XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 27, 2022
Mar. 28, 2021
Cash flows from operating activities    
Net income $ 15,799,783 $ 711,797
(Income) from discontinued operations (1,234,996) (1,155,670)
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 160,253 177,835
Amortization 738,720 658,407
Gain on sale of discontinued operations (17,272,789) 0
Amortization of deferred financing fees 132,100 18,703
Interest expense on contingent consideration payable 63,819 58,477
Provision for credit losses 51,237 33,998
Share-based compensation 211,449 220,611
Deferred income taxes, net of acquired deferred tax liability 1,012,262 (46,776)
Net changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable (1,432,492) (2,976,993)
Prepaid expenses (327,120) (520,474)
Other current assets (202,518) (1,152)
Deposits 108,194 45,021
Other assets 171,203 0
Accrued interest 16,519 27,544
Accounts payable 737,442 16,297
Accrued payroll and expenses (850,898) 1,494,704
Other current liabilities (3,335,978) 18,977
Income taxes receivable and payable 4,479,253 256,607
Operating leases (27,546) (75,308)
Other long-term liabilities (58,331) (146,881)
Net cash used in continuing operating activities (1,060,434) (1,184,276)
Net cash provided by discontinued operating activities 674,947 3,095,409
Net cash used in continuing operating activities (385,487) 1,911,133
Cash flows from investing activities    
Business acquired, net of cash received 0 (3,780,000)
Business sold 30,312,751 0
Capital expenditures (2,050,225) (540,311)
Net cash used in continuing investing activities 28,262,526 (4,320,311)
Net cash used in discontinued investing activities (25,755) (7,326)
Net cash provided by (used in) continuing investing activities 28,236,771 (4,327,637)
Cash flows from financing activities    
Net borrowings under line of credit 1,404,627 3,835,101
Principal payments on long-term debt (26,862,500) (375,000)
Payments of dividends (1,564,651) (1,033,597)
Issuance of ESSP Shares 169,136 0
Issuance of shares, net of offering costs 0 (10,000)
Contingent consideration paid (1,110,000) 0
Net cash provided by (used in) continuing financing activities (27,963,388) 2,416,504
Net cash provided by discontinued financing activities 0 0
Net cash (used in) provided by continuing financing activities (27,963,388) 2,416,504
Net change in cash and cash equivalents (112,104) 0
Cash and cash equivalents, beginning of period 112,104 0
Cash and cash equivalents, end of period 0 0
Supplemental cash flow information:    
Cash paid for interest 299,690 223,804
Cash paid for taxes, net of refunds $ 58,812 $ 147,953