Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets    
Cash and cash equivalents $ 23,760 $ 2,220,272
Accounts receivable, less allowance for doubtful accounts 43,685,225 41,065,251
Inventories, net 110,416,242 114,201,386
Prepaid expenses and other current assets 13,298,733 9,983,416
Total current assets 167,423,960 167,470,325
Non-current assets    
Property, plant and equipment, net of accumulated 41,769,975 40,924,455
Right-of-use assets, operating leases, net 36,428,751  
Goodwill 17,557,620 9,799,992
Intangible assets, net of accumulated amortization 17,457,328 9,696,112
Deferred charges, net 428,037 507,962
Total assets 281,065,671 228,398,846
Current liabilities    
Accounts payable 28,960,431 25,073,698
Accrued expenses and other current liabilities 13,376,472 12,163,686
Current portion of long-term debt 4,000,000 0
Current portion of operating lease liabilities 3,526,011  
Current portion of finance lease liabilities 248,589  
Total current liabilities 50,111,503 37,237,384
Long-term debt 81,670,402 76,405,458
Deferred income taxes 1,388,985 252,988
Long-term deferred gain, sale-leaseback 0 5,599,077
Long-term portion of earn-out liability 6,060,435 4,702,562
Long-term portion of operating lease liabilities 34,139,854  
Long-term portion of finance lease liabilities 457,933  
Other long-term liabilities 162,475 1,717,291
Total non-current liabilities 123,880,084 88,677,376
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 36,565,297 36,520,840
Retained earnings 72,398,650 68,965,410
Shareholders' equity before treasury stock 119,263,947 115,786,250
Less cost of common stock in treasury: 1,305,149 and 1,424,279 shares, respectively 12,189,863 13,302,164
Total shareholders' equity 107,074,084 102,484,086
Total liabilities and shareholders' equity $ 281,065,671 $ 228,398,846