Page 34 - Shareholders Report 2021

DELIVERY GROUPS | CORPORATE SUPPORT | FINANCIAL STATEMENTS

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FINANCIAL STATEMENTS
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Statements of Cash Flows
2021 2020 2021 2020
Cash flows from operating activities Cash flows from investing activities
Net income $9,031,813 $14,207,305 Proceeds from sale of interest in subsidiary - 10,352,911
Adjustments to reconcile net income to Purchases of property and equipment (4,876,876) (4,731,288)
net cash from operating activities Purchase of bond investments (2,500,000) -
Depreciation and amortization 9,866,033 10,246,138 Purchase of investment securities (671,680) (15,942,853)
Share based compensation expense 1,634,864 1,701,394 Proceeds from sale of investment securities 7,724,312 10,572,724
ESOP share allocation 2,422,939 2,015,805 Net cash from investing activities (324,244) 251,494
Loss on sale of assets - 9,601 Cash flows from financing activities
Gain on investment securities (843,304) (555,151) Net borrowings on line of credit - 5,000,000
Bad debt expense (recovery) 93,653 (10,878) Issuance of common stock 1,143,854 867,762
Gain on sale of subsidiary/division - (6,973,221) Redemption of common stock (20,268,460) (8,327,093)
Change in assets and liabilities: Distributions (2,530,073) (6,481,755)
Accounts and notes receivable (96,682,640) 103,111,474 Net cash from financing activities (21,654,679) (8,941,086)
Billings relative to costs and estimated 877,825 (15,249,559)
earnings on contracts in process Effect of exchange rate changes on (639,756) -
Retainages receivable (17,299,060) 19,818,058 cash and cash equivalents
Inventories (892,916) 1,384,772 Net change in cash and cash equivalents 12,868,996 53,411,551
Other current assets 256,099 (10,189,914) Cash and cash equivalents at beginning of year 172,436,825 119,025,274
Long-term assets (1,298,406) (3,647,026) Cash and cash equivalents at end of year $185,305,821 $172,436,825
Accounts payable 108,918,951 (56,068,577)
Accrued liabilities 15,373,305 773,778 Supplemental disclosures of
Long-term liabilities 4,028,519 1,527,144 cash flow information
Net cash from operating activities 35,487,675 62,101,143 Cash paid during the years for interest $37,375 $179,077
Cash paid during the years for taxes $2,918,448 $4,691,663
Supplemental disclosures of
non-cash flow activity
Stock issuances in exchange for notes receivable $2,319,003 $1,703,138

32 Haskell | 2021 Annual Report to Shareholders