Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities:    
Net income $ 31,017,000 $ 10,659,000
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 6,791,000 5,862,000
Gain on lease settlement, net 0 (307,000)
Gain on disposal of property and equipment 337,000
Gain on bargain purchase of acquisition 0 (1,507,000)
Impairment charges 525,000
Amortization of debt issuance cost 659,000 471,000
Gain on Payroll Protection Program loan forgiveness (6,150,000) 0
Gain on bankruptcy settlement (1,765,000) 0
Stock based compensation expense 489,000 86,000
Warrant extension fair value adjustment 462,000
Amortization of right of use assets 215,000 1,461,000
Change in reserve for uncollectible accounts 658,000 421,000
Change in reserve for obsolete inventory 1,239,000 (139,000)
Changes in assets and liabilities:    
Trade receivables (1,583,000) (951,000)
Inventories (8,486,000) 12,308,000
Prepaid expenses and other current assets 141,000  
Change in deferred income taxes 3,818,000 4,069,000
Deposits and other assets (457,000) 128,000
Accounts payable (2,771,000) 9,387,000
Accrued liabilities (389,000) 3,526,000
Income taxes payable 140,000 971,000
Other liabilities (173,000) 133,000
Net cash provided by operating activities 29,188,000 28,791,000
Investing activities:    
Purchase of intangible assets (587,000) (4,000)
Purchases of property and equipment (10,834,000) (3,882,000)
Net cash used in investing activities (17,421,000) (8,776,000)
Financing activities:    
Net borrowings (payments) under revolver loans (1,355,000) (5,974,000)
Purchase of Series E preferred treasury stock 0 (3,000)
Stock options exercised 323,000 0
Proceeds from issuance of notes payable 2,259,000 4,768,000
Purchase of common treasury stock (421,000) (1,660,000)
Proceeds from (payments of) related party notes payable (5,800,000) 2,000,000
Payments on notes payable (11,036,000) (12,709,000)
Payments on financing leases 117,000 0
Debtor in possession cash (60,000) 134,000
Net cash used in financing activities (16,087,000) (13,712,000)
Net (decrease) increase in cash and cash equivalents, including restricted cash (4,320,000) 6,303,000
Cash and cash equivalents, including restricted cash, beginning of period 8,984,000 2,681,000
Cash and cash equivalents, including restricted cash, end of period 4,664,000 8,984,000
Supplemental cash flow disclosures:    
Interest paid 4,342,000 4,445,000
Income taxes refunded, net 30,000
Income Taxes Paid, Net, Total 1,537,000
Noncash financing and investing activities:    
Reclassification of land from right of use asset to property and equipment 2,029,000 1,349,000
Salomon Whitney LLC    
Investing activities:    
Payment for acquisition (6,000,000) 0
Lonesome Oak    
Investing activities:    
Payment for acquisition (550,000)
Precision Marshall    
Investing activities:    
Payment for acquisition $ (4,340,000)