CCOM Group, Inc. Reports 2021 Results
CCOM Group announced its financial results for the year ended December 31, 2021, showing a strong performance compared to 2020. Sales rose 18.1% to $120.35 million, with gross profit increasing 28.5% to $33.68 million. Operating income surged to $6.04 million, up from $1.61 million, while net income climbed to $7.38 million from $1.05 million, equating to $0.76 per share. The company's total assets reached $43.15 million, and stockholders' equity rose to $24.29 million.
- Sales increased by 18.1% to $120.35 million.
- Gross profit rose by 28.5% to $33.68 million.
- Operating income surged to $6.04 million from $1.61 million.
- Net income increased to $7.38 million from $1.05 million.
- Net income per share rose to $0.76 from $0.11.
- Total assets grew to $43.15 million.
- Selling, general and administrative expenses increased by 12.4% to $27.64 million.
- Current liabilities remained relatively stable at $18.17 million.
Results for the year ended
-
Sales increased
18.1% to from$120,346,433 $101,936,300 -
Gross profit increased
28.5% to from$33,683,440 $26,213,512 -
Selling, general and administrative expenses increased
12.4% to from$27,640,471 $24,600,667 -
Operating income increased to
from$6,042,969 $1,612,845 -
Net income increased to
from$7,382,228 ; the 2021 amount includes a$1,053,885 non-cash income tax expense and the 2020 amount includes a$147,897 non-cash income tax expense$250,425 -
Net income per share on a fully diluted basis increased to
per share from$0.76 per share$0.11
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(Financial Highlights Follow)
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Consolidated Balance Sheets | ||||||
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2021 |
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2020 |
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Assets |
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Current assets: |
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Cash | $ |
281,889 |
$ |
388,267 |
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Accounts receivable, net of allowance for doubtful accounts of |
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10,739,082 |
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10,305,665 |
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Inventory |
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25,496,908 |
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20,936,936 |
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Prepaid expenses and other current assets |
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751,647 |
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749,053 |
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Total current assets |
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37,269,526 |
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32,379,921 |
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Property and equipment |
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1,498,246 |
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1,095,506 |
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1,416,929 |
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1,416,929 |
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Other assets - noncurrent |
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564,720 |
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188,824 |
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Deferred tax asset - noncurrent |
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2,400,678 |
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2,548,575 |
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$ |
43,150,099 |
$ |
37,629,755 |
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Liabilities and Stockholders' Equity |
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Current liabilities: |
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Borrowings under credit facility - revolving credit | $ |
8,705,539 |
$ |
9,151,368 |
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Notes payable - current portion |
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157,561 |
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627,009 |
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Trade payables |
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5,737,877 |
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5,892,126 |
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Accrued liabilities |
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3,565,042 |
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2,450,810 |
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Income taxes payable |
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2,557 |
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2,850 |
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Total current liabilities |
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18,168,576 |
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18,124,163 |
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Notes payable, excluding current portion |
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341,445 |
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2,247,742 |
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Deferred tax liability - noncurrent |
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354,000 |
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354,000 |
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Total liabilities |
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18,864,021 |
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20,725,905 |
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Commitments and contingencies |
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Stockholders' equity: |
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Redeemable convertible preferred stock, |
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issued and outstanding, liquidation preference of |
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14,231 |
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14,231 |
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Common stock, |
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457,746 |
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457,746 |
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Additional paid-in capital |
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12,596,853 |
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12,596,853 |
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Retained Earnings |
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11,217,248 |
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3,835,020 |
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Total stockholders' equity |
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24,286,078 |
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16,903,850 |
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$ |
43,150,099 |
$ |
37,629,755 |
Consolidated Statements of Income | ||||||||
For the Years Ended |
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2021 |
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2020 |
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Sales | $ |
120,346,433 |
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$ |
101,936,300 |
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Cost of sales |
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86,662,993 |
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75,722,788 |
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Gross profit |
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33,683,440 |
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26,213,512 |
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Selling, general and administrative expenses, net |
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27,640,471 |
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24,600,667 |
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Operating income |
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6,042,969 |
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1,612,845 |
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Other income |
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185,098 |
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219,067 |
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Gain on Early Extinguishment of debt |
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2,285,256 |
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- |
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Interest expense, net |
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(327,282 |
) |
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(370,455 |
