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The Marygold Companies Reports Financial Results for 2023 Second Fiscal Quarter

-Company Posts Profitable Operating Results, with Strong Balance Sheet-

-Enters Beta Testing Phase for New Fintech App, Expected Soft Launch Later this Calendar Year-

The Marygold Companies, Inc. (“TMC,” or the “Company”) (NYSE American: MGLD), a diversified global holding firm, today reported financial results for the second fiscal quarter and six months ended December 31, 2022.

Net revenue for the second fiscal quarter of 2023 was $8.8 million, versus $9.4 million for the comparable prior year period. Net income for the 2023 second fiscal quarter amounted to $181,794, equal to approximately breakeven per share, compared with $1.0 million, or $0.03 per diluted share, for the same quarter of the prior fiscal year.

For the first half of the current fiscal year, net revenue was $17.7 million, versus $19.2 million a year ago. Net income for the six months ended December 31, 2022 increased to $678,962, equal to $0.02 per diluted share, compared with a net loss of 857,658, or a net loss of $0.02 per share, in the same period a year ago, which included a legal settlement of $2.5 million in last fiscal year’s first quarter.

The Company’s balance sheet remained strong at December 31, 2022, with no debt. Cash and cash equivalents increased to $14.6 from $12.9 million at June 30, 2022. Total stockholders’ equity rose to $29.8 million at December 31, 2022, from $29.0 million at June 30, 2022, Total assets were $35.2 million at the close of the second fiscal quarter of 2023, compared with $35.3 million at June 30, 2022, with the slight decrease principally reflecting currency translation values in the Company’s foreign holdings.

“We are pleased to have achieved profitable operations during a period in which continued investments were made in the late development stages of our mobile fintech app at Marygold & Co., and when assets under management (AUM) at our largest subsidiary, USCF Investments, were lower than in the prior year,” said David Neibert, Chief Operations Officer of The Marygold Companies. Average AUM at USCF Investments was approximately $3.8 billion in the most recent quarter, compared with $4.2 billion for the end of the comparable period last year.

“Our non-financial operations - Original Sprout, Gourmet Foods and Brigadier Security Systems - felt the pressures of the continued inflationary environment in the quarter, although each was cash flow positive and posted operating income. Initiatives are being implemented to enhance the performance of these business units through changes in product mix and establishing new sales channels,” Neibert added.

“All segments of our business are sound and performing on plan, which we view as an outstanding achievement and a testament to our dedicated team in today’s challenging economic climate,” said Nicholas Gerber, TMC’s Chief Executive Officer. “At the same time, we are making great strides completing the development of our mobile fintech app to provide users with a unified platform for spending, saving and investing, while offering detailed transaction reporting coupled with ease of use. We expect to soft launch this exciting product later this calendar year.”

Business Units

The Company’s USCF Investments subsidiary, www.uscfinvestments.com, acquired in December 2016 and based in Walnut Creek, Calif., serves as manager, operator or investment adviser to 12 exchange traded products, structured as limited partnerships or investment trusts that issue shares trading on the NYSE Arca.

Gourmet Foods, https://gourmetfoodsltd.co.nz/, acquired in August 2015, is a commercial-scale bakery that produces and distributes iconic meat pies and pastries throughout New Zealand under the brand names Pat’s Pantry and Ponsonby Pies. Acquired by Gourmet Foods in July 2020, Printstock Products Limited https://www.printstocknz.com/, is a printer of specialized food wrappers and is located in Napier, New Zealand. Its operations are consolidated with those of Gourmet Foods.

Brigadier Security Systems, www.brigadiersecurity.com, acquired in June 2016 and headquartered in Saskatoon, Canada, provides comprehensive security solutions to homes and businesses, government offices, schools and other public buildings throughout the province under the brands Brigadier Security Systems in Saskatoon and Elite Security in Regina, Canada.

Acquired at the end of 2017, San Clemente, Calif.-based Original Sprout, www.originalsprout.com, produces and distributes a full line of vegan, safe, non-toxic hair and skin care products, including a “reef safe” sun screen, in the U.S. and its territories, the U.K., E.U., Turkey, Middle East, Africa, Taiwan, Mexico, South America, Singapore, Hong Kong, Malaysia, New Zealand, Australia and Canada among other areas.

Marygold & Co., formed in the U.S. during 2019 and operating from offices in Denver, CO, together with its wholly owned subsidiary, Marygold & Co. Advisory Services, LLC, was established to explore opportunities in the financial technology sector. The company continues in the development stage as it works toward introduction of a fintech mobile banking app. https://marygoldandco.com/.

