\nCCOM Group, Inc. (\u201cCCOM\u201d) (OTC Pink: \u201cCCOM,\u201d \u201cCCOMP\u201d), announced its financial results for the year ended December 31, 2020.\n<\/p>\n
\nResults for the year ended December 31, 2020 compared to results for the same period in 2019:\n<\/p>\n
- \n
- \nSales decreased 10.3% to $101,936,300 from $113,701,032\n<\/li>\n
- \nGross profit decreased 9.7% to $26,213,512 from $29,016,775\n<\/li>\n
- \nSelling, general and administrative expenses decreased 6.7% to $24,600,667 from $26,375,014\n<\/li>\n
- \nOperating income decreased 38.9% to $1,612,845 from $2,641,761\n<\/li>\n
- \nNet income decreased 19.4% to $1,053,885 from $1,308,234; the 2020 amount includes a $250,425 non-cash income tax expense and the 2019 amount includes a $596,000 non-cash income tax expense\n<\/li>\n
- \nNet income per share on a fully diluted basis decreased to $0.11 per share from $0.13 per share\n<\/li>\n<\/ul>\n
About CCOM Group, Inc.<\/span><\/p>\n
\nCCOM Group, Inc. (\u201cCCOM\u201d) distributes heating, ventilating and air conditioning equipment (HVAC), parts and accessories, whole-house generators, climate control systems, and plumbing and electrical fixtures and supplies, primarily in New Jersey, New York, Massachusetts and portions of eastern Pennsylvania, Connecticut and Vermont through its subsidiaries: Universal Supply Group, Inc., www.usginc.com<\/a><\/span>, The RAL Supply Group, Inc., www.ralsupply.com<\/a><\/span>, and S&A Supply, Inc., www.sasupplyinc.com<\/a><\/span>. CCOM is headquartered in New Jersey, and, with its affiliates, operates out of 15 locations in its geographic trading area. For more information on CCOM\u2019s operations, products and\/or services, please visit www.ccom-group.com<\/a>.\n<\/p>\n
For further information, please contact Peter D. Gasiewicz, Chief Executive Officer, or William Salek, Chief Financial Officer, at (973) 427-8224.<\/b><\/p>\n
\n(Financial Highlights Follow)\n<\/p>\n
\n
\n CCOM GROUP, INC. AND SUBSIDIARIES<\/td>\n<\/tr>\n \n Consolidated Balance Sheets<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n December 31,<\/td>\n \n December 31,<\/td>\n<\/tr>\n \n \n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2020\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2019\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \nAssets\n<\/p>\n<\/td>\n
\n \n <\/tr>\n \n Current assets:<\/td>\n \n \n <\/tr>\n \n Cash<\/td>\n \n \n \n$\n<\/p>\n<\/td>\n
\n \n388,267\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n193,448\n<\/p>\n<\/td>\n<\/tr>\n
\n Accounts receivable, net of allowance for doubtful accounts of $766,459 and $557,532, respectively<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n10,305,665\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n11,260,382\n<\/p>\n<\/td>\n<\/tr>\n
\n Inventory<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n20,936,936\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n17,858,956\n<\/p>\n<\/td>\n<\/tr>\n
\n Prepaid expenses and other current assets<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n749,053\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n973,961\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Total current assets<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n32,379,921\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n30,286,747\n<\/p>\n<\/td>\n<\/tr>\n
\n Property and equipment<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,095,506\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,009,524\n<\/p>\n<\/td>\n<\/tr>\n
\n Goodwill<\/td>\n \n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,416,929\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,416,929\n<\/p>\n<\/td>\n<\/tr>\n
\n Other assets – noncurrent<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n188,824\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n356,788\n<\/p>\n<\/td>\n<\/tr>\n
\n Deferred tax asset – noncurrent<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,548,575\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,799,000\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n$\n<\/p>\n<\/td>\n
\n \n37,629,755\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n35,868,988\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \nLiabilities and Stockholders’ Equity\n<\/p>\n<\/td>\n
