CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
| Cash flows from operating activities |
|
|
| Net income |
$ 12,574,437
|
$ 4,423,872
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation |
1,025,536
|
832,216
|
| Deferred income taxes |
307,300
|
(78,700)
|
| Stock-based compensation |
866,740
|
242,093
|
| Bad debts reserve |
189,699
|
(2,819)
|
| Inventory reserve |
(408)
|
7,464
|
| Gain (loss) on sale of property and equipment |
5,040
|
(22,189)
|
| PPP loan forgiveness income |
0
|
(210,732)
|
| (Increase) decrease in: |
|
|
| Accounts receivable |
(5,676,806)
|
(4,214,998)
|
| Inventory |
(11,411,037)
|
(1,022,324)
|
| Payments in advance |
(805,542)
|
(357,622)
|
| Prepaid expenses and other current assets |
(2,069,237)
|
(980,123)
|
| Income tax refunds receivable |
2,964
|
(2,964)
|
| Deposits |
360
|
(7,057)
|
| Increase (decrease) in: |
|
|
| Accounts payable and accrued expenses |
6,608,746
|
2,599,578
|
| Income taxes payable |
1,084,618
|
1,061,539
|
| Deferred compensation |
80,000
|
80,000
|
| Net cash provided by operating activities |
2,782,410
|
2,347,234
|
| Cash flows from investing activities |
|
|
| Capital expenditures |
(1,139,298)
|
(1,477,454)
|
| Proceeds from sale of property and equipment |
1,966
|
25,713
|
| Increase in short-term investments, net |
(5)
|
(18)
|
| Net cash used in investing activities |
(1,137,337)
|
(1,451,759)
|
| Cash flows from financing activities |
|
|
| Issuance of common stock |
26,000
|
0
|
| Proceeds from note payable |
272,519
|
(0)
|
| Repayment of note payable to bank, net |
0
|
(300,000)
|
| Proceeds from Paycheck Protection Program loan |
0
|
210,732
|
| Proceeds from short-term loan, net |
297,424
|
101,127
|
| Net cash provided by financing activities |
595,943
|
11,859
|
| Effect of exchange rates on cash and cash equivalents |
(185,622)
|
(13,156)
|
| Net increase in cash and cash equivalents |
2,055,394
|
894,178
|
| Cash and cash equivalents - beginning of year |
2,967,042
|
2,072,864
|
| Cash and cash equivalents - end of year |
5,022,436
|
2,967,042
|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
|
|
| Cash paid for interest |
28,276
|
32,015
|
| Cash paid for income taxes |
2,680,978
|
617,282
|
| Other noncash investing and financing activities |
|
|
| Common stock issued for services |
866,740
|
242,093
|
| Common stock issued for accrued leave |
$ 0
|
$ 16,334
|