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Consolidated Statement of Cash Flow (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities    
Net Income $ 9,649,552 $ 10,057,550
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,059,250 3,156,558
Loss on investments in equity securities 367,407 17,040
Amortization of right of use assets 1,081,245 1,267,360
Loss on disposal of assets 0 59,237
Share-based compensation expense 1,076,804 1,153,105
Changes in assets and liabilities:    
Accounts receivable (3,861,945) (2,578,233)
Inventories 498,088 (621,222)
Contract assets 1,229,845 64,529
Prepaid expenses & other assets 196,089 378,681
Right of use assets 96,017 (457,317)
Other noncurrent assets 13,000 240,246
Accounts payable 781,637 (2,671,465)
Lease liabilities (1,177,237) (673,160)
Accrued income taxes (904,332) (1,030,135)
Other current liabilities 669,300 389,529
Unearned revenue 548,960 2,218,573
Total adjustments 3,674,128 913,326
Net Cash Provided by Operating Activities 13,323,680 10,970,876
Cash Flows from Investing Activities    
Cash paid for business acquisitions, net (10,849,750) 0
Proceeds from sale of property, plant and equipment 72,000 0
Sale of investments 297,894 0
Capital expenditures (2,127,673) (1,394,192)
Net Cash (Used in) Investing Activities (12,607,529) (1,394,192)
Cash Flows from Financing Activities    
Payments on notes (613,353) (1,657,749)
Payments on bank debt (15,266,057) (14,246,403)
Borrowings on bank debt 15,915,025 6,741,084
Payments for debt issue costs (97,283) 0
Share repurchase (305,247) (111,775)
Net Cash (Used in) Financing Activities (366,915) (9,274,843)
Net Increase in cash and cash equivalents 349,236 301,841
Cash and cash equivalents at beginning of period 1,647,175 1,247,627
Cash and cash equivalents at end of period 1,996,411 1,549,468
Supplemental disclosures of cash flow information    
Interest Paid 792,650 1,002,952
Supplemental disclosures of noncash financing and investing activity    
Additions to ROU assets obtained from new operating lease liabilities 1,305,940 457,808
Purchase accounting adjustment to Goodwill for a change in inventory 0 147,591
Purchase accounting adjustment to Goodwill for a change in fixed assets 0 73,520
Assumption of debt for purchase of real-estate 5,869,250 0
Issuance of Class A common shares for capital expenditures $ 30,011 $ 150,000