XML 53 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net (loss) income $ (152,796) $ 65,374
Adjustment to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 1,073,427 946,947
Amortization of debt discount 60,306 54,989
Change in value of swap agreement (39,017) (30,942)
Stock based compensation 43,209 69,183
Provision for losses on accounts receivable 39,905 45,733
Provision for losses on inventories 10,629 51,401
Deferred income taxes (324,509) (113,131)
Change in assets and liabilities:    
Accounts receivable (1,182,774) 51,114
Inventories (1,187,929) 684,273
Prepaid expenses and other assets (49,417) 124,655
Trade payables 2,655,129 (280,102)
Accrued liabilities (935,661) (19,141)
Net cash provided by operating activities 10,502 1,650,353
Cash used in investing activities - purchases of property, plant and equipment (618,834) (956,303)
Cash flows from financing activities:    
Change in checks written in excess of bank balance 114,870 (67,690)
Net change in revolving line of credit 26,868 (374,533)
Proceeds from issuance of long-term debt 55,960 174,959
Repayment of long-term debt (related parties $4,000 and $32,000) (262,841) (263,368)
Cash paid for deferred financing fees 0 (51,658)
Purchase of treasury stock (19,495) 0
Dividends paid (16,000) 0
Proceeds from issuance of stock, net 300,000 0
Net cash provided by (used in) financing activities 199,362 (582,290)
Effect of exchange rate changes on cash 19,916 (4,079)
Net (decrease) increase in cash and cash equivalents (389,054) 107,681
Cash and cash equivalents at beginning of period 666,616 351,064
Cash and cash equivalents at end of period 277,562 458,745
Supplemental disclosure of cash flow information:    
Cash payments for interest 571,491 567,063
Cash payments for taxes 55,466 25,000
Supplemental Disclosure of non-cash investing and financing activity    
Property, Plant & Equipment acquisitions funded by liabilities $ 58,967 $ 81,295