XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 24, 2022
Sep. 25, 2021
OPERATING ACTIVITIES:    
Net Income $ 29,248,300 $ 28,330,900
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 409,500 328,800
Provisions for credit losses (46,600) (167,300)
Compensation expense related to stock options 1,203,800 1,074,200
Deferred income taxes (214,700) (1,365,500)
Deferred initial direct costs   (2,100)
Amortization of deferred initial direct costs   18,800
Operating lease right of use asset amortization 185,700 167,000
Tax benefits on exercised stock options 429,500 249,200
Change in operating assets and liabilities:    
Receivables (530,200) 187,000
Principal collections on lease receivables 2,819,200 7,452,200
Income tax receivable/payable 194,600 (216,200)
Inventories (312,700) (302,000)
Prepaid expenses 2,500 36,500
Other assets 2,000 19,000
Accounts payable (189,100) 219,000
Accrued and other liabilities 1,395,000 (94,100)
Rents received in advance and security deposits (556,200) (674,500)
Deferred revenue 164,700 (214,800)
Net cash provided by operating activities 34,205,300 35,046,100
INVESTING ACTIVITIES:    
Purchase of property and equipment (70,000) (51,800)
Reacquired franchise rights (3,540,000)  
Purchase of equipment for lease contracts   (78,200)
Net cash used for investing activities (3,610,000) (130,000)
FINANCING ACTIVITIES:    
Proceeds from borrowings on line of credit 33,700,000  
Payments on line of credit (3,700,000)  
Proceeds from borrowings on notes payable   30,000,000
Payments on notes payable (3,187,500) (3,187,500)
Repurchases of common stock (48,281,200) (27,892,900)
Proceeds from exercises of stock options 2,937,100 1,299,300
Dividends paid (6,459,700) (4,234,900)
Net cash used for financing activities (24,991,300) (4,016,000)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 5,604,000 30,900,100
Cash, cash equivalents and restricted cash, beginning of period 11,437,000 6,684,000
Cash, cash equivalents and restricted cash, end of period $ 17,041,000 $ 37,584,100