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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net income $ 25,837 $ 22,439
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,405 10,044
Adjustments to allowance for bad debt 1,010 0
Adjustments to inventory reserve 6 68
Write-off of inventory 3,470 1,424
Gain on sale of asset (32) 0
Change in fair value of interest rate swap (2,159) (1,512)
Amortization of loan fees 40 18
Deferred income taxes (478) (483)
Stock-based compensation 2,047 2,026
Gain on forgiveness of debt 0 (5,000)
Amortization of operating right-of-use assets 3,822 0
Impairment of deposit 465 0
(Increase) decrease in operating assets    
Accounts receivable 1,854 (8,938)
Inventories (16,210) (10,850)
Prepaid expenses and other current assets (1,514) 1,389
Deposits (145) (64)
Other assets 109 (316)
Increase (decrease) in operating liabilities    
Accounts payable 89 (1,599)
Accrued expenses 1,571 2,854
Related party payable 2,937 (3,035)
Income taxes payable (85) 44
Customer deposits 66 664
Operating lease liability (3,780) 0
Other liabilities 149 300
Other payable 0 (794)
Net cash provided by operating activities 29,474 8,679
Cash flows from investing activities    
Purchases of property and equipment (2,657) (4,175)
Proceeds from disposal of property and equipment 77 0
Deposits paid for property and equipment (12,090) (8,206)
Deposits paid for joint venture investment (5,876) 0
Deposits refunded from joint venture investment 1,876 0
Proceeds from settlement of interest rate swap 825 0
Acquisition of Pacific Cup, Inc., net of cash acquired 0 (900)
Net cash used in investing activities (17,845) (13,281)
Cash flows from financing activities    
Proceeds from line of credit 21,100 1,470
Payments on line of credit (21,100) (34,639)
Proceeds from long-term debt 27,477 15,997
Payments on long-term debt (21,572) (39,272)
Proceeds from issuance of common stock in connection with initial public offering, net of issuance costs 0 67,592
Proceeds from exercise of stock options 51 100
Dividends paid to shareholders (6,964) 0
Payments on capital lease obligations 0 (611)
Payments of noncontrolling interest tax withholding (1,063) 0
Net cash (used in) provided by financing activities (2,071) 10,637
Net increase in cash and cash equivalents 9,558 6,035
Cash and cash equivalents    
Beginning of year 6,483 448
End of year 16,041 6,483
Supplemental disclosures of non-cash investing and financing activities:    
Transfers from deposit to property and equipment 9,859 4,981
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 tax 8,303 4,836
Cash paid for interest $ 1,978 $ 2,895