Massimo Group Reports Second Quarter 2024 Financial Results
Massimo Group (NASDAQ: MAMO) reported strong Q2 2024 financial results, with revenue increasing 32% YoY to $35.4 million and net income rising 36% YoY to $2.8 million. The company's growth was driven by expanding production capabilities, new distribution partnerships, and product initiatives. Key highlights include:
- Gross profit increased 42% to $11.5 million, with gross margin improving to 32.5%
- EPS of $0.07 per basic and diluted share, up from $0.05 in Q2 2023
- Expansion of manufacturing facility by 90,000 sq. ft. and adoption of automated assembly robot line
- Strategic partnerships with Armlogi for logistics and new retail agreements with major chains
- Launch of new GKD 350 All-Terrain Go Kart
- Successful IPO raising $5.85 million and listing on Nasdaq Capital Market
Massimo Group (NASDAQ: MAMO) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con un incremento del fatturato del 32% anno su anno, raggiungendo i 35,4 milioni di dollari e un aumento del reddito netto del 36% anno su anno, pari a 2,8 milioni di dollari. La crescita dell'azienda è stata sostenuta dall'espansione delle capacità produttive, nuove alleanze distributive e iniziative di prodotto. Tra i punti salienti ci sono:
- Profitto lordo aumentato del 42%, raggiungendo 11,5 milioni di dollari, con un margine lordo migliorato al 32,5%
- EPS di $0,07 per azione base e diluita, in crescita rispetto ai $0,05 del secondo trimestre 2023
- Espansione della struttura produttiva di 90.000 piedi quadrati e adozione di una linea di assemblaggio automatizzata con robot
- Partnership strategiche con Armlogi per la logistica e nuovi accordi di vendita al dettaglio con grandi catene
- Lancio del nuovo Go Kart All-Terrain GKD 350
- IPO di successo che ha raccolto 5,85 milioni di dollari e quotazione sul Nasdaq Capital Market
Massimo Group (NASDAQ: MAMO) reportó resultados financieros sólidos para el segundo trimestre de 2024, con un aumento del 32% interanual en ingresos, alcanzando los 35.4 millones de dólares y un crecimiento del 36% interanual en ingresos netos, llegando a 2.8 millones de dólares. El crecimiento de la empresa fue impulsado por la expansión de sus capacidades de producción, nuevas asociaciones de distribución e iniciativas de producto. Los puntos destacados incluyen:
- Las ganancias brutas aumentaron un 42% a 11.5 millones de dólares, mejorando el margen bruto al 32.5%
- EPS de $0.07 por acción básica y diluida, subiendo desde $0.05 en el Q2 2023
- Expansión de la instalación de fabricación en 90,000 pies cuadrados y adopción de una línea de ensamblaje automatizada
- Alianzas estratégicas con Armlogi para logística y nuevos acuerdos minoristas con grandes cadenas
- Lanzamiento del nuevo Go Kart Todo Terreno GKD 350
- Exitosa OPI que recaudó 5.85 millones de dólares y cotización en el Nasdaq Capital Market
Massimo Group (NASDAQ: MAMO)는 2024년 2분기 강력한 재무 성과를 보고하며, 수익이 전년 대비 32% 증가하여 3,540만 달러에 이르렀고 순이익이 전년 대비 36% 증가하여 280만 달러에 달했습니다. 회사의 성장은 생산 능력 확장, 새로운 유통 파트너십 및 제품 이니셔티브에 의해 촉진되었습니다. 주요 하이라이트는 다음과 같습니다:
- 총 이익이 42% 증가하여 1,150만 달러에 이르고, 총 이익률이 32.5%로 개선됨
- 기본 및 희석 주당순이익(EPS) 0.07달러, 2023년 2분기 0.05달러에서 증가
- 90,000 평방피트의 제조 시설 확장 및 자동 조립 로봇 라인 도입
- 물류를 위한 Armlogi와의 전략적 파트너십 및 주요 체인과의 새로운 소매 계약
- 새로운 GKD 350 올-터레인 고카트 출시
- 585만 달러를 모금하고 Nasdaq Capital Market에 상장된 성공적인 IPO
Massimo Group (NASDAQ: MAMO) a rapporté de solides résultats financiers pour le deuxième trimestre de 2024, avec une augmentation de 32 % des revenus d'une année sur l'autre, atteignant 35,4 millions de dollars et une hausse de 36 % du bénéfice net d'une année sur l'autre, s'élevant à 2,8 millions de dollars. La croissance de l'entreprise a été soutenue par l'expansion des capacités de production, de nouveaux partenariats de distribution et des initiatives produits. Les points saillants incluent :