\n \n <\/tr>\n \n Current liabilities:<\/td>\n \n \n <\/tr>\n \n Borrowings under credit facility – revolving credit<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n9,151,368\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n12,395,838\n<\/p>\n<\/td>\n<\/tr>\n
\n Notes payable – current portion<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n627,009\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n107,776\n<\/p>\n<\/td>\n<\/tr>\n
\n Trade payables<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n5,892,126\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n4,128,135\n<\/p>\n<\/td>\n<\/tr>\n
\n Accrued liabilities<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,450,810\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,657,118\n<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes payable<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,850\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n24,625\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Total current liabilities<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n18,124,163\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n19,313,492\n<\/p>\n<\/td>\n<\/tr>\n
\n Notes payable, excluding current portion<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,247,742\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n351,531\n<\/p>\n<\/td>\n<\/tr>\n
\n Deferred tax liability – noncurrent<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n354,000\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n354,000\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Total liabilities<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n20,725,905\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n20,019,023\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Commitments and contingencies<\/td>\n \n \n <\/tr>\n \n Stockholders’ equity:<\/td>\n \n \n <\/tr>\n \n Redeemable convertible preferred stock, $.05 par value, 2,500,000 shares authorized, 284,612<\/td>\n \n \n <\/tr>\n \n shares issued and outstanding, liquidation preference of $1,423,060<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n14,231\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n14,231\n<\/p>\n<\/td>\n<\/tr>\n
\n Common stock, $.05 par value, 20,000,000 shares authorized,<\/td>\n \n \n <\/tr>\n \n 9,154,928 shares issued and outstanding<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n457,746\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n457,746\n<\/p>\n<\/td>\n<\/tr>\n
\n Additional paid-in capital<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12,596,853\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n12,596,853\n<\/p>\n<\/td>\n<\/tr>\n
\n Retained Earnings<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n3,835,020\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,781,135\n<\/p>\n<\/td>\n<\/tr>\n
\n \n Total stockholders’ equity<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n16,903,850\n<\/p>\n<\/td>\n
\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n15,849,965\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n$\n<\/p>\n<\/td>\n
\n \n37,629,755\n<\/p>\n<\/td>\n
\n \n \n$\n<\/p>\n<\/td>\n
\n \n35,868,988\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n CCOM GROUP, INC. AND SUBSIDIARES<\/td>\n<\/tr>\n \n Consolidated Statements of Income<\/td>\n<\/tr>\n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n For the Years Ended<\/td>\n<\/tr>\n \n \n \n \n \n \n \n December 31,<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n 2020<\/b><\/p>\n<\/td>\n
\n \n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n
\n Sales<\/td>\n \n \n \n \n $<\/td>\n \n \n101,936,300\n<\/p>\n<\/td>\n
$<\/td>\n \n \n113,701,032\n<\/p>\n<\/td>\n<\/tr>\n
\n Cost of sales<\/td>\n \n \n \n \n \n \n75,722,788\n<\/p>\n<\/td>\n
\n \n \n84,684,257\n<\/p>\n<\/td>\n<\/tr>\n
\n Gross profit<\/td>\n \n \n \n \n \n \n26,213,512\n<\/p>\n<\/td>\n
\n \n \n29,016,775\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Selling, general and administrative expenses, net<\/td>\n \n \n \n \n24,600,667\n<\/p>\n<\/td>\n
\n \n \n26,375,014\n<\/p>\n<\/td>\n<\/tr>\n
\n Operating income<\/td>\n \n \n \n \n \n \n1,612,845\n<\/p>\n<\/td>\n
\n \n\u00a0\n<\/p>\n<\/td>\n
\n \n2,641,761\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Other income<\/td>\n \n \n \n \n \n \n219,067\n<\/p>\n<\/td>\n
\n \n \n226,497\n<\/p>\n<\/td>\n<\/tr>\n
