
Stock-based compensation 1,176 240
Gain on forgiveness of debt 0 (5,000)
(Increase) decrease in operating assets    
Accounts receivable (6,848) (8,760)
Inventories (27,516) (13,134)
Prepaid expenses and other current assets (1,697) 3,099
Deposits (163) (144)
Other assets 87 91
Increase (decrease) in operating liabilities    
Accounts payable 4,855 4,285
Accrued expenses 552 1,625
Related party payable 1,201 (1,430)
Income taxes payable (85) (41)
Customer deposits 404 658
Other liabilities 9 0
Other payable 482 (370)
Net cash used in operating activities (7,746) (2,687)
Cash flows from investing activities    
Purchases of property and equipment (1,615) (957)
Proceeds from disposal of property and equipment 35 0
Deposits paid for joint venture investment (4,000) 0
Deposits paid for property and equipment (7,596) (2,989)
Proceeds from settlement of interest rate swap 825 0
Acquisition of Pacific Cup, Inc., net of cash acquired 0 (893)
Net cash used in investing activities (12,351) (4,839)
Cash flows from financing activities    
Proceeds from line of credit 20,100 1,470
Payments on line of credit (8,500) (31,400)
Proceeds from long-term debt 27,477 0
Payments on long-term debt (21,139) (22,726)
Proceeds from exercise of stock options 51 67,592
Payments on capital lease obligations   (176)
Payments of noncontrolling interest tax withholding (874) 0
Net cash provided by financing activities 17,115 14,760
Net (decrease) increase in cash and cash equivalents (2,982) 7,234
Cash and cash equivalents    
Beginning of year 6,483 448
End of year 3,501 7,682
Supplemental disclosures of non-cash investing and  financing activities:    
Transfers from deposit to property and equipment 5,107 1,338
Acquisition price of Pacific Cup, Inc. included within deposits 0 100
Gain on forgiveness of debt 0 5,000
Supplemental disclosures of cash flow information:    
Cash paid for income taxes 5,830 1,574
Cash paid for interest $ 1,074 $ 1,975