XML 20 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Unaudited Statements of Cash Flows - USD ($)
9 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,730,754 $ 3,434,215
Adjustments to reconcile net income from operations to net cash flows from (used in) operating activities:    
Depreciation 2,318,045 1,827,711
Amortization   41,667
Equity method investment earnings, net of income tax (111,666)  
Loss (gain) on sales of property and equipment 17,042 (15,376)
Equity-based compensation 765,704 1,035,128
Deferred income taxes (2,862) 112,439
Provision for losses on doubtful accounts 349,000 179,000
Inventory allowance 182,218 454,357
Changes in assets and liabilities:    
Accounts receivable (9,309,422) (3,209,941)
Inventories 20,152,080 11,468,718
Prepaid and other current assets (373,414) (5,698,021)
Other assets (126,364) 19,712
Accounts payable 2,040,386 2,485,721
Accrued expenses and accrued wages, salaries and bonuses (1,424,472) (1,460,935)
Other long-term liabilities 125,744 2,967
Income taxes payable and receivable 794,027 157,836
Net cash flows from (used in) operating activities 18,126,800 10,835,198
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (2,901,134) (3,385,977)
Proceeds from sales of property and equipment 16,600 56,200
Investment in equity method investee (6,500,000)  
Issuance of note receivable (3,500,000)  
Net cash flows from (used in) investing activities (12,884,534) (3,329,777)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings under revolving credit facility 1,083,878,207 1,022,309,940
Repayments under revolving credit facility (1,087,870,919) (1,025,624,006)
Principal payments on long-term debt (397,936) (686,139)
Proceeds from exercise of stock options 25,750  
Repurchase of common stock (100,524) (3,186,987)
Dividends on common stock (487,776) (524,866)
Settlement and withholdings of equity-based awards (30,208)  
Net cash flows from (used in) financing activities (4,983,406) (7,712,058)
Net change in cash 258,860 (206,637)
Cash, beginning of period 337,704 520,644
Cash, end of period 596,564 314,007
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 1,387,381 1,140,562
Cash paid during the period for income taxes 376,835 1,265,725
Supplemental disclosure of non-cash information:    
Equipment acquisitions classified in accounts payable 100,424 91,838
Issuance of common stock in connection with the vesting and exercise of equity-based awards $ 990,653 $ 1,005,792