\n Interest expense, net; includes related party interest of<\/td>\n \n \n \n <\/tr>\n \n $0 and $34,503, respectively<\/td>\n \n \n \n \n \n(370,455)\n<\/p>\n<\/td>\n
\n \n \n(748,440)\n<\/p>\n<\/td>\n<\/tr>\n
\n Income before income tax expense<\/td>\n \n \n \n \n \n1,461,457\n<\/p>\n<\/td>\n
\n \n \n2,119,818\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Income tax expense<\/td>\n \n \n \n \n \n \n407,572\n<\/p>\n<\/td>\n
\n \n \n811,584\n<\/p>\n<\/td>\n<\/tr>\n
\n Net income<\/td>\n \n \n \n $<\/td>\n \n \n1,053,885\n<\/p>\n<\/td>\n
$<\/td>\n \n \n1,308,234\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Income per common share:<\/td>\n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n$ 0.11\n<\/p>\n<\/td>\n
\n \n \n$ 0.14\n<\/p>\n<\/td>\n<\/tr>\n
\n Diluted<\/td>\n \n \n \n \n \n \n \n$ 0.11\n<\/p>\n<\/td>\n
\n \n \n$ 0.13\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted average shares<\/td>\n \n \n \n \n \n <\/tr>\n \n outstanding:<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n9,154,928\n<\/p>\n<\/td>\n
\n \n \n9,154,928\n<\/p>\n<\/td>\n<\/tr>\n
\n Diluted<\/td>\n \n \n \n \n \n \n \n9,439,540\n<\/p>\n<\/td>\n
\n \n \n9,439,540\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n CCOM GROUP,INC. AND SUBSIDIARIES<\/td>\n<\/tr>\n \n Consolidated Statements of Stockholders’ Equity<\/td>\n<\/tr>\n \n For The Year Ended December 31, 2020 and 2019<\/td>\n<\/tr>\n \n <\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \n Number of shares<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n <\/tr>\n \n \n \n Redeemable
Convertible
Preferred
Stock<\/td>\n\u00a0<\/td>\n Common
Stock<\/td>\nRedeemable
Convertible
Preferred
Stock<\/td>\n\u00a0<\/td>\n Common
Stock<\/td>\n\u00a0<\/td>\n Additional
Paid-In
Capital<\/td>\n\u00a0<\/td>\n Retained
Earnings \/
Accumulated
Deficit<\/td>\n\u00a0<\/td>\n Total
Stockholders’
Equity<\/td>\n<\/tr>\n\n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Balance at December 31, 2018<\/td>\n \n \n284,612\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n9,154,928\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n14,231\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n457,746\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n12,596,853\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n1,472,901\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n14,541,731\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Net Income<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,308,234\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,308,234\n<\/p>\n<\/td>\n<\/tr>\n
\n Balance at December 31, 2019<\/td>\n \n \n284,612\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n9,154,928\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n14,231\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n457,746\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n12,596,853\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n2,781,135\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n15,849,965\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n \n Net Income<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,053,885\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n\u00a0\n<\/p>\n<\/td>\n
\n \n1,053,885\n<\/p>\n<\/td>\n<\/tr>\n
\n Balance at December 31, 2020<\/td>\n \n \n284,612\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n9,154,928\n<\/p>\n<\/td>\n
\n \n$\n<\/p>\n<\/td>\n
\n \n14,231\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n457,746\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n12,596,853\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n3,835,020\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n$\n<\/p>\n<\/td>\n
\n \n16,903,850\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n CCOM GROUP, INC. AND SUBSIDIARIES<\/td>\n<\/tr>\n \n Consolidated Statements of Cash Flows<\/td>\n<\/tr>\n \n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n For The Years Ended<\/td>\n<\/tr>\n \n \n \n \n \n \n \n December 31,<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n2020\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n2019\n<\/p>\n<\/td>\n<\/tr>\n
\n Cash flows from operating activities:<\/td>\n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n Net income<\/td>\n \n \n \n $<\/td>\n \n \n1,053,885\n<\/p>\n<\/td>\n
