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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income $ 15,703 $ 19,863
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including $607 associated with variable interest entity for both the six months ended June 30, 2024 and 2023, respectively) 5,289 5,350
Adjustments to allowance for bad debt 140 (843)
Adjustments to inventory reserve 375 (408)
Write-off of inventory 451 2,944
Impairment of deposits 0 523
Impairment of operating right-of-use asset 1,993 0
Loss, net, on disposal of machinery and equipment 532 2,018
Amortization of loan fees (including $31 associated with variable interest entity for both the six months ended June 30, 2024 and 2023, respectively) 46 40
Accrued interest on certificates of deposit (including $132 and $0 associated with variable interest entity for the six months ended June 30, 2024 and 2023, respectively) (299) 0
Stock-based compensation 1,315 493
Amortization of operating right-of-use assets 3,461 2,281
(Increase) decrease in operating assets    
Accounts receivable (including $0 and $3 associated with variable interest entity for the six months ended June 30, 2024 and 2023, respectively) (6,060) (2,061)
Inventories (9,139) (7,625)
Prepaid expenses and other current assets (including $12 and $9 associated with variable interest entity for the six months ended June 30, 2024 and 2023, respectively) 1,976 478
Other non-current assets (including $10 and $21 associated with variable interest entity for the six months ended June 30, 2024 and 2023, respectively) (165) (36)
Increase (decrease) in operating liabilities    
Accounts payable (including $5 and $1 associated with variable interest entity for the six months ended June 30, 2024 and 2023, respectively) 6,300 4,006
Accrued expenses (including $323 and $336 associated with variable interest entity for the six months ended June 30, 2024 and 2023, respectively) 3,371 (1,059)
Related party payable (1,433) 2,187
Income taxes payable 0 5,105
Customer deposits (including $0 and $49 associated with variable interest entity for the six months ended June 30, 2024 and 2023, respectively) (449) (302)
Operating lease liabilities (3,093) (2,205)
Other liabilities (60) 304
Net cash provided by operating activities 20,254 31,053
Cash flows from investing activities    
Purchases of property and equipment (415) (1,816)
Proceeds on disposal of property and equipment 90 28
Payments for costs incurred from sale of machinery and equipment 0 (209)
Deposits paid for joint venture investment 0 (2,900)
Deposits refunded from joint venture investment 0 6,900
Deposit refund from cancelled property and equipment purchase 0 503
Deposits paid for property and equipment (2,041) (3,823)
Purchases of short-term investments (including $7,000 and $8,000 associated with variable interest entity for the six months ended June 30, 2024 and 2023, respectively) 22,513 28,000
Redemption of short-term investments 16,412 0
Net cash used in investing activities (8,467) (29,317)
Cash flows from financing activities    
Proceeds from long-term debt (including $0 and $8,000 associated with variable interest entity for the six months ended June 30, 2024 and 2023, respectively) 0 8,000
Payments for lender fees 0 (61)
Payments on long-term debt (including $555 and $476 associated with variable interest entity for the six months ended June 30, 2024 and 2023, respectively) (555) (476)
Tax withholding on vesting of restricted stock units 0 (18)
Proceeds from exercise of common stock options 325 0
Dividends paid to shareholders (12,996) (6,965)
Payment for Global Wells noncontrolling membership interest redemption (including $2,010 and $0 associated with variable interest entity for the six months ended June 30, 2024 and 2023, respectively) (2,326) 0
Net cash (used in) provided by financing activities (15,552) 480
Net (decrease) increase in cash and cash equivalents (3,765) 2,216
Cash and cash equivalents    
Beginning of period 23,076 16,041
End of period 19,311 18,257
Supplemental disclosures of non-cash investing and financing activities:    
Transfers from deposit to property and equipment 2,492 5,273
Non-cash purchases of property and equipment 118 819
Supplemental disclosures of cash flow information:    
Income tax refund 3,315 200
Cash paid for interest $ 1,040 $ 1,026