XML 15 R5.htm IDEA: XBRL DOCUMENT v3.21.2
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net income $ 28,618,009 $ 4,088,886
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 429,709 419,488
Net unrealized (gain) loss on investments (1,189,724) (870,760)
Accreted interest 58,160  
Deferred taxes (6,615,764) (1,801,996)
Provision for doubtful accounts 146,395 125,000
Share-based compensation 1,345,915  
Gain on forgiveness of PPP loan (1,377,652)  
(Increase) decrease in operating assets:    
Accounts receivable (5,209,061) (2,021,098)
Inventories (344,617) (1,945,014)
Other current assets 10,731 10,917
Other assets 25,806 41,049
Increase (decrease) in operating liabilities:    
Accounts payable 13,993,219 2,182,838
Accrued liabilities 1,465,375 (87,702)
Income taxes payable 156,263 69,989
Net cash provided by operating activities 31,512,764 211,597
Cash flows from investing activities    
Purchase of property, plant, and equipment (38,151,235) (374,128)
Purchase of debt and equity securities (4,631,475) (2,118,410)
Net cash used by investing activities (42,782,710) (2,492,538)
Cash flows from financing activities    
Repayments of long-term debt (136,790) (128,797)
Proceeds of long-term debt   1,363,000
Proceeds from TIA 17,676,051  
Proceeds from the exercise of stock options 48,600 626,687
Payment of preferred stock redemption price payable (101,250)  
Payment of preferred stock repurchase payable (1,101,110) (100,000)
Payment of preferred stock dividends (88,141) (109,600)
Repurchase of common stock (154,424)  
Net cash provided (used) by financing activities 16,142,936 1,651,290
Net increase in cash and cash equivalents 4,872,990 (629,651)
Cash and cash equivalents at:    
Beginning of period 17,566,682 5,934,749
End of period 22,439,672 5,305,098
Supplemental schedule of cash flow information:    
Interest paid 61,620 103,687
Income taxes paid 16,122,340  
Supplemental schedule of noncash investing and financing activities:    
Preferred dividends declared, not paid 5,056,946 $ 54,800
Conversion of preferred stock to common stock 26,500  
Amounts receivable under TIA $ 10,324,812