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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 29, 2024
Jul. 01, 2023
Operating Activities    
Net income $ 5,455,445 $ 2,006,521
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,741,969 3,621,126
Reduction in carrying amount of ROU assets 1,553,455 4,404,043
Unrecognized pension and postretirement benefits 10,219 656,655
Loss on sale of equipment and other assets 40,801 318,775
Provision for doubtful accounts 4,000 (16,731)
Stock compensation expense 624,320 10,185
Changes in operating assets and liabilities:    
Accounts receivable (5,266,258) 918,871
Inventories 2,365,449 7,711,536
Prepaid expenses and other 1,006,407 562,548
Other assets 28,721 163,077
Accounts payable 2,939,089 (953,660)
Accrued compensation 96,109 (165,590)
Operating lease liability (1,553,455) (4,395,424)
Other accrued expenses (784,960) (1,283,477)
Net cash provided by operating activities 10,261,311 13,558,455
Investing Activities    
Marketable securities (999,960) 0
Business acquisition 0 (547,638)
Payments received from notes receivable 470,937 2,309,236
Proceeds from sale of equipment 18,000 0
Purchases of property, plant, and equipment (2,834,977) (1,978,784)
Net cash used in investing activities (3,346,000) (217,186)
Financing Activities    
Proceeds from new long-term debt financing 0 60,000,000
Principal payments on long-term debt (1,505,952) (69,248,743)
Payments on short term borrowings (revolver) 0 (252,025)
Financing leases, net (62,674) 674,558
Purchase common stock for treasury (482,120) 0
Dividends paid (1,368,924) (1,369,941)
Net cash used in financing activities (3,419,670) (10,196,151)
Effect of exchange rate changes on cash (88,597) (127,966)
Net change in cash and cash equivalents 3,407,044 3,017,152
Cash and cash equivalents at beginning of period 8,299,453 10,187,522
Cash and cash equivalents at end of period 11,706,497 13,204,674
Supplemental disclosure of cash flow information:    
Interest 1,639,713 1,364,527
Income taxes 1,599,765 315,120
Non-cash investing and financing activities    
Right of use asset 144,445 4,404,043
Lease liability $ (144,445) $ (5,355,510)