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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 $ 4,079,202 $ 1,724,738
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 670,623 646,105
Deferred income taxes 40,670 24,059
Stock based compensation 22,220 13,260
Provision for bad debts 132,711 942
Provision for slow moving and obsolete inventory 35,404
Impairment of equipment 65,725
Other operating non-cash items (904) 1,151
Cash used related to 2019 chemical incident (200,665)
Gain on insurance settlement (126,210)
Changes in assets and liabilities:    
Trade accounts receivable (5,839,993) (2,896,709)
Receivables due from affiliated companies (423,584) 106,239
Inventories (2,155,642) 402,838
Prepaid expenses and other current assets 52,790 190,361
Accounts payable - trade 1,241,808 8,327
Income taxes payable 1,008,546 58,769
Accrued expenses payable 906,494 (20,941)
Net cash (used in) provided by operating activities (490,805) 259,139
Cash flows from investing activities:    
Insurance proceeds received for damaged machinery and equipment 411,657
Purchases of property, plant and equipment (1,219,653) (429,264)
Net cash used in investing activities (807,996) (429,264)
Cash flows from financing activities:    
Payments on long-term debt (253,867) (222,761)
Borrowings on revolving line of credit 1,000,000
Repayments on revolving line of credit (600,000)
Proceeds from CARES Act note 1,556,800
Repayment of CARES Act note (1,556,800)
Dividends paid to common shareholders (378,484) (468,306)
Proceeds from exercise of stock options 20,700 13,799
Net cash used in financing activities (611,651) (277,268)
Effect of exchange rate on cash (478) 859
Net decrease in cash and restricted cash (1,910,930) (446,534)
Cash and restricted cash at beginning of period 8,010,420 3,733,924
Cash and restricted cash at end of period 6,099,490 3,287,390
Supplemental disclosure of cash flow information:    
Cash paid for interest during period 72,107 80,594
Cash paid for income taxes during period 39,484 411,009
Cash paid under operating lease 47,400 47,400
Cash 4,677,344 1,111,427
Restricted cash 1,422,146 2,175,963
Total cash and restricted cash 6,099,490 3,287,390
Noncash lease activities:    
Operating lease right to use asset exchanged for operating lease liability 432,466
Finance lease right to use assets exchanged for finance lease liabilities 96,039 44,979
Total lease right to use assets exchanged for lease liabilities $ 96,039 $ 477,445