XML 22 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 5,980,673 $ 6,361,278
Adjustments to reconcile net income from operations to net cash flows from operating activities:    
Depreciation 1,831,000 1,899,184
Amortization 331,667 365,000
(Gain) loss on sale of property and equipment (58,926) 76,546
Equity-based compensation 1,403,584 1,224,661
Net excess tax benefit on equity-based awards   (320,000)
Deferred income taxes 437,278 264,336
(Recovery) provision for losses on doubtful accounts (199,000) 82,000
(Recovery) provision for losses on inventory obsolescence (57,247) 69,324
Other (4,045) (8,045)
Changes in assets and liabilities:    
Accounts receivable 2,032,683 1,338,145
Inventories 12,445,843 (17,227,536)
Prepaid and other current assets (6,482,141) 2,908,662
Other assets 29,102 130,965
Accounts payable 976,142 643,487
Accrued expenses and accrued wages, salaries and bonuses (228,552) 1,028,560
Income taxes receivable (51,721) (1,396,852)
Net cash flows from operating activities 18,386,340 (2,560,285)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (1,594,848) (1,018,391)
Proceeds from sales of property and equipment 112,157 41,000
Net cash flows from investing activities (1,482,691) (977,391)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (payments) borrowings on bank credit agreements (10,364,981) 5,820,424
Principal payments on long-term debt (351,383) (341,190)
Proceeds from exercise of stock options   450,000
Repurchase of common stock (4,795,412) (1,715,466)
Net excess tax benefit on equity-based awards   320,000
Dividends paid on convertible preferred stock (160,360) (195,105)
Dividends on common stock (654,678) (467,768)
Withholdings on the exercise of equity-based awards (190,991) (213,605)
Net cash flows from financing activities (16,517,805) 3,657,290
Net change in cash 385,844 119,614
Cash, beginning of period 219,536 99,922
Cash, end of period 605,380 219,536
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 737,252 828,005
Cash paid during the period for income taxes 3,889,443 5,533,516
Supplemental disclosure of non-cash information:    
Equipment acquisitions classified as accounts payable 167,444 23,329
Issuance of common stock in connection with the vesting and exercise of equity-based awards 1,174,981 $ 1,240,842
Issuance of common stock in connection with the redemption of Series A&B convertible preferred stock $ 2,899,892