Marygold & Co. (UK) Limited, formed in the U.K. during August 2021, operates through its recently acquired subsidiary, Tiger Financial & Asset Management Limited (“Tiger”), a U.K. based investment adviser. Tiger’s core business is managing clients’ financial wealth across a diverse product range, including cash, national savings, individual savings accounts, unit trusts, insurance company products such as investment bonds and other investment vehicles. http://www.tfam.co.uk/

About The Marygold Companies, Inc.

The Marygold Companies, Inc., which changed its name from Concierge Technologies, Inc. in March 2022, was founded in 1996 and repositioned as a global holding firm in 2015. The Company currently has operating subsidiaries in financial services, food manufacturing, printing, security systems and beauty products, under the trade names USCF Investments, Tiger Financial & Asset Management Limited, Gourmet Foods, Printstock Products, Brigadier Security Systems and Original Sprout, respectively. Offices and manufacturing operations are in the U.S., New Zealand, U.K., and Canada. For more information, visit www.themarygoldcompanies.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may” “will,” “could,” “should” “believes,” “predicts,” “potential,” “continue” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements, including, but not limited to, a soft launch of the mobile fintech app later this year, involve significant risks and uncertainties that could cause actual results to differ materially from the expected results and, consequently, should not be relied upon as predictions of future events. These forward-looking statements, including the factors disclosed in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 28, 2022, and in the Company’s other filings with the Securities and Exchange Commission, are not exclusive. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, the Company disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

 

 

 

December 31,

2022

 

 

June 30,

2022 (1)

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

14,579,438

 

 

$

12,915,620

 

Accounts receivable, net

 

 

1,104,856

 

 

 

959,350

 

Accounts receivable - related parties

 

 

1,767,220

 

 

 

2,230,874

 

Inventories

 

 

2,583,935

 

 

 

2,200,742

 

Prepaid income tax and tax receivable

 

 

1,046,909

 

 

 

1,166,318

 

Investments, at fair value

 

 

4,346,998

 

 

 

5,065,931

 

Other current assets

 

 

735,834

 

 

 

699,547

 

Total current assets

 

 

26,165,190

 

 

 

25,238,382

 

 

 

 

 

 

 

 

 

 

Restricted cash

 

 

406,642

 

 

 

1,013,279

 

Property, plant and equipment, net

 

 

1,306,675

 

 

 

1,391,894

 

Operating lease right-of-use asset

 

 

1,216,302

 

 

 

1,357,686

 

Goodwill

 

 

2,307,202

 

 

 

2,307,202

 

Intangible assets, net

 

 

2,509,098

 

 

 

2,708,896

 

Deferred tax assets, net - United States

 

 

753,078

 

 

 

753,078

 

Other assets, long - term

 

 

552,660

 

 

 

540,160

 

Total assets

 

$

35,216,847

 

 

$

35,310,577

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

2,720,350

 

 

$

2,805,790

 

Expense waivers – related parties

 

 

163,576

 

 

 

70,199

 

Operating lease liabilities, current portion

 

 

682,484

 

 

 

660,957

 

Purchase consideration payable

 

 

604,990

 

 

 

1,237,207

 

Loans - property and equipment, current portion

 

 

33,384

 

 

 

33,496

 

Total current liabilities

 

 

4,204,784

 

 

 

4,807,649

 

 

 

 

 

 

 

 

 

 

LONG-TERM LIABILITIES

 

 

 

 

 

 

 

 

Loans - property and equipment, net of current portion

 

 

427,490

 

 

 

459,178

 

Operating lease liabilities, net of current portion

 

 

569,190

 

 

 

743,923

 

Deferred tax liabilities, net-foreign

 

 

260,553

 

 

 

260,553

 

Total long-term liabilities

 

 

1,257,233

 

 

 

1,463,654

 

Total liabilities

 

 

5,462,017

 

 

 

6,271,303

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value; 50,000,000 shares authorized

 

 

 

 

 

 

 

 

Series B: 49,360 shares issued and outstanding at December 31, 2022 and at June 30, 2022

 

 

49

 

 

 

49

 

Common stock, $0.001 par value; 900,000,000 shares authorized; 39,383,459 shares issued and outstanding at December 31, 2022 and at June 30, 2022

 

 

39,384

 

 

 

39,384

 

Additional paid-in capital

 

 

12,329,609

 

 

 

12,313,205

 

Accumulated other comprehensive loss

 

 

(214,600

)

 

 

(234,790

)

Retained earnings

 

 

17,600,388

 

 

 

16,921,426

 

Total stockholders' equity

 

 

29,754,830

 

 

 

29,039,274

 

Total liabilities and stockholders' equity

 

$

35,216,847

 

 

$

35,310,577

 

(1)

Derived from audited financial statements

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(UNAUDITED)

 

 

 

Three Months

Ended

December 31,

2022

 

 

Three Months

Ended

December 31,

2021

 

 

Six Months

Ended

December 31,

2022

 

 

Six Months

Ended

December 31,

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund management - related party

 

