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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Cash flows from operating activities              
Net income $ 10,677 $ 9,186 $ 7,200 $ 7,943 $ 19,863 $ 15,143  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:              
Depreciation and amortization (including $607 and $606 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively)         5,350 5,148  
Adjustments to allowance for doubtful accounts         (843) 1,151  
Adjustments to inventory reserve         (408) 513  
Write-off of inventory 2,729       2,944 0  
Impairment of deposits         523 0  
Loss (gain) on disposal of machinery and equipment (1,936)   21   (2,018) 17  
Change in fair value of interest rate swap (including $0 and $2,159 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively)         0 (2,159)  
Amortization of loan fees (including $31 and $18 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively)         40 18  
Stock-based compensation         493 1,176  
Amortization of operating right-of-use assets         2,281 1,790  
(Increase) decrease in operating assets              
Accounts receivable (including $3 and $18 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively)         (2,061) (6,848)  
Inventories         (7,625) (27,516)  
Prepaid expenses and other current assets (including $9 and $115 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively)         478 (1,697)  
Other assets (including $21 and $28 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively)         (36) (76)  
Increase (decrease) in operating liabilities              
Accounts payable (including $1 and $493 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively)         4,006 4,855  
Accrued expenses (including $336 and $706 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively)         (1,059) 552  
Related party payable         2,187 1,201  
Income taxes payable         5,105 (85)  
Customer deposits (including $49 and $7 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively)         (302) 404  
Operating lease liability         (2,205) (1,790)  
Other liabilities (including $0 and $493 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively)         172 9  
Other payables         132 482  
Net cash provided by (used in) operating activities         31,053 (7,746)  
Cash flows from investing activities              
Purchases of property and equipment         (1,816) (1,615)  
Proceeds from disposal of property and equipment         28 35  
Payments for costs incurred from sale of machinery and equipment         (209) 0  
Deposits paid for joint venture investment         (2,900) (4,000)  
Deposits refunded from joint venture investment         6,900 0  
Deposit refund from cancelled property and equipment purchase         503 0  
Deposits paid for property and equipment         (3,823) (7,596)  
Proceeds from settlement of interest rate swap (including $0 and $825 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively)         0 825  
Purchase of short-term investments (including $8,000 and $0 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively)         (28,000) 0  
Net cash used in investing activities         (29,317) (12,351)  
Cash flows from financing activities              
Proceeds from line of credit         0 20,100  
Payments on line of credit         0 (8,500)  
Proceeds from long-term debt (including $8,000 and $27,477 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively)         8,000 27,477  
Payments for lender fees         (61) 0  
Payments on long-term debt (including $476 and $21,139 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively)         (476) (21,139)  
Tax withholding on vesting of restricted stock units         (18) 0  
Proceeds from exercise of common stock options         0 51  
Dividends paid to shareholders         6,965 0  
Payments of noncontrolling interest tax withholding (including $0 and $874 associated with variable interest entity for the six months ended June 30, 2023 and 2022, respectively)         0 (874)  
Net cash provided by financing activities         480 17,115  
Net increase (decrease) in cash and cash equivalents         2,216 (2,982)  
Cash and cash equivalents              
Beginning of period   $ 16,041   $ 6,483 16,041 6,483 $ 6,483
End of period $ 18,257   $ 3,501   18,257 3,501 $ 16,041
Supplemental disclosures of non-cash investing and financing activities:              
Transfers from deposit to property and equipment         5,273 5,107  
Non-cash purchases of property and equipment         819 0  
Supplemental disclosures of cash flow information:              
Cash paid for income tax         200 5,830  
Cash paid for interest         $ 1,026 $ 1,074