XML 16 R5.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES    
Net loss $ (1,108,867) $ (1,349,365)
Adjustments to reconcile net loss to cash provided by operating activities:    
Depreciation 530,968 614,373
Deferred taxes (217,443) (118,969)
Compensation expense for restricted stock 221,627 166,472
Change in postretirement benefits 5,933 5,477
Lower of cost or net realizable value inventory adjustment 274,093 955,605
Decrease (increase) in operating assets:    
Accounts receivable 426,318 296,595
Inventories 8,894,641 12,013,518
Federal income taxes recoverable (109,230) (304,527)
Other current assets (1,075,916) (513,442)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses (4,199,863) (2,730,307)
Income taxes payable (159,694)
Contribution to retirement plan 100,500 100,500
Employee compensation and related expenses (26,484) 74,094
Other non-current liabilities 18,658
NET CASH PROVIDED BY OPERATING ACTIVITIES 3,716,277 9,068,988
INVESTING ACTIVITIES    
Purchase of property, plant and equipment (2,933,637) (796,253)
Increase in cash surrender value of officers’ life insurance (8,647) (8,740)
NET CASH USED IN INVESTING ACTIVITIES (2,942,284) (804,993)
FINANCING ACTIVITIES    
Paycheck Protection Program loan proceeds 1,690,385
Cash dividends paid (283,218) (559,956)
Cash paid for principal portion of finance lease (50,121)
Cash paid for share repurchases (410,221)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 946,825 (559,956)
INCREASE IN CASH 1,720,818 7,704,039
CASH AT BEGINNING OF PERIOD 17,057,751 11,667,161
CASH AT END OF PERIOD $ 18,778,569 $ 19,371,200