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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net income $ 22,439 $ 16,668
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,044 8,569
Provision for bad debt 0 149
Reserve for inventory obsolescence 68 321
Gain on sale of asset 0 (16)
Change in fair value of interest rate swap (1,512) 1,566
Amortization of loan fees 18 12
Deferred income taxes (483) 3,938
Stock-based compensation 2,026 0
Gain on forgiveness of debt (5,000) 0
(Increase) decrease in operating assets    
Accounts receivable (8,938) (2,864)
Inventories (9,426) (13,833)
Prepaid expenses and other current assets 1,389 (3,445)
Due from affiliated companies 0 (840)
Deposits (64) 2,432
Other assets (316) (72)
Increase (decrease) in operating liabilities    
Accounts payable (1,599) 1,001
Accrued expenses 2,854 1,123
Related party payable (3,035) (72)
Credit cards payable (794) (280)
Income taxes payable 44 15
Customer deposits 664 (125)
Other liabilities 300 300
Net cash provided by operating activities 8,679 14,547
Cash flows from investing activities    
Purchases of property and equipment (4,175) (29,536)
Proceeds on disposal of property and equipment 0 24
Deposits paid for property and equipment (8,206) (6,946)
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 (13,281) (37,351)
Cash flows from financing activities    
Proceeds from line of credit 1,470 6,490
Payments on line of credit (34,639) 0
Proceeds from long-term debt 15,997 24,540
Payments on long-term debt (39,272) (7,364)
Proceeds from issuance of common stock in connection with initial public offering, net of issuance costs 67,592 0
Proceeds from exercise of stock options 100 0
Dividends paid to shareholders 0 (606)
Payments on capital lease obligations (611) (362)
Treasury stock acquired 0 (248)
Net cash provided by financing activities 10,637 22,450
Net increase (decrease) in cash and cash equivalents 6,035 (354)
Cash and cash equivalents    
Beginning of year 448 802
End of year 6,483 448
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 4,981 15,275
Acquisition price of Pacific Cup, Inc. included within deposits 100 0
Gain on forgiveness of debt 5,000 0
Supplemental disclosures of cash flow information:    
Cash paid for income tax 4,836 2,495
Cash paid for interest $ 2,895 $ 3,887