- Le bénéfice brut a augmenté de 42 % pour atteindre 11,5 millions de dollars, avec une marge brute améliorée à 32,5 %
- BPA de 0,07 $ par action ordinaire et diluée, en hausse par rapport à 0,05 $ au T2 2023
- Expansion de l'installation de fabrication de 90 000 pieds carrés et adoption d'une ligne d'assemblage automatisée
- Partenariats stratégiques avec Armlogi pour la logistique et de nouveaux accords de vente au détail avec de grandes chaînes
- Lancement du nouveau kart tout terrain GKD 350
- Introduction en bourse réussie ayant levé 5,85 millions de dollars et cotation sur le Nasdaq Capital Market
Massimo Group (NASDAQ: MAMO) hat für das zweite Quartal 2024 starke Finanzergebnisse gemeldet, mit einem Umsatzwachstum von 32 % im Jahresvergleich auf 35,4 Millionen US-Dollar und einem Nettogewinnanstieg von 36 % im Jahresvergleich auf 2,8 Millionen US-Dollar. Das Wachstum des Unternehmens wurde durch die Erweiterung der Produktionskapazitäten, neue Vertriebspartnerschaften und Produktinitiativen vorangetrieben. Zu den wichtigsten Highlights gehören:
- Bruttogewinn stieg um 42 % auf 11,5 Millionen US-Dollar, die Bruttomarge verbesserte sich auf 32,5 %
- EPS von 0,07 US-Dollar pro Stamm- und verwässertem Anteil, im Vergleich zu 0,05 US-Dollar im Q2 2023 gestiegen
- Erweiterung der Produktionsstätte um 90.000 Quadratfuß und Einführung einer automatisierten Montageproduktion
- Strategische Partnerschaften mit Armlogi für Logistik und neue Einzelhandelsvereinbarungen mit großen Ketten
- Einführung des neuen GKD 350 All-Terrain-Go-Karts
- Erfolgreicher Börsengang mit 5,85 Millionen US-Dollar und gelistet im Nasdaq Capital Market
- Revenue increased 32% YoY to $35.4 million in Q2 2024
- Net income rose 36% YoY to $2.8 million in Q2 2024
- Gross profit increased 42% to $11.5 million with gross margin improving to 32.5%
- EPS improved from $0.05 to $0.07 per share YoY
- Manufacturing facility expanded by 90,000 sq. ft. to support increased production
- New automated vehicle assembly robot line expected to improve efficiency by 50%
- Strategic partnership with Armlogi for improved logistics and order fulfillment
- New retail agreements with Tractor Supply, Fleet Farm, and a global omnichannel retailer
- Successful IPO raising $5.85 million and listing on Nasdaq Capital Market
- Revenue from pontoon boats decreased by 73.5% YoY to $1.2 million
- Slight decrease in gross margin for UTVs, ATVs, and e-bikes due to increased freight costs
- Net cash used by operating activities was $7.1 million, compared to net cash provided of $2.7 million in the previous year
- Increase in operating expenses by 36.2% to $7.9 million
Insights
Massimo Group's Q2 2024 results show strong growth, with revenue up
The company's strategic expansions in production and distribution are promising, especially the new automated assembly line and partnership with Armlogi. These initiatives should support future growth and potentially improve margins. The new retail partnerships with major chains like Tractor Supply and Fleet Farm could significantly boost sales.
While the overall financial picture is positive, investors should monitor the
Massimo's Q2 results reflect a strong position in the growing U.S. ATV and UTV market. The
The expansion of retail partnerships, now reaching over 2,800 locations across 48 states, significantly enhances Massimo's market presence. The new agreements with major retailers like Fleet Farm and a global omnichannel retailer for youth products could open up new customer segments.
