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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 1,904,269 $ 626,881
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 357,594 330,374
Deferred income taxes (88,566) 25,315
Provision for bad debts 88,289 15,935
Provision for slow moving and obsolete inventory 9,756 35,404
Other operating non-cash items (1,572) (483)
Cash used related to 2019 chemical incident (200,665)
Gain on insurance settlement (126,210)
Changes in assets and liabilities:    
Trade accounts receivable (2,110,546) 711,965
Receivables due from affiliated companies 358,826 (233,430)
Inventories (1,068,795) (1,840,769)
Prepaid expenses and other current assets (162,596) (68,564)
Accounts payable – trade 1,174,548 949,090
Income taxes payable 576,626  
Accrued expenses payable 169,969 62,971
Net cash provided by operating activities 1,207,802 287,814
Cash flows from investing activities:    
Insurance proceeds received for damaged machinery and equipment 411,657
Purchases of property, plant and equipment (915,899) (541,104)
Net cash used in investing activities (915,899) (129,447)
Cash flows from financing activities:    
Payments on long-term debt (130,092) (126,673)
Dividends paid to common shareholders (284,454)  
Net cash used in financing activities (414,546) (126,673)
Effect of exchange rate on cash 976 (1,845)
Net (decrease) increase in cash and restricted cash (121,667) 29,849
Cash and restricted cash at beginning of period 11,601,152 8,010,420
Cash and restricted cash at end of period 11,479,485 8,040,269
Supplemental disclosure of cash flow information:    
Cash paid for interest during period 32,606 36,261
Cash paid for income taxes during period 45,000
Cash paid under operating lease 23,700 23,700
Cash 11,161,761 6,148,351
Restricted cash 317,724 1,891,918
Total cash and restricted cash $ 11,479,485 $ 8,040,269