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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating activities:    
Net income $ 10,022,351 $ 17,793,160
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 3,500,876 2,956,513
Amortization of intangible assets 2,568,349 2,111,078
Stock compensation expense 2,183,001 1,940,443
Deferred income taxes 565,312 594,059
Non-cash lease adjustment (40,373) (57,648)
Provision for excess and obsolete inventory   171,476
Provision for credit losses 393,945 (129,219)
Amortization of deferred financing costs 39,738 39,405
Change in earnout liability 24,481 170,000
Gain on sale of business, net of tax of $2,907,000   (9,644,000)
Changes in operating assets and liabilities    
Accounts receivable (2,459,450) 6,329,398
Inventories (329,896) 3,648,679
Prepaid expenses and other current assets (704,417) (950,338)
Accounts payable (2,981,506) 1,552,352
Other accrued liabilities (807,171) 2,374,137
Total adjustments 1,952,889 11,106,335
Net cash provided by operating activities 11,975,240 28,899,495
Investing activities:    
Purchase of property, plant and equipment (7,148,648) (4,673,717)
Purchase of intellectual property   (301,736)
Proceeds from sale of business, net of related costs 1,100,000 13,152,613
Acquisition of Safety Made (750,000) (750,000)
Acquisition of Elite First Aid (6,140,519)  
Net cash (used in) provided by investing activities (12,939,167) 7,427,160
Financing activities:    
Net borrowings (repayments) of long-term debt 4,476,192 (36,835,642)
Repayments on mortgage (413,235) (409,624)
Distributions to stockholders (2,221,924) (1,993,049)
Cash settlement of stock options (415,900) (292,152)
Tax paid on net share settlement of stock options (1,042,726) (363,273)
Issuance of common stock 1,621,237 1,452,520
Net cash provided by (used in) financing activities 2,003,644 (38,441,220)
Effect of exchange rate changes (186,979) 60,110
Net increase (decrease) in cash and cash equivalents and restricted cash 852,738 (2,054,455)
Cash, cash equivalents and restricted cash at beginning of year 5,545,954 7,600,409
Cash, cash equivalents and restricted cash at end of year 6,398,692 5,545,954
Supplemental cash flow information:    
Cash paid for income taxes 2,248,217 5,771,876
Cash paid for interest expense 1,903,301 3,179,184
Non-cash investing activities    
Safety Made acquisition contingent consideration   750,000
Elite First Aid acquisition contingent consideration and holdback 1,000,000  
Non-cash financing activities    
Dividends accrued not paid $ 563,175 $ 546,710