However, the sharp decline in pontoon boat sales due to dealer financing issues is a red flag. While consistent with industry trends, it highlights the importance of diversification in Massimo's product portfolio. The launch of new products like the GKD 350 All-Terrain Go Kart shows the company's commitment to innovation and market responsiveness, which is important in the competitive powersports industry.
Massimo's operational initiatives are impressive and timely. The 90,000 sq. ft. expansion of their Garland, Texas facility and the introduction of an automated vehicle assembly robot line are significant steps towards increasing production capacity and efficiency. The expected
The strategic partnership with Armlogi for warehousing and logistics is a smart move. By placing assembly and shipping closer to order destinations, Massimo can potentially reduce lead times and transportation costs, enhancing customer satisfaction and operational efficiency.
However, the increase in inventory (
Q2 2024 Revenue Increases
Q2 2024 Net Income Increases
New Production, Distribution and Product Initiatives Fueling Rapid Growth
Key Financial Q2 2024 and Subsequent Operational Highlights and Business Updates
($ millions) | Q2 Comparison | |||
Q2 2024 | Q2 2023 | $ Change YoY | % Change YoY | |
Revenue | 32 % | |||
Gross Profit | 42 % | |||
Gross Margin | 32.5 % | 30.3 % | -- | 217 bps |
Net Income | 36 % | |||
- Revenue increased
32% to$35.4 million $26.7 million - Gross profit increased
42% to$11.5 million $8.1 million 32.5% in Q2 2024 from30.3% in Q2 2023. - Net income increased
36% to$2.8 million $0.07 $2.1 million $0.05 - Announced the adoption of a new automated vehicle assembly robot line to be installed in the third calendar quarter at its 376,000 square foot factory in
Garland, Texas to support production of its ATV and UTV vehicles lines. - 90,000 sq. ft. expansion of its manufacturing facility in
Garland, Texas , to support increased production across its motor and marine product verticals. - Entered into strategic partnership agreement with Armlogi Holding Corp ("Armlogi"), a
U.S. -based warehousing and logistics service provider, to provide access to Armlogi warehousing facilities and tailored logistics services for fast order fulfillment of UTVS, ATVs, Go-Karts and Golf Carts. - Entered into an ongoing national agreement with a global omnichannel retailer for its youth series Mini Tractor and Mini 125 Go Karts to be sold in stores.
- Entered into an ongoing agreement with Fleet Farm, a retailer serving active, outdoor, suburban and farm communities in the Midwest
U.S. , for its UTV, ATV, and youth series product lines to be sold in stores. - Launched new GKD 350 All-Terrain Go Kart, combining iconic styling with powerful performance in a rugged two-seater go-kart perfect for conquering any terrain.
- Exhibited Massimo Motor vehicles at the Outdoor Power Equipment Hoedown for Mid-States Distributing Company, Inc., held at the Gaylord Opryland in
Nashville, TN. - Closed
$5.85 million - Company rang the closing bell at the Nasdaq MarketSite in Times Square,
New York on Monday, July 15, 2024.
Management Commentary
"During the second quarter we focused on strategic expansions in production, distribution and products to support ongoing revenue momentum," said David Shan, Founder, Chairman & CEO. "With significant top and bottom-line growth on strong sales and margin improvement, we continue to build manufacturing capacity aimed at enhancing flexibility and increasing annual production. We continued to add new distribution partners and retailers to increase our national footprint and drive sales across our existing and new diversified product portfolio.
"Several production initiatives during the quarter are positioning us to further expand output levels each month. A new expansion has added 90,000 sq. ft. to our manufacturing facility in
"In addition to our facility expansion projects to accommodate growth initiatives, during the quarter we partnered with Armlogi, a
"In-store distribution channels also grew during the quarter with new agreements with Tractor Supply, Fleet Farm and a global omnichannel retailer. Building on the success of our current agreement with Tractor Supply providing our full Massimo Motor product lineup online and in stores.
