Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 3 Months Ended
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES:    
Net income $ 1,844,000 $ 6,546,000
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 2,651,000 1,549,000
Loss on bankruptcy settlement 0 10,000
Amortization of debt issuance cost 16,000 24,000
Stock based compensation expense 0 18,000
Amortization of right-of-use assets 540,000 68,000
Change in reserve for uncollectible accounts 20,000 0
Change in reserve for obsolete inventory (48,000) (59,000)
Changes in assets and liabilities:    
Trade receivables 5,066,000 2,413,000
Inventories 223,000 (3,016,000)
Income taxes receivable/receivable 558,000 (142,000)
Prepaid expenses and other current assets 100,000 (431,000)
Change in deferred income taxes 56,000 1,550,000
Deposits and other assets (173,000) (663,000)
Accounts payable (3,416,000) (981,000)
Accrued liabilities (1,050,000) (2,655,000)
Other Liabilities (133,000) 13,000
Net cash provided by operating activities 6,254,000 4,244,000
INVESTING ACTIVITIES:    
Purchase of property and equipment (1,282,000) (3,070,000)
Net cash used in investing activities (1,282,000) (3,070,000)
FINANCING ACTIVITIES:    
Net borrowings (payments) under revolver loans (51,000) 2,040,000
Proceeds from issuance of notes payable 5,709,000 5,500,000
Purchase of common treasury stock (622,000) 0
Debtor-in-possession cash 0 (19,000)
Payments on financing leases 481,000 33,000
Payments on notes payable (1,362,000) (3,333,000)
Net cash used in financing activities 3,193,000 4,193,000
INCREASE IN CASH AND CASH EQUIVALENTS 8,165,000 5,367,000
CASH AND CASH EQUIVALENTS, beginning of period 4,600,000 4,664,000
CASH AND CASH EQUIVALENTS, end of period 12,765,000 10,031,000
Supplemental cash flow disclosures:    
Interest paid 1,927,000 890,000
Income taxes paid 0 1,538,000
Noncash financing and investing activities:    
Kinetic goodwill adjustment $ 312,000 $ 0