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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net income $ 5,585,044 $ 4,867,313
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 564,177 421,088
Amortization of intangible assets 466,121 371,372
Impairments 0 66,364
Loss on sale of property and equipment 5,106 24,605
Bad debt expense 88,451 123,753
Deferred income tax (50,738) 58,405
Accretion on notes payable 24,956 36,843
Changes in assets and liabilities:    
Accounts receivable (45,427) (2,063,400)
Inventory, net 270,890 (4,427,940)
Prepaid expenses and other current assets 257,599 (603,016)
Income tax receivable 94,729 0
Other assets (419,802) 26,194
Accounts payable and accrued liabilities 3,520,202 4,975,948
Income tax payable 1,421,453 (799,700)
Net cash provided by operating activities 11,782,761 3,077,829
Cash flows used in investing activities    
Purchase of property, plant and equipment (1,041,987) (764,125)
Proceeds from sale of property and equipment 38,469 11,386
Acquisition of a business, net of cash acquired (1,247,843) 0
Development of intangible assets (198,284) (138,097)
Net cash used in investing activities (2,449,645) (890,836)
Cash flows from financing activities    
Proceeds from Lines of Credit 8,932,016 0
Repayments of Lines of Credit (8,932,016) 0
Borrowing on term loan 6,000,000 0
Repayments of notes payable (392,394) (714,668)
Purchase of minority interest (784,653) 0
Net cash provided by (used in) financing activities 4,822,953 (714,668)
Net change in cash and cash equivalents 14,156,069 1,472,325
Foreign exchange impact on cash and cash equivalents 138,867 30,413
Increase in cash and cash equivalents during the period 14,294,936 1,502,738
Cash and cash equivalents at beginning of period 11,500,973 3,971,226
Cash and cash equivalents at end of period 25,795,909 5,473,964
Supplemental schedule of non-cash activities    
Notes payable issued for acquisitions 893,317 0
Supplemental cash flow information    
Cash paid for income taxes 77,026 2,058,925
Cash paid for interest $ 50,955 $ 10,997