We signed an ongoing national agreement with a global omnichannel retailer for the youth series Mini Tractor and Mini 125 Go Kart to be sold in stores. The retailer's online marketplace currently features over 100 Massimo products, and with the expanded partnership, the two products have been eligible to be stocked at over 1,300 stores in 13 states since May 2024. We also entered into an ongoing agreement with Fleet Farm for six UTV, ATV, and youth series products to be sold in stores and featured on the retailer's online marketplace. These national in-store opportunities with retailers position us for accelerating sales across the
"Looking ahead, our expanding production capabilities, including an automated vehicle assembly robot line and the Armlogi partnership, are expected to allow Massimo to meet the growing demand of our products. We believe with increased operating efficiencies we can further enhance margins while continuing to grow our revenue and expand our product line with new models and capabilities like our new GKD 350 All-Terrain Go Kart. We continue to focus on new distribution channels and additional products with existing partners, which now stands at over 2,800 retail locations promoting our brand in 48 states. Taken together, we are rapidly leveraging our position to build market share and deliver long-term value to our shareholders," concluded Mr. Shan.
Second Quarter 2024 Financial Results
For the three months ended June 30, 2024, revenues increased by
Revenue from sales of UTVs, ATVs and e-bikes increased by
Revenue from sales of pontoon boats decreased by
Gross profit increased by
The cost of revenue on UTVs, ATVs and e-bikes increased by
The cost of revenue on pontoon boats decreased by
Selling and marketing expenses increased by
General and administrative expenses increased by
Total operating expenses increased
Net income for the three months ended June 30, 2024, was
Cash and cash equivalents totaled
Net cash used by operating activities was
About Massimo Group
Massimo Group (NASDAQ: MAMO) is a manufacturer and distributor of powersports vehicles and pontoon boats. Founded in 2009, Massimo Motor believes it offers some of the most value packed UTV's, off-road, and on-road vehicles in the industry. The company's product lines include a wide selection of farm and ranch tested utility UTVs, recreational ATVs, and Americana style mini-bikes. Massimo Marine manufacturers and sells Pontoon and Tritoon boats with a dedication to innovative design, quality craftsmanship, and great customer service. Massimo is also developing electric versions of UTVs, golf-carts and pontoon boats. The company's 376,000 square foot factory is in the heart of the
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and the use of proceeds thereof. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "predict," "project," "target," "potential," "seek," "will," "would," "could," "should," "continue," "contemplate," "plan," and other words and terms of similar meaning. These forward-looking statements include information concerning statements regarding future cash needs, future operations, business plans and future financial results; and any other statements that are not historical facts. No assurance can be given that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Massimo, including those set forth in the "Risk Factors" section of Massimo's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (the "SEC"). Copies are available on the SEC's website, www.sec.gov. Massimo undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Company
Dr. Yunhao Chen
Chief Financial Officer
Massimo Group
ir@massimomotor.com
Investor Relations
Chris Tyson
Executive Vice President
MZ North America
Direct: 949-491-8235
MAMO@mzgroup.us
MASSIMO GROUP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||
As of | |||||||||||||
June 30, 2024 (unaudited) | December 31, 2023 (audited) | ||||||||||||
ASSETS | |||||||||||||