) |
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Income before income tax expense |
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8,186,041 |
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1,461,457 |
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Income tax expense |
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803,813 |
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407,572 |
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Net income | $ |
7,382,228 |
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$ |
1,053,885 |
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Income per common share: |
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Basic | $ |
0.81 |
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$ |
0.11 |
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Diluted | $ |
0.76 |
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$ |
0.11 |
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Weighted average shares outstanding: |
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Basic |
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9,154,928 |
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9,154,928 |
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Diluted |
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9,439,540 |
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9,439,540 |
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Consolidated Statements of Stockholders' Equity | |||||||||||||||||||
For The Year Ended |
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Number of shares |
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Redeemable
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Common
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Redeemable
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Common
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Additional Paid-
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Retained
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Total
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Balance at |
284,612 |
9,154,928 |
$ |
14,231 |
$ |
457,746 |
$ |
12,596,853 |
$ |
2,781,135 |
$ |
15,849,965 |
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Net Income |
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1,053,885 |
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1,053,885 |
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Balance at |
284,612 |
9,154,928 |
$ |
14,231 |
$ |
457,746 |
$ |
12,596,853 |
$ |
3,835,020 |
$ |
16,903,850 |
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Net Income |
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7,382,228 |
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7,382,228 |
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Balance at |
284,612 |
9,154,928 |
$ |
14,231 |
$ |
457,746 |
$ |
12,596,853 |
$ |
11,217,248 |
$ |
24,286,078 |
Consolidated Statements of Cash Flows | ||||||||
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For The Years Ended |
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2021 |
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2020 |
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Cash flows from operating activities: |
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Net income | $ |
7,382,228 |
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$ |
1,053,885 |
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Adjustments to reconcile net income to net cash |
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provided by operating activities: |
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Deferred income tax expense |
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147,897 |
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250,425 |
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Provision for doubtful accounts |
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128,332 |
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288,924 |
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Depreciation and amortization |
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542,527 |
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414,212 |
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Net gain on sale of property and equipment |
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(8,200 |
) |
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(12,851 |
) |
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Forgiveness of financing |
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(2,285,256 |
) |
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- |
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Changes in operating assets and liabilities |
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Accounts receivable |
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(561,749 |
) |
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665,793 |
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Inventory |
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(4,559,972 |
) |
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(3,077,980 |
) |
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Prepaid expenses and other current assets |
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(2,594 |
) |
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224,908 |
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Other assets - noncurrent |
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(375,896 |
) |
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167,964 |
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Trade payables |
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(154,249 |
) |
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1,763,991 |
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Accrued liabilities |
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1,114,232 |
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(206,308 |
) |
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Income taxes payable |
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(293 |
) |
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(21,775 |
) |
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Net cash provided by operating activities |
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1,367,007 |
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1,511,188 |
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Cash flows from investing activities: |
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Additions to property and equipment |
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(876,240 |
) |
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(254,711 |
) |
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Proceeds from disposal of property and equipment |
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8,200 |
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21,600 |
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Net cash used in investing activities |
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(868,040 |
) |
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(233,111 |
) |
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Cash flows from financing activities: |
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Repayments of notes payable |
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(159,516 |
) |
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(124,044 |
) |
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Issuance of financing |
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- |
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2,285,256 |
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Repayments under credit facility - revolving credit, net |
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(445,829 |
) |
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(3,244,470 |
) |
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Net cash used in financing activities |
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(605,345 |
) |
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(1,083,258 |
) |
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(Decrease) / Increase in cash |
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(106,378 |
) |
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194,819 |
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Cash - beginning of year |
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388,267 |
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193,448 |
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Cash - end of year | $ |
281,889 |
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$ |
388,267 |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220331005922/en/
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