$

5,266,171

 

 

$

5,701,384

 

 

$

10,685,606

 

 

$

11,358,411

 

Food products

 

 

1,932,304

 

 

 

2,108,257

 

 

 

3,869,752

 

 

 

4,468,402

 

Security systems

 

 

665,028

 

 

 

642,623

 

 

 

1,294,860

 

 

 

1,333,253

 

Beauty products

 

 

784,463

 

 

 

992,852

 

 

 

1,588,541

 

 

 

2,013,924

 

Financial services

 

 

124,282

 

 

 

-

 

 

 

257,775

 

 

 

-

 

Net revenue

 

 

8,772,248

 

 

 

9,445,116

 

 

 

17,696,534

 

 

 

19,173,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

2,230,954

 

 

 

2,417,798

 

 

 

4,255,969

 

 

 

5,068,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

6,541,294

 

 

 

7,027,318

 

 

 

13,440,565

 

 

 

14,105,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and compensation

 

 

2,804,759

 

 

 

2,576,285

 

 

 

5,173,141

 

 

 

4,707,440

 

General and administrative expense

 

 

1,820,469

 

 

 

1,198,209

 

 

 

3,511,867

 

 

 

3,317,711

 

Fund operations

 

 

1,112,244

 

 

 

1,102,237

 

 

 

2,252,832

 

 

 

2,203,853

 

Marketing and advertising

 

 

555,939

 

 

 

690,831

 

 

 

1,328,749

 

 

 

1,409,486

 

Depreciation and amortization

 

 

147,769

 

 

 

133,191

 

 

 

296,985

 

 

 

287,849

 

Legal settlement

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,500,000

 

Total operating expenses

 

 

6,441,180

 

 

 

5,700,753

 

 

 

12,563,574

 

 

 

14,426,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

 

100,114

 

 

 

1,326,565

 

 

 

876,991

 

 

 

(320,887

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income

 

 

62,630

 

 

 

6,088

 

 

 

115,193

 

 

 

13,484

 

Interest expense

 

 

(3,596

)

 

 

(10,085

)

 

 

(11,403

)

 

 

(20,285

)

Other income (expense)

 

 

129,975

 

 

 

(214,981

)

 

 

31,761

 

 

 

(206,973

)

Total other income (expense), net

 

 

189,009

 

 

 

(218,978

)

 

 

135,551

 

 

 

(213,774

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

289,123

 

 

 

1,107,587

 

 

 

1,012,542

 

 

 

(534,661

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

(107,329

)

 

 

(84,252

)

 

 

(333,580

)

 

 

(322,997

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

181,794

 

 

$

1,023,335

 

 

$

678,962

 

 

$

(857,658

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

40,370,659

 

 

 

38,473,159

 

 

 

40,370,659

 

 

 

38,473,159

 

Diluted

 

 

40,370,659

 

 

 

38,473,159

 

 

 

40,383,722

 

 

 

38,473,159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.00

 

 

$

0.03

 

 

$

0.02

 

 

$

(0.02

)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

 

 

 

Three Months

Ended

December 31,

2022

 

 

Three Months

Ended

December 31,

2021

 

 

Six Months

Ended

December 31,

2022

 

 

Six Months

Ended

December 31,

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

181,794

 

 

$

1,023,335

 

 

$

678,962

 

 

$

(857,658

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

333,949

 

 

 

(14,442

)

 

 

20,190

 

 

 

(100,610

)

Comprehensive income (loss)

 

$

515,743

 

 

$

1,008,893

 

 

$

699,152

 

 

$

(958,268

)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

FOR THE THREE AND SIX MONTH PERIODS ENDED DECEMBER 31, 2022 AND DECEMBER 31, 2021

(UNAUDITED)

 

Period Ending December 31, 2022

 

Preferred Stock (Series B)

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Shares

 

 

Amount

 

 

Number of Shares

 

 

Par Value

 

 

Additional Paid - in Capital

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Retained Earnings

 

 

Total Stockholders' Equity

 

Balance at July 1, 2022

 

 

49,360

 

 

$

49

 

 

 

39,383,459

 

 

$

39,384

 

 

$

12,313,205

 

 

$

(234,790

)

 

$

16,921,426

 

 

$

29,039,274

 

Loss on currency translation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(313,759

)

 

 

-

 

 

 

(313,759

)

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,700

 

 

 

-

 

 

 

-

 

 

 

6,700

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

497,168

 

 

 

497,168

 

Balance at September 30, 2022

 

 

49,360

 

 

$

49

 

 

 

39,383,459

 

 

$

39,384

 

 

$

12,319,905

 

 

$

(548,549

)

 

$

17,418,594

 

 

$

29,229,383

 

Gain on currency translation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

333,949

 

 

 

-

 

 

 

333,949

 

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,704

 

 

