XML 35 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net income $ 305,596 $ 320,543
Adjustment to reconcile net income to cash provided by (used in) operating activities:    
Depreciation and amortization 1,423,086 1,261,064
Amortization of debt discount 54,989 0
Change in value of swap agreement (30,942) 158,090
Stock based compensation 93,632 65,826
Provision for losses on accounts receivable 94,862 9,930
Provision for losses on inventories 71,875 223,877
Deferred income taxes (41,385) 17,276
Change in assets and liabilities:    
Accounts receivable (1,788,386) (51,976)
Inventories 451,467 (1,676,156)
Prepaid expenses and other assets 335,209 (190,274)
Trade payables (505,150) (1,952,903)
Accrued liabilities (89,353) (336,174)
Net cash provided by (used in) operating activities 375,500 (2,150,877)
Cash used in investing activities - purchases of property, plant and equipment (1,476,910) (760,084)
Cash flows from financing activities:    
Change in checks written in excess of bank balance (360,069) 664,787
Net change in revolving line of credit 1,676,487 (1,900,868)
Proceeds from issuance of long-term debt 174,959 5,000,000
Repayment of long-term debt (related parties $32,000 and $297,000) (374,111) (696,274)
Proceeds from exercise of stock options and warrants 0 34,160
Cash paid for deferred financing fees (30,704) (184,795)
Net cash provided by in financing activities 1,086,562 2,917,010
Effect of exchange rate changes on cash (3,726) 18,939
Net (decrease) increase in cash and cash equivalents (18,574) 24,988
Cash and cash equivalents at beginning of period 351,064 338,523
Cash and cash equivalents at end of period 332,490 363,511
Supplemental disclosure of cash flow information:    
Cash payments for interest 863,263 637,181
Cash payments for taxes 25,000 5,000
Supplemental Disclosure of non-cash investing and financing activity    
Property, Plant & Equipment acquisitions funded by liabilities 86,299 79,647
Exercise warrants and payments of subordinated debt $ 0 $ 3,872