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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES    
Net earnings (loss) $ 11,311,797 $ (858,862)
Adjustments to reconcile net earnings (loss) to cash provided by (used in) operating activities:    
Depreciation 337,358 335,479
Deferred taxes (111,008) (108,722)
Compensation expense for restricted stock 121,704 110,813
Change in postretirement benefits 2,186 2,967
Lower of cost or net realizable value inventory adjustment 0 274,093
Loss recognized on open derivatives not designated for hedge accounting 2,953,960 0
Deferred realized loss on derivatives (3,812,820) 0
Forgiveness of Paycheck Protection Program Loan (1,706,614) 0
Decrease (increase) in operating assets:    
Accounts receivable (9,606,421) 1,235,255
Inventories (31,159,940) 3,956,258
Federal income taxes recoverable 0 (148,701)
Other current assets 233,347 (103,899)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses 29,300,241 (6,706,560)
Income taxes payable 2,167,025 0
Contribution to retirement plan 50,000 50,250
Employee compensation and related expenses 2,037,042 (98,083)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 2,117,857 (2,059,712)
INVESTING ACTIVITIES    
Purchase of property, plant and equipment (2,756,265) (1,373,573)
Increase in cash surrender value of officers’ life insurance (2,896) (4,323)
NET CASH USED IN INVESTING ACTIVITIES (2,759,161) (1,377,896)
FINANCING ACTIVITIES    
Paycheck Protection Program loan proceeds 0 1,690,385
Cash dividends paid (137,991) (141,609)
Cash paid for principal portion of finance lease (25,486) (25,000)
Asset based lending facility proceeds, net 10,863,213 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 10,699,736 1,523,776
INCREASE (DECREASE) IN CASH AND RESTRICED CASH 10,058,432 (1,913,832)
CASH AND RESTRICTED CASH AT BEGINNING OF PERIOD 20,192,486 17,057,751
CASH AND RESTRICTED CASH AT END OF PERIOD $ 30,250,918 $ 15,143,919