Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities    
Net income (loss) $ 735,937 $ (1,366,732)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation expense 1,086,445 1,108,229
Amortization expense 595,280 614,945
Non-cash interest expense on debt issuance costs 13,610 16,637
Deferred income taxes (128,736) 1,621,685
Reduction of losses on accounts receivable (61,000) (36,981)
Provision for (reduction of) losses on inventories 236,855 (149,526)
Gain on sale of property, plant and equipment 0 (21,560)
Amortization of gain on sale-leaseback (83,569) 0
Deferred rent adjustment on sale-leaseback 101,633 0
Change in cash value of life insurance 0 (18,000)
Change in fair value of interest rate swap (41,430) 293,653
Change in environmental reserves 10,157 11,325
Employee stock option and grant compensation 119,843 99,992
Changes in operating assets and liabilities:    
Accounts receivable (7,801,127) (2,428,383)
Inventories (2,395,295) 3,518,504
Other assets and liabilities, net 404,156 220,414
Accounts payable (220,733) (1,731,696)
Accrued expenses 103,473 (1,709,867)
Accrued income taxes 428,014 (2,010,017)
Net cash used in continuing operating activities (6,896,487) (1,967,378)
Net cash used in discontinued operating activities 0 (218,539)
Net cash used in operating activities (6,896,487) (2,185,917)
Investing activities    
Purchases of property, plant and equipment (1,164,628) (720,325)
Proceeds from sale of property, plant and equipment 0 55,463
Investments (12,830,712) 0
Net cash used in investing activities (13,995,340) (664,862)
Financing activities    
Net borrowings from line of credit 21,168,740 4,118,820
Payments on long-term debt 0 (1,133,476)
Payments on capital lease obligation (21,246) (16,306)
Purchase of common stock 0 (253,889)
Net cash provided by financing activities 21,147,494 2,715,149
Increase (decrease) in cash and cash equivalents 255,667 (135,630)
Cash and cash equivalents at beginning of period 62,873 391,424
Cash and cash equivalents at end of period 318,540 255,794
Interest paid 113,303 262,098
Income taxes paid $ 23,665 $ 310,400