XML 21 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income $ (37,267) $ 255,300
Adjustment to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 784,399 942,000
Amortization of debt discount 82,163 70,391
Change in fair value of warrants 226,878 0
Stock based compensation 23,334 18,619
Provision for losses on accounts receivable 8,039 20,127
Provision for losses on inventories (48,935) 162,933
Deferred income taxes (106,619) (13,896)
Change in assets and liabilities:    
Accounts receivable 1,404,314 1,869,983
Inventories (1,416,051) (619,376)
Prepaid expenses and other assets (1,809,612) 417,673
Trade payables 654,759 876,183
Accrued liabilities (150,018) (520,139)
Net cash (used in) provided by operating activities (384,616) 3,479,798
Cash flows from investing activities:    
Proceeds from equipment sale-leaseback 783,134 0
Cash used in investment in subsidiary (43,750) 0
Purchases of property, plant and equipment (433,304) (194,264)
Net cash provided by (used in) investing activities 306,080 (194,264)
Cash flows from financing activities:    
Change in checks written in excess of bank balance 70,171 (865,442)
Net change in revolving line of credit 883,940 (2,085,958)
Proceeds from issuance of long-term debt 492 4,473
Repayment of long-term debt (related parties $0 and $2,000) (557,655) (262,800)
Cash paid for deferred financing fees 0 (5,244)
Dividends paid 0 (10,000)
Contributions received by variable interest entity 288,750 0
Redemption of variable interest entity members (455,000) 0
Net cash provided by (used in) financing activities 230,698 (3,224,971)
Effect of exchange rate changes on cash (23,525) (6,856)
Net increase in cash and cash equivalents 128,637 53,707
Cash and cash equivalents at beginning of period 346,404 150,332
Cash and cash equivalents at end of period 475,041 204,039
Supplemental disclosure of cash flow information:    
Cash payments for interest 608,758 630,202
Supplemental Disclosure of non-cash investing and financing activity    
Property, Plant & Equipment acquisitions funded by liabilities 30,721 29,226
Contributed Capital to Clever Container [Abstract]    
Stock 122,500 0
Debt 43,750 0
Accounts Receivable $ 183,750 $ 0