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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net income $ 12,193,292 $ 9,376,598
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 889,820 655,385
Amortization of intangible assets 705,692 570,954
Impairments 0 66,364
(Gain) loss on sale of property and equipment (3,101) 1,521
Bad debt expense 85,535 153,949
Deferred income tax (47,886) 135,221
Accretion on notes payable 36,760 50,346
Changes in assets and liabilities:    
Accounts receivable (1,692,396) (1,883,620)
Inventory, net (3,803,836) (5,679,694)
Prepaid expenses and other current assets (413,354) (1,372,894)
Income tax receivable 94,729 0
Other assets (468,400) 61,795
Accounts payable and accrued liabilities 6,361,659 4,308,679
Income tax payable 300,582 (799,052)
Net cash provided by operating activities 14,239,096 5,645,552
Cash flows used in investing activities    
Purchase of property, plant and equipment (1,358,108) (994,074)
Proceeds from sale of property and equipment 50,809 41,197
Acquisition of a business, net of cash acquired (1,247,843) 0
Development of intangible assets (306,635) (534,720)
Net cash used in investing activities (2,861,777) (1,487,597)
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 (1,043,818) (908,909)
Purchase of minority interest (784,653) 0
Net cash provided by (used in) financing activities 4,171,529 (908,909)
Net change in cash and cash equivalents 15,548,848 3,249,046
Foreign exchange impact on cash and cash equivalents 174,650 75,634
Increase in cash and cash equivalents during the period 15,723,498 3,324,680
Cash and cash equivalents at beginning of period 11,500,973 3,971,226
Cash and cash equivalents at end of period 27,224,471 7,295,906
Supplemental schedule of non-cash activities    
Notes payable issued for acquisitions 893,317 0
Supplemental cash flow information    
Cash paid for income taxes 2,949,838 3,004,758
Cash paid for interest $ 129,117 $ 15,890