OCEAN BIO CHEM INC

CIK:0000350737|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 15,208,834	$ 15,688,985	$ 27,946,163	$ 28,820,209
Cost of goods sold	9,859,190	8,416,553	17,860,537	16,167,056
Gross profit	5,349,644	7,272,432	10,085,626	12,653,153
Operating Expenses:
Advertising and promotion	1,633,975	1,265,583	2,705,554	2,207,397
Selling and administrative	4,045,057	2,641,657	6,045,087	4,614,469
Total operating expenses	5,679,032	3,907,240	8,750,641	6,821,866
Operating (loss) income	(329,388)	3,365,192	1,334,985	5,831,287
Other (expense) income
Interest (expense), net	(79,128)	(40,823)	(110,810)	(78,010)
(Loss) income before income taxes	(408,516)	3,324,369	1,224,175	5,753,277
Income tax benefit (provision)	87,121	(723,054)	(246,289)	(1,247,693)
Net (loss) income	$ (321,395)	$ 2,601,315	$ 977,886	$ 4,505,584
Loss (earnings) per common share (in Dollars per share)	$ (0.03)	$ 0.27	$ 0.1	$ 0.48
Dividends declared per common share (in Dollars per share)	$ 0.04	$ 0.03	$ 0.08	$ 0.06

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 977,886	$ 4,505,584
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	866,096	726,441
Deferred income taxes	107,358	371
Stock based compensation		55,780
Provision for bad debts	73,207	92,057
Provision for slow moving and obsolete inventory	40,138	20,395
Other operating non-cash items	346	(1,294)
Changes in assets and liabilities:
Trade accounts receivable	(2,108,835)	(4,423,070)
Receivables due from affiliated companies	(282,319)	597,826
Inventories	(6,805,092)	(3,586,128)
Prepaid expenses and other current assets	367,449	(267,649)
Accounts payable – trade	863,016	2,327,290
Income taxes payable	(45,295)	3,107
Accrued expenses payable	717,112	432,491
Net cash (used in) provided by operating activities	(5,228,933)	483,201
Cash flows from investing activities:
Purchases of property, plant and equipment	(2,664,078)	(2,922,273)
Net cash used in investing activities	(2,664,078)	(2,922,273)
Cash flows from financing activities:
Borrowings on revolving line of credit	3,459,500
Payments on long-term debt	(466,606)	(290,570)
Dividends paid to common shareholders	(760,784)	(568,908)
Repurchase of common stock	(5,645)
Net cash provided by (used) in financing activities	2,226,465	(859,478)
Effect of exchange rate on cash	(338)	1,775
Net decrease in cash and restricted cash	(5,666,884)	(3,296,775)
Cash and restricted cash at beginning of period	12,684,935	11,601,152
Cash and restricted cash at end of period	7,018,051	8,304,377
Supplemental disclosure of cash flow information:
Cash paid for interest during period	94,646	64,824
Cash paid for income taxes during period	502,146	1,207,636
Cash paid under operating lease	47,400	47,400
Cash	7,018,051	8,304,377
Restricted cash
Total cash and restricted cash	$ 7,018,051	$ 8,304,377

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Cash	$ 7,018,051	$ 12,684,935
Trade accounts receivable less allowances of approximately $706,000 and $632,000, respectively	11,579,761	9,544,133
Receivables due from affiliated companies	1,494,318	1,211,999
Inventories, net	23,584,207	16,819,253
Prepaid expenses and other current assets	1,726,522	2,093,971
Total Current Assets	45,402,859	42,354,291
Property, plant and equipment, net	18,310,426	16,360,218
Operating lease – right to use	138,153	182,543
Intangible assets, net	1,238,744	1,380,652
Total Assets	65,090,182	60,277,704
Current Liabilities:
Current portion of long-term debt, net	751,098	736,531
Revolving line of credit	3,459,500
Current portion of operating lease liability	91,256	89,600
Accounts payable - trade	3,740,639	2,877,623
Income taxes payable		45,295
Accrued expenses payable	1,548,974	900,982
Total Current Liabilities	9,591,467	4,650,031
Deferred tax liability	455,081	347,723
Operating lease liability, less current portion	46,897	92,943
Long-term debt, less current portion and debt issuance costs	7,280,034	7,750,889
Total Liabilities	17,373,479	12,841,586
COMMITMENTS AND CONTINGENCIES
Shareholders’ Equity:
Common stock - $0.01 par value, 12,000,000 shares authorized; 9,509,799 shares and 9,503,999 shares issued and outstanding, respectively	95,098	95,040
Additional paid in capital	11,141,123	11,077,706
Accumulated other comprehensive loss	(292,328)	(292,336)
Retained earnings	36,772,810	36,555,708
Total Shareholders’ Equity	47,716,703	47,436,118
Total Liabilities and Shareholders’ Equity	$ 65,090,182	$ 60,277,704