XML 19 R8.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 6,476 $ 9,186
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including $303 and $304 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) 2,629 2,633
Adjustments to allowance for bad debt (12) (652)
Adjustments to inventory reserve 40 288
Write-off of inventory 293 216
Impairment of operating right-of-use asset 1,993 0
Loss, net, on disposal of machinery and equipment 1 82
Amortization of loan fees (including $15 and $16 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) 23 17
Accrued interest on certificates of deposit (including $38 and $0 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) (126) 0
Stock-based compensation 375 277
Amortization of operating right-of-use assets 1,466 997
(Increase) decrease in operating assets    
Accounts receivable (including $0 and $7 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) (2,336) (2,409)
Inventories (8,077) (207)
Prepaid expenses and other current assets (including $4 and $52 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) 1,727 1,023
Other non-current assets (including $14 and $88 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) (190) 9
Increase (decrease) in operating liabilities    
Accounts payable (including $5 and $1 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) 3,367 (1,978)
Accrued expenses (including $420 and $415 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) 742 (1,127)
Related party payable (6) 4,967
Income taxes payable 0 1,782
Customer deposits (including $0 and $17 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) (507) (326)
Operating lease liabilities (1,474) (1,067)
Other non-current liabilities 155 474
Net cash provided by operating activities 6,559 14,185
Cash flows from investing activities    
Purchases of property and equipment (163) (1,042)
Proceeds on disposal of property and equipment 23 25
Deposits paid for joint venture investment 0 (2,900)
Deposits refunded from joint venture investment 0 950
Deposits paid for property and equipment (761) (1,718)
Purchases of short-term investments (including $7,000 and $0 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) (12,190) (10,000)
Redemption of short-term investments 5,144 0
Net cash used in investing activities (7,947) (14,685)
Cash flows from financing activities    
Proceeds from long-term debt (including $0 and $8,000 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) 0 8,000
Payments for lender fees 0 (61)
Payments on long-term debt (including $278 and $241 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) (278) (241)
Tax withholding on vesting of restricted stock units 0 (14)
Proceeds from exercise of common stock options 52 0
Dividends paid to shareholders (5,992) 0
Payment for Global Wells noncontrolling membership interest redemption (including $2,010 and $0 associated with variable interest entity for the three months ended March 31, 2024 and 2023, respectively) (2,326) 0
Net cash (used in) provided by financing activities (8,544) 7,684
Net (decrease) increase in cash and cash equivalents (9,932) 7,184
Cash and cash equivalents    
Beginning of year 23,076 16,041
End of year 13,144 23,225
Supplemental disclosures of non-cash investing and financing activities:    
Transfers from deposit to property and equipment 1,148 4,381
Non-cash purchases of property and equipment 159 1,159
Supplemental disclosures of cash flow information:    
Income tax refund 13 0
Cash paid for interest $ 502 $ 421