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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income $ 29,003,000 $ 21,296,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including $910 associated with variable interest entity for both the nine months ended September 30, 2023 and 2022) 8,058,000 7,752,000
Adjustments to allowance for doubtful accounts (673,000) 1,112,000
Adjustments to inventory reserve (27,000) 441,000
Write-off of inventory 3,225,000 0
Impairment of deposits 523,000 0
Loss (gain), net, on disposal of machinery and equipment 1,708,000 (33,000)
Change in fair value of interest rate swap (including $0 and $2,159 associated with variable interest entity for the nine months ended September 30, 2023 and 2022, respectively) 0 (2,159,000)
Amortization of loan fees (including $41 and $28 associated with variable interest entity for the nine months ended September 30, 2023 and 2022, respectively) 57,000 28,000
Accrued interest on certificates of deposit (63,000) 0
Stock-based compensation 743,000 1,774,000
Amortization of operating right-of-use assets 3,617,000 2,897,000
(Increase) decrease in operating assets    
Accounts receivable (including $6 and $21 associated with variable interest entity for the nine months ended September 30, 2023 and 2022, respectively) (3,399,000) (5,068,000)
Inventories (3,649,000) (15,255,000)
Prepaid expenses and other current assets (including $22 and $396 associated with variable interest entity for the nine months ended September 30, 2023 and 2022, respectively) 431,000 (2,264,000)
Other assets (including $34 and $458 associated with variable interest entity for the nine months ended September 30, 2023 and 2022, respectively) (75,000) (43,000)
Increase (decrease) in operating liabilities    
Accounts payable (including $57 and $470 associated with variable interest entity for the nine months ended September 30, 2023 and 2022, respectively) 1,701,000 459,000
Accrued expenses (including $163 and $414 associated with variable interest entity for the nine months ended September 30, 2023 and 2022, respectively) (147,000) 1,130,000
Related party payable (2,385,000) 2,855,000
Income taxes payable 8,010,000 111,000
Customer deposits (including $49 and $156 associated with variable interest entity for the nine months ended September 30, 2023 and 2022, respectively) (478,000) (29,000)
Operating lease liability (3,313,000) (2,897,000)
Other liabilities (including $0 and $1 associated with variable interest entity for the nine months ended September 30, 2023 and 2022, respectively) 172,000 150,000
Other payables 49,000 242,000
Net cash provided by operating activities 43,088,000 12,499,000
Cash flows from investing activities    
Purchases of property and equipment (2,870,000) (2,007,000)
Proceeds from disposal of property and equipment 605,000 76,000
Payments for costs incurred from sale of machinery and equipment (189,000) 0
Deposits paid for joint venture investment (2,900,000) (4,000,000)
Deposits refunded from joint venture investment 6,900,000 0
Deposit refund from cancelled property and equipment purchase 503,000 0
Deposits paid for property and equipment (5,390,000) (11,471,000)
Proceeds from settlement of interest rate swap (including $0 and $825 associated with variable interest entity for the nine months ended September 30, 2023 and 2022, respectively) 0 825,000
Purchase of short-term investments (including $8,000 and $0 associated with variable interest entity for the nine months ended September 30, 2023 and 2022, respectively) (28,000,000) 0
Redemption of short-term investments 10,000,000 0
Net cash used in investing activities (21,341,000) (16,577,000)
Cash flows from financing activities    
Proceeds from line of credit 0 21,100,000
Payments on line of credit 0 (21,100,000)
Proceeds from long-term debt (including $8,000 and $27,477 associated with variable interest entity for the nine months ended September 30, 2023 and 2022, respectively) 8,000,000 27,477,000
Payments for lender fees (61,000) 0
Payments on long-term debt (including $733 and $21,338 associated with variable interest entity for the nine months ended September 30, 2023 and 2022, respectively) (733,000) (21,338,000)
Tax withholding on vesting of restricted stock units (18,000) 0
Proceeds from exercise of common stock options 103,000 51,000
Dividends paid to shareholders (16,917,000) 0
Payments of noncontrolling interest tax withholding (including $0 and $1,064 associated with variable interest entity for the nine months ended September 30, 2023 and 2022, respectively) 0 (1,064,000)
Net cash (used in) provided by financing activities (9,626,000) 5,126,000
Net increase in cash and cash equivalents 12,121,000 1,048,000
Cash and cash equivalents    
Beginning of period 16,041,000 6,483,000
End of period 28,162,000 7,531,000
Supplemental disclosures of non-cash investing and financing activities:    
Transfers from deposit to property and equipment 8,953,000 6,639,000
Non-cash purchases of property and equipment 71,000 0
Supplemental disclosures of cash flow information:    
Cash paid for income tax 309,000 7,069,000
Cash paid for interest $ 1,493,000 $ 1,541,000