Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 18,950 $ 14,706
Accounts receivable, less allowance for doubtful accounts of $5,000 and $35,000, respectively 41,370,921 28,704,481
Inventories, net 90,571,141 72,125,181
Prepaid expenses and other current assets 18,707,741 6,802,072
Total current assets 150,668,753 107,646,440
Non-current assets    
Property, plant and equipment, net of accumulated depreciation of $53,278,938 and $50,451,436 respectively 35,605,480 35,080,009
Goodwill 6,003,525 6,003,525
Intangible assets, net of accumulated amortization of $11,710,526 and $10,568,479 respectively 9,738,474 10,880,521
Deferred charges, net and other non-current assets 265,441 263,655
Total assets 202,281,673 159,874,150
Current liabilities    
Accounts payable 27,357,477 24,256,812
Accrued expenses and other current liabilities 11,025,061 8,993,454
Total current liabilities 38,382,538 33,250,266
Long-term debt 53,933,944 25,913,557
Deferred income taxes 1,260,805 635,910
Long-term deferred gain, sale-leaseback 5,766,213 5,933,350
Long-term portion of earn-out liability 3,748,503 3,170,099
Other long-term liabilities 1,365,907 1,270,542
Total non-current liabilities 66,075,372 36,923,458
Commitments and contingencies – See Note 11
Shareholders' equity    
Common stock, par value $1 per share; authorized 24,000,000 shares; issued 10,300,000 shares 10,300,000 10,300,000
Capital in excess of par value 35,496,900 35,193,152
Retained earnings 65,630,953 58,129,382
Accumulated other comprehensive loss 0 (10,864)
Shareholders' equity before treasury stock 111,427,853 103,611,670
Less cost of common stock in treasury: 1,497,793 and 1,566,769 shares, respectively 13,604,090 13,911,244
Total shareholders' equity 97,823,763 89,700,426
Total liabilities and shareholders' equity $ 202,281,673 $ 159,874,150