XML 26 R6.htm IDEA: XBRL DOCUMENT v3.19.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 28, 2019
Sep. 29, 2018
OPERATING ACTIVITIES:    
Net Income $ 23,687,900 $ 22,467,700
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 276,700 233,700
Provision for credit losses 23,900 148,400
Compensation expense related to stock options 1,511,400 1,507,800
Deferred income taxes (1,320,800) 105,300
Deferred initial direct costs (87,400) (1,198,600)
Amortization of deferred initial direct costs 492,800 809,500
Operating lease right of use asset amortization 285,000  
Tax benefits on exercised stock options 580,700 297,900
Change in operating assets and liabilities:    
Receivables (41,300) 39,100
Principal collections on lease receivables 14,407,300  
Income tax receivable/payable (406,900) 2,766,700
Inventories 37,900 (31,100)
Prepaid expenses (110,900) (173,800)
Other assets (18,600) (90,100)
Accounts payable (166,500) (628,000)
Accrued and other liabilities (519,300) 1,775,800
Rents received in advance and security deposits (149,500) (376,000)
Deferred revenue (414,500) (35,700)
Net cash provided by operating activities 38,067,900 27,618,600
INVESTING ACTIVITIES:    
Purchase of property and equipment (135,200) (472,400)
Purchase of equipment for lease contracts (7,936,600) (20,219,800)
Principal collections on lease receivables   16,303,500
Net cash used for investing activities (8,071,800) (4,388,700)
FINANCING ACTIVITIES:    
Proceeds from borrowings on line of credit 18,800,000 7,300,000
Payments on line of credit (18,800,000) (32,600,000)
Payments on notes payable (2,437,500) (2,437,500)
Repurchases of common stock (24,028,100) (558,200)
Proceeds from exercises of stock options 2,995,000 2,171,600
Dividends paid (2,483,700) (1,584,100)
Proceeds from discounted lease rentals 944,400 4,557,300
Net cash used for financing activities (25,009,900) (23,150,900)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 4,986,200 79,000
Cash, cash equivalents and restricted cash, beginning of period 2,576,000 1,163,200
Cash, cash equivalents and restricted cash, end of period $ 7,562,200 $ 1,242,200