CURRENT ASSETS | |||||||||||||
Cash and cash equivalents | $ | 1,277,878 | $ | 765,814 | |||||||||
Accounts receivable, net | 11,466,849 | 9,566,445 | |||||||||||
Inventories, net | 30,831,548 | 25,800,912 | |||||||||||
Advance to suppliers | 902,234 | 1,589,328 | |||||||||||
Other current assets | 762,675 | 637,509 | |||||||||||
Total current assets | 45,241,184 | 38,360,008 | |||||||||||
NON-CURRENT ASSETS | |||||||||||||
Property and equipment at cost, net | 548,849 | 399,981 | |||||||||||
Right of use operating lease assets, net | 3,492,910 | 1,478,221 | |||||||||||
Right of use financing lease assets, net | 92,790 | 113,549 | |||||||||||
Deferred offering assets | - | 1,457,119 | |||||||||||
Other non-current assets | 49,500 | - | |||||||||||
Deferred tax assets | 431,845 | 134,601 | |||||||||||
Total non-current assets | 4,615,894 | 3,583,471 | |||||||||||
TOTAL ASSETS | $ | 49,857,078 | $ | 41,943,479 | |||||||||
LIABILITIES AND EQUITY | |||||||||||||
CURRENT LIABILITIES | |||||||||||||
Short-term loans | $ | 2,668,762 | $ | 303,583 | |||||||||
Accounts payable | 8,213,379 | 12,678,077 | |||||||||||
Other payable, accrued expenses and other current liabilities | 70,601 | 98,097 | |||||||||||
Accrued return liabilities | 202,273 | 283,276 | |||||||||||
Accrued warranty liabilities | 732,565 | 619,113 | |||||||||||
Contract liabilities | 1,205,431 | 1,835,411 | |||||||||||
Current portion of obligations under operating leases | 908,584 | 847,368 | |||||||||||
Current portion of obligations under financing leases | 42,524 | 41,647 | |||||||||||
Income tax payable | 4,079,950 | 2,121,083 | |||||||||||
Total current liabilities | 18,124,069 | 18,827,655 | |||||||||||
NON-CURRENT LIABILITIES | |||||||||||||
Obligations under operating leases, non-current | 2,643,681 | 630,853 | |||||||||||
Obligations under financing leases, non-current | 55,540 | 77,024 | |||||||||||
Loan from a shareholder | 4,316,525 | 7,920,141 | |||||||||||
Total non-current liabilities | 7,015,746 | 8,628,018 | |||||||||||
TOTAL LIABILITIES | $ | 25,139,815 | $ | 27,455,673 | |||||||||
Commitments and Contingencies | |||||||||||||
EQUITY | |||||||||||||
Common shares, | 41,322 | 40,000 | |||||||||||
Preferred shares, | - | - | |||||||||||
Subscription receivable | - | (832,159) | |||||||||||
Additional paid-in-capital | 5,392,664 | 1,994,000 | |||||||||||
Retained earnings | 19,283,277 | 13,285,965 | |||||||||||
Total equity | 24,717,263 | 14,487,806 | |||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 49,857,078 | $ | 41,943,479 | |||||||||
MASSIMO GROUP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues | $ | 35,402,653 | $ | 26,735,699 | $ | 65,554,330 | $ | 45,576,114 | ||||||||
Cost of revenues | 23,903,396 | 18,633,003 | 43,603,686 | 31,856,424 | ||||||||||||
Gross profit | 11,499,257 | 8,102,696 | 21,950,644 | 13,719,690 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling expense | 3,097,362 | 2,486,454 | 5,307,846 | 4,436,739 | ||||||||||||
General and administrative | 4,094,737 | 3,337,493 | 8,201,642 | 6,321,755 | ||||||||||||
Impairment loss on supplier deposit due to lawsuit | 742,897 | - | 742,897 | - | ||||||||||||
Research and development | - | - | 162,250 | - | ||||||||||||
Total operating expenses | 7,934,996 | 5,823,947 | 14,414,635 | 10,758,494 | ||||||||||||
Income from operations | 3,564,261 | 2,278,749 | 7,536,009 | 2,961,196 | ||||||||||||
Other income (expense): | ||||||||||||||||
Other income, net | 132,268 | 26,973 | 379,837 | 71,868 | ||||||||||||
Interest expense | (66,647) | (125,012) | (204,341) | (280,110) | ||||||||||||
Total other income (expense), net | 65,621 | (98,039) | 175,496 | (208,242) | ||||||||||||
Income before income taxes | 3,629,882 | 2,180,710 | 7,711,505 | 2,752,954 | ||||||||||||
Provision for income taxes | 813,852 | 106,426 | 1,714,193 | 130,505 | ||||||||||||
Net income and comprehensive income | $ | 2,816,030 | $ | 2,074,284 | $ | 5,997,312 | $ | 2,622,449 | ||||||||