\u00a0<\/td>\n $<\/td>\n \n \n1,308,234\n<\/p>\n<\/td>\n<\/tr>\n
\n Adjustments to reconcile net income to net cash<\/td>\n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n provided by operating activities:<\/td>\n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n Deferred income tax expense<\/td>\n \n \n \n \n \n250,425\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n596,000\n<\/p>\n<\/td>\n<\/tr>\n
\n Provision for doubtful accounts<\/td>\n \n \n \n \n \n288,924\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n295,476\n<\/p>\n<\/td>\n<\/tr>\n
\n Depreciation and amortization<\/td>\n \n \n \n \n \n414,212\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n319,042\n<\/p>\n<\/td>\n<\/tr>\n
\n Net gain on sale of property and equipment<\/td>\n \n \n \n \n(12,851)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n(13,279)\n<\/p>\n<\/td>\n<\/tr>\n
\n Changes in operating assets and liabilities<\/td>\n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n Accounts receivable<\/td>\n \n \n \n \n \n665,793\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n(170,901)\n<\/p>\n<\/td>\n<\/tr>\n
\n Inventory<\/td>\n \n \n \n \n \n \n(3,077,980)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n881,454\n<\/p>\n<\/td>\n<\/tr>\n
\n Prepaid expenses and other current assets<\/td>\n \n \n \n \n224,908\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n72,200\n<\/p>\n<\/td>\n<\/tr>\n
\n Other assets – noncurrent<\/td>\n \n \n \n \n \n167,964\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n114,390\n<\/p>\n<\/td>\n<\/tr>\n
\n Trade payables<\/td>\n \n \n \n \n \n1,763,991\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n(1,526,876)\n<\/p>\n<\/td>\n<\/tr>\n
\n Accrued liabilities<\/td>\n \n \n \n \n \n(206,308)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n177,562\n<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes payable<\/td>\n \n \n \n \n \n(21,775)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n23,910\n<\/p>\n<\/td>\n<\/tr>\n
\n Net cash provided by operating activities<\/td>\n \n \n \n1,511,188\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n2,077,212\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from investing activities:<\/td>\n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n Additions to property and equipment<\/td>\n \n \n \n \n \n(254,711)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n(468,609)\n<\/p>\n<\/td>\n<\/tr>\n
\n Proceeds from disposal of property and equipment<\/td>\n \n \n \n21,600\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n37,000\n<\/p>\n<\/td>\n<\/tr>\n
\n Net cash used in investing activities<\/td>\n \n \n \n \n(233,111)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n(431,609)\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from financing activities:<\/td>\n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n Repayments of notes payable: includes related party<\/td>\n \n \n \u00a0<\/td>\n \n <\/tr>\n \n repayments of $0 and $600,335 respectively<\/td>\n \n \n \n \n(124,044)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n(678,924)\n<\/p>\n<\/td>\n<\/tr>\n
\n Proceeds from PPP loans<\/td>\n \n \n \n \n \n2,285,256\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n <\/tr>\n \n Repayments of short term financing, related party<\/td>\n \n \n \n \n–\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n(500,000)\n<\/p>\n<\/td>\n<\/tr>\n
\n Issuance of short term financing, related party<\/td>\n \n \n \n \n–\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n500,000\n<\/p>\n<\/td>\n<\/tr>\n
\n Repayments under credit facility – revolving credit, net<\/td>\n \n \n \n(3,244,470)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n(1,080,703)\n<\/p>\n<\/td>\n<\/tr>\n
\n Net cash used in financing activities<\/td>\n \n \n \n \n(1,083,258)\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n(1,759,627)\n<\/p>\n<\/td>\n<\/tr>\n
\n Increase\/(decrease) in cash<\/td>\n \n \n \n \n \n194,819\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n(114,024)\n<\/p>\n<\/td>\n<\/tr>\n
\n Cash – beginning of period<\/td>\n \n \n \n \n \n193,448\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n307,472\n<\/p>\n<\/td>\n<\/tr>\n
\n Cash – end of period<\/td>\n \n \n \n $<\/td>\n \n \n388,267\n<\/p>\n<\/td>\n
\u00a0<\/td>\n \n \n \n193,448\n<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n
<\/p>\n