XML 22 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net income $ 621,936 $ 937,672
Adjustment to reconcile net income to cash (used in) provided by operating activities:    
Depreciation and amortization 1,420,789 1,779,524
Amortization of debt discount 170,931 146,441
Change in fair value of warrants 103,636 189,064
Stock based compensation 34,104 29,329
Amortization of deferred gain on sale-leaseback (60,401) 0
Provision for losses on accounts receivable 26,318 54,863
Change in allowance for excess quantities of inventory (11,294) 178,769
Deferred income taxes 50,591 (15,191)
Change in assets and liabilities:    
Accounts receivable (4,083,379) (689,953)
Inventories (1,364,450) (972,687)
Prepaid expenses and other assets 473,328 350,158
Trade payables 2,070,011 79,473
Accrued liabilities 99,005 528,548
Net cash (used in) provided by operating activities (448,875) 2,596,010
Cash flows from investing activities:    
Purchases of property, plant and equipment (630,187) (681,952)
Proceeds from equipment sale-leaseback 783,134 0
Purchase of member units (87,500) 0
Net cash provided by (used in) investing activities 65,447 (681,952)
Cash flows from financing activities:    
Change in checks written in excess of bank balance 206,848 57,136
Net change in revolving line of credit 373,059 (1,205,375)
Repayment of long-term debt (related parties $0 and $32,000) (1,528,927) (532,198)
Proceeds from issuance of debt 1,180,000 4,951
Proceeds from issuance of stock, net 638,323 0
Proceeds from exercise of stock options and warrants 0 5,760
Dividends paid 0 (16,000)
Purchase of treasury stock 0 0
Cash paid for deferred financing fees (9,953) (8,627)
Distributions to Variable Interest Entity members (467,000) 0
Contributions received by Variable Interest Entity 288,750 0
Net cash provided by (used in) financing activities 681,100 (1,694,353)
Effect of exchange rate changes on cash (81,033) (23,633)
Net increase in cash and cash equivalents 216,639 196,072
Cash and cash equivalents at beginning of year 346,404 150,332
Cash and cash equivalents at end of year 563,043 346,404
Supplemental disclosure of cash flow information:    
Cash payments for interest 910,414 1,235,878
Supplemental Disclosure of non-cash investing and financing activity    
Property, plant & equipment acquisitions funded by liabilities 13,522 70,928
Interest accrued not paid 92,900 86,663
Contributed Capital to Clever Container    
Stock 122,500 0
Debt 43,750 0
Accounts Receivable $ 183,750 $ 0