XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 27, 2020
Jun. 29, 2019
OPERATING ACTIVITIES:    
Net Income $ 12,372,200 $ 14,574,100
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 246,000 166,000
Provision for credit losses 503,900 79,400
Compensation expense related to stock options 538,000 1,015,600
Deferred income taxes (839,900) 39,700
Loss from disposal of property and equipment 200  
Deferred initial direct costs (14,500) (48,000)
Amortization of deferred initial direct costs 66,400 369,000
Operating lease right of use asset amortization 242,100 207,300
Tax benefits on exercised stock options 477,900 305,800
Change in operating assets and liabilities:    
Receivables (224,300) 42,800
Principal collections on lease receivables 7,995,000 9,543,600
Income tax receivable/payable 3,300,800 (1,348,600)
Inventories 2,200 (6,800)
Prepaid expenses 1,200 48,600
Other assets 17,200 (26,600)
Accounts payable 816,600 (184,400)
Accrued and other liabilities (701,600) (761,700)
Rents received in advance and security deposits (1,145,100) 56,100
Deferred revenue (412,100) (357,900)
Net cash provided by operating activities 23,242,200 23,714,000
INVESTING ACTIVITIES:    
Purchase of property and equipment (33,700) (153,000)
Purchase of equipment for lease contracts (2,658,200) (5,678,600)
Net cash used for investing activities (2,691,900) (5,831,600)
FINANCING ACTIVITIES:    
Proceeds from borrowings on line of credit 45,700,000 18,800,000
Payments on line of credit (45,700,000) (12,800,000)
Payments on notes payable (1,625,000) (1,625,000)
Repurchases of common stock (48,987,500) (24,028,100)
Proceeds from exercises of stock options 6,159,500 945,400
Dividends paid (1,096,700) (1,528,900)
Proceeds from discounted lease rentals 1,157,000 944,400
Net cash used for financing activities (44,392,700) (19,292,200)
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (23,842,400) (1,409,800)
Cash, cash equivalents and restricted cash, beginning of period 25,180,300 2,576,000
Cash, cash equivalents and restricted cash, end of period $ 1,337,900 $ 1,166,200