Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 9 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES:    
Net income $ 23,907,000 $ 6,451,000
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 5,089,000 3,954,000
Gain on lease settlement, net 0 (223,000)
Gain or loss on disposal of property and equipment 132,000 263,000
Gain on Payroll Protection Program loan forgiveness (6,150,000) 0
Gain on bankruptcy settlement (1,765,000) 0
Amortization of debt issuance cost 635,000 274,000
Stock based compensation expense 230,000 67,000
Warrant extension fair value adjustment   368,000
Amortization of right-of-use assets 125,000 985,000
Change in reserve for uncollectible accounts 451,000 424,000
Change in reserve for obsolete inventory 1,137,000 (84,000)
Change in deferred income taxes 1,340,000 2,190,000
Change in other (484,000) (316,000)
Changes in assets and liabilities:    
Trade receivables 295,000 2,702,000
Inventories 934,000 9,398,000
Income taxes 5,214,000 152,000
Prepaid expenses and other current assets 430,000 24,000
Deposits and other assets (359,000) 173,000
Accounts payable 3,010,000 (6,266,000)
Accrued liabilities (1,972,000) (2,461,000)
Net cash provided by operating activities 32,199,000 18,075,000
INVESTING ACTIVITIES:    
Purchase of intangible assets   (30,000)
Lonesome Oak acquisition   (550,000)
Investment (6,000,000)  
Note receivable   (55,000)
Purchase of property and equipment (8,470,000) (2,357,000)
Net cash used in investing activities (14,470,000) (2,992,000)
FINANCING ACTIVITIES:    
Net borrowings (payments) under revolver loans (3,247,000) (5,169,000)
Purchase of series E preferred treasury stock   (3,000)
Stock option exercised 181,000  
Proceeds from issuance of notes payable 2,258,000 9,768,000
Purchase of common treasury stock (409,000) (1,433,000)
Payments on related party notes payable (5,500,000)  
Debtor-in-possession cash 128,000 (86,000)
Payments on notes payable (9,559,000) (15,152,000)
Net cash used in financing activities (16,148,000) (12,075,000)
INCREASE IN CASH AND CASH EQUIVALENTS 1,581,000 3,008,000
CASH AND CASH EQUIVALENTS, beginning of period 8,984,000 2,681,000
CASH AND CASH EQUIVALENTS, end of period 10,565,000 5,689,000
Supplemental cash flow disclosures:    
Interest paid 3,481,000 $ 3,415,000
Income taxes paid $ 736,000