 

-

 

 

 

-

 

 

 

9,704

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

181,794

 

 

 

181,794

 

Balance at December 31, 2022

 

 

49,360

 

 

$

49

 

 

 

39,383,459

 

 

$

39,384

 

 

$

12,329,609

 

 

$

(214,600

)

 

$

17,600,388

 

 

$

29,754,830

 

Period Ending December 31, 2021

 

Preferred Stock (Series B)

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Shares

 

 

Amount

 

 

Number of Shares

 

 

Par Value

 

 

Additional Paid - in Capital

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Retained Earnings

 

 

Total Stockholders' Equity

 

Balance at July 1, 2021

 

 

49,360

 

 

$

49

 

 

 

37,485,959

 

 

$

37,486

 

 

$

9,330,843

 

 

$

142,581

 

 

$

15,775,705

 

 

$

25,286,664

 

Loss on currency translation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(86,168

)

 

 

-

 

 

 

(86,168

)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,880,993

)

 

 

(1,880,993

)

Balance at September 30, 2021

 

 

49,360

 

 

$

49

 

 

 

37,485,959

 

 

$

37,486

 

 

$

9,330,843

 

 

$

56,413

 

 

$

13,894,712

 

 

$

23,319,503

 

Loss on currency translation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(14,442

)

 

 

-

 

 

 

(14,442

)

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,023,335

 

 

 

1,023,335

 

Balance at December 31, 2021

 

 

49,360

 

 

$

49

 

 

 

37,485,959

 

 

$

37,486

 

 

$

9,330,843

 

 

$

41,971

 

 

$

14,918,047

 

 

$

24,328,396

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

THE MARYGOLD COMPANIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

For the Six Month Period Ended

 

 

 

December 31,

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

678,962

 

 

$

(857,658

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

296,985

 

 

 

287,849

 

Bad debt expense

 

 

582

 

 

 

-

 

Impairment to inventory value

 

 

288

 

 

 

3,478

 

Stock-based compensation

 

 

16,404

 

 

 

-

 

Unrealized gain on investments

 

 

(11,020

)

 

 

(29,251

)

Loss on disposal of equipment

 

 

-

 

 

 

37,189

 

Operating lease right-of-use asset - non-cash lease cost

 

 

147,363

 

 

 

337,850

 

 

 

 

 

 

 

 

 

 

Decrease (increase) in current assets:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(199,029

)

 

 

(118,395

)

Accounts receivable - related party

 

 

463,654

 

 

 

256,020

 

Prepaid income taxes and tax receivable

 

 

121,124

 

 

 

(324,699

)

Inventories

 

 

(360,765

)

 

 

(196,514

)

Other current assets

 

 

(33,427

)

 

 

(74,549

)

(Decrease) increase in current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

 

(43,698

)

 

 

(486,835

)

Operating lease liabilities

 

 

(153,206

)

 

 

(341,411

)

Expense waivers - related party

 

 

93,378

 

 

 

59,064

 

Net cash provided by (used in) operating activities

 

 

1,017,595

 

 

 

(1,447,862

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment

 

 

(34,777

)

 

 

(3,988

)

Purchase consideration payable

 

 

(633,893

)

 

 

-

 

Proceeds from sale of investments

 

 

1,000,000

 

 

 

506,492

 

Purchase of investments

 

 

(266,680

)

 

 

(1,533,385

)

Net cash provided by (used in) investing activities

 

 

64,650

 

 

 

(1,030,881

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Repayment of property and equipment loans

 

 

(7,099

)

 

 

(7,208

)

Principal payments of finance lease liability

 

 

(5,573

)

 

 

(1,753

)

Issuance costs pursuant to planned stock issuance

 

 

-

 

 

 

(249,720

)

Net cash used in financing activities

 

 

(12,672

)

 

 

(258,681

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate change on cash and cash equivalents

 

 

(12,392

)

 

 

(50,404

)

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

 

1,057,181

 

 

 

(2,787,828

)

 

 

 

 

 

 

 

 

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING BALANCE

 

 

13,928,899

 

 

 

16,086,944

 

 

 

 

 

 

 

 

 

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE

 

$

14,986,080

 

 

$

13,299,116

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

14,579,438

 

 

 

13,285,452

 

Restricted cash

 

 

406,642

 

 

 

13,664

 

Total cash, cash equivalents and restricted cash shown in statement of cash flows

 

$

14,986,080

 

 

$

13,299,116

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest paid

 

$

7,855

 

 

$

8,046

 

Income taxes paid, net

 

$

164,396

 

 

$

632,961

 

NON CASH INVESTING AND FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Acquisition of operating right-of-use assets through operating lease liability

 

$

103,609

 

 

 

995,805

 

Acquisition of equipment through finance lease liability

 

$

-

 

 

$

150,625

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

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