XML 55 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net income $ 65,374 $ 313,147
Adjustment to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 946,947 839,181
Amortization of debt discount 54,989 0
Change in value of swap agreement (30,942) 158,090
Stock based compensation 69,183 43,884
Provision for losses on accounts receivable 45,733 (2,406)
Provision for losses on inventories 51,401 177,441
Deferred income taxes (113,131) 81,569
Change in assets and liabilities:    
Accounts receivable 51,114 1,490,193
Inventories 684,273 (540,864)
Prepaid expenses and other assets 124,655 77,408
Trade payables (280,102) (1,412,614)
Accrued liabilities (19,141) (482,299)
Net cash provided by operating activities 1,650,353 742,730
Cash used in investing activities - purchases of property, plant and equipment (956,303) (526,511)
Cash flows from financing activities:    
Change in checks written in excess of bank balance (67,690) 1,081,776
Net change in revolving line of credit (374,533) (913,864)
Proceeds from issuance of long-term debt 174,959 0
Repayment of long-term debt (related parties $32,000 and $298,000) (263,368) (470,126)
Cash paid for deferred financing fees (51,658) 0
Proceeds from exercise of stock options and warrants 0 1,760
Net cash used in financing activities (582,290) (300,454)
Effect of exchange rate changes on cash (4,079) 6,860
Net increase (decrease) in cash and cash equivalents 107,681 (77,375)
Cash and cash equivalents at beginning of period 351,064 338,523
Cash and cash equivalents at end of period 458,745 261,148
Supplemental disclosure of cash flow information:    
Cash payments for interest 567,063 535,516
Cash payments for taxes 25,000 5,000
Supplemental Disclosure of non-cash investing and financing activity    
Property, Plant & Equipment acquisitions funded by liabilities $ 81,295 $ 34,054