Earnings per Share – basic and diluted | $ | 0.07 | $ | 0.05 | $ | 0.15 | $ | 0.07 | ||||||||
Weighted average shares outstanding – | 40,629,807 | 40,000,000 | 40,629,807 | 40,000,000 | ||||||||||||
* | Retroactively restated for effect of reorganization |
Pro Forma information Statement for Income Tax Provision For the Three Months and Six Months ended | ||||||||
Income before income taxes | $ | 2,180,710 | $ | 2,752,954 | ||||
Provision for income taxes | 457,949 | 578,120 | ||||||
Net income and comprehensive income | 1,722,761 | 2,174,834 | ||||||
Earnings per share – basic and diluted | $ | 0.04 | $ | 0.05 | ||||
Weighted average number of shares of common stock outstanding – basic and diluted | 40,000,000 | 40,000,000 | ||||||
MASSIMO GROUP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||||||||
Six Months Ended June 30, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 5,997,312 | $ | 2,622,449 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 66,984 | 70,292 | ||||||
Non-cash operating lease expense | 639,629 | 425,756 | ||||||
Accretion of finance lease liabilities | 2,555 | 4,069 | ||||||
Amortization of finance lease right-of-use assets | 20,759 | 21,353 | ||||||
Gain on disposal of fixed asset | (36,001) | - | ||||||
Provision for expected credit loss, net | 250,780 | 56,087 | ||||||
Impairment loss of advances to supplier due to lawsuit | 742,897 | - | ||||||
Stock based compensation | 230,266 | - | ||||||
Deferred tax assets | (297,244) | (12,101) | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (2,151,184) | (3,055,820) | ||||||
Inventories | (5,030,636) | 2,899,217 | ||||||
Advance to suppliers | (55,803) | (561,105) | ||||||
Other assets | (174,666) | 9,459 | ||||||
Related party payable | - | (20,000) | ||||||
Accounts payables | (4,464,698) | (112,935) | ||||||
Other payable, accrued expense and other current liabilities | (27,496) | 19,578 | ||||||
Tax payable | 1,958,867 | 78,606 | ||||||
Accrued warranty liabilities | 113,452 | 294,242 | ||||||
Accrued return liabilities | (81,003) | 25,768 | ||||||
Contract liabilities | (629,980) | 399,447 | ||||||
Due to shareholder | (3,603,616) | - | ||||||
Lease liabilities – operating lease | (580,274) | (425,755) | ||||||
Net cash (used in) provided by operating activities | (7,109,100) | 2,738,607 | ||||||
Cash flows from investing activities: | ||||||||
Proceed from sales of property and equipment | 162,001 | - | ||||||
Acquisition of property and equipment | (341,852) | (24,661) | ||||||
Net cash used in investing activities | (179,851) | (24,661) | ||||||
Cash flows from financing activities: | ||||||||
Net proceeds from bank loan | 2,668,762 | (100,000) | ||||||
Repayment of other loans | (303,583) | - | ||||||
Repayment of finance lease liabilities | (23,162) | (23,886) | ||||||
Proceed from common share issuances | 80,000 | - | ||||||
Proceeds from initial public offering, net of share issuance costs | 4,458,667 | - | ||||||
Due to shareholder | - | (2,626,164) | ||||||
Proceeds from subscription deposits | 920,331 | 20,000 | ||||||
Net cash provided by (used in) financing activities | 7,801,015 | (2,730,050) | ||||||
Net increase (decrease) in cash and cash equivalents | 512,064 | (16,104) | ||||||
Cash and cash equivalents, beginning of the period | 765,814 | 947,971 | ||||||
Cash and cash equivalents, end of the period | $ | 1,277,878 | $ | 931,867 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||
Cash paid for interest | $ | 137,694 | $ | 477,742 | ||||
Cash paid for income taxes | $ | 52,570 | $ | 64,000 | ||||
NON-CASH ACTIVITIES | ||||||||
Right of use assets obtained in exchange for operating lease obligations | $ | 2,654,318 | $ | 1,113,140 | ||||
Right of use assets obtained in exchange for finance lease | $ | - | $ | 60,805 | ||||
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SOURCE Massimo Group
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