AXIA
Valuation Ratios
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Price to Earnings | ||||
| Price to Sales | ||||
| Book Value Per Common Share | 54.15 | 50.02 | 48.02 | 48.52 |
| Price to Book | ||||
| Price to Operating Cash Flow | ||||
| Price to Free Cash Flow | ||||
| Enterprise Value to EBITDA |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Price to Earnings | |||||
| Price to Sales | |||||
| Book Value Per Common Share | 48.61 | 52.78 | 54.05 | 54.15 | 53.92 |
| Price to Book | |||||
| Price to Operating Cash Flow | |||||
| Price to Free Cash Flow | |||||
| Enterprise Value to EBITDA |
Earnings Data
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Earning YoY | 130.30 | 8.79 | -48.59 | |
| Revenue YoY | 8.13 | 9.05 | -1.60 | |
| EBITDA YoY | 75.45 | 9.97 | -29.82 | |
| Net Profit YoY | 128.10 | 25.15 | -35.61 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Earning YoY | |||||
| Revenue YoY | -1.93 | -2.07 | -13.40 | 8.89 | |
| EBITDA YoY | -71.40 | -14.46 | -61.89 | ||
| Net Profit YoY | -84.62 |
Financial Strength
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Cash Per Common Share | 17.97 | 9.50 | 13.60 | 9.82 |
| Quick Ratio | 1.80 | 1.54 | 1.61 | 1.37 |
| Current Ratio | 2.04 | 1.76 | 1.88 | 1.66 |
| Debt to Equity | 1.38 | 1.37 | 1.43 | 1.46 |
| Long-Term Debt to Equity | 1.12 | 1.13 | 1.20 | 1.15 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Cash Per Common Share | 12.57 | 13.07 | 13.72 | 15.78 | 12.62 |
| Quick Ratio | 1.75 | 1.75 | 2.01 | 1.80 | 1.82 |
| Current Ratio | 1.92 | 1.86 | 2.29 | 2.04 | 2.06 |
| Debt to Equity | 1.44 | 1.32 | 1.32 | 1.38 | 1.31 |
| Long-Term Debt to Equity | 1.19 | 1.09 | 1.11 | 1.12 | 1.08 |
Profitability
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| ROA | 3.58 | 1.70 | 1.35 | 3.00 |
| ROE | 8.51 | 4.05 | 3.27 | 7.39 |
| Gross Margin | 85.20 | 85.13 | 85.82 | 87.97 |
| Operating Margin | 41.66 | 22.05 | 23.63 | 40.04 |
| EBITDA Margin | 51.58 | 31.79 | 31.53 | 44.21 |
| Net Profit Margin | 25.83 | 12.24 | 10.67 | 16.31 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| ROA | -2.04 | -0.48 | -0.13 | 0.38 | 2.57 |
| ROE | -4.98 | -1.12 | -0.29 | 0.91 | 5.93 |
| Gross Margin | 40.81 | 47.88 | 46.15 | 174.90 | 47.56 |
| Operating Margin | -31.11 | -2.33 | 19.33 | 21.79 | 77.84 |
| EBITDA Margin | -19.56 | 8.76 | 30.01 | 30.38 | 86.80 |
| Net Profit Margin | -54.48 | -12.99 | -3.39 | 9.21 | 65.22 |
Dividends
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Dividend Yield | ||||
| Dividend Payout Ratio | 12.60 | 18.99 | 40.99 | 66.37 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Dividend Yield | |||||
| Dividend Payout Ratio |
Financial Statements
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Assets | 289,871,330.00 | 267,057,654.00 | 270,217,462.00 | 188,303,069.00 |
| Current Assets | 64,451,102.00 | 47,897,131.00 | 49,623,127.00 | 39,744,996.00 |
| Cash and Short-Term Investments | 35,524,360.00 | 18,966,542.00 | 22,932,780.00 | 15,667,864.00 |
| Cash and Cash Equivalents | 26,572,522.00 | 13,046,371.00 | 10,739,126.00 | 192,659.00 |
| Short-Term Investments | 8,951,838.00 | 5,920,171.00 | 12,193,654.00 | 15,475,205.00 |
| Net Receivables | 21,372,857.00 | 22,796,640.00 | 19,646,830.00 | 17,158,771.00 |
| Inventory | 441,471.00 | 426,690.00 | 429,310.00 | 1,115,468.00 |
| Other Current Assets | 7,112,414.00 | 5,707,259.00 | 6,614,207.00 | 5,802,893.00 |
| Non-Current Assets | 225,420,228.00 | 219,160,523.00 | 220,594,335.00 | 148,558,073.00 |
| Property, Plant, Equipment Net | 36,854,056.00 | 35,805,421.00 | 34,739,705.00 | 33,367,981.00 |
| Goodwill | 0 | 0 | 92,639.00 | 158,460.00 |
| Intangible Assets | 78,173,273.00 | 79,866,241.00 | 79,980,581.00 | 4,833,716.00 |
| Long-Term Investments | 32,119,967.00 | 33,637,407.00 | 34,397,615.00 | 32,703,169.00 |
| Non-Current Deferred Assets | 0 | 0 | 0 | 1,500,987.00 |
| Other Non-Current Assets | 0 | 0 | 0 | 75,993,760.00 |
| Liabilities | 167,871,554.00 | 154,593,010.00 | 159,188,826.00 | 111,886,305.00 |
| Current Liabilities | 31,630,370.00 | 27,159,791.00 | 26,440,876.00 | 23,883,372.00 |
| Payables and Expenses | 7,503,665.00 | 6,776,373.00 | 8,032,071.00 | 6,458,588.00 |
| Account Payables | 2,756,329.00 | 2,963,867.00 | 3,517,173.00 | 4,031,532.00 |
| Current Accrued Liabilities | 1,065,114.00 | 1,634,933.00 | 2,469,288.00 | 1,622,536.00 |
| Short-Term Debt | 15,269,192.00 | 13,088,930.00 | 9,038,691.00 | 9,660,862.00 |
| Other Current Liabilities | 8,857,513.00 | 7,294,488.00 | 9,370,114.00 | 7,763,922.00 |
| Non-Current Liabilities | 136,241,184.00 | 127,433,219.00 | 132,747,950.00 | 88,002,933.00 |
| Long-Term Debt | 62,966,424.00 | 48,742,223.00 | 52,110,601.00 | 36,474,602.00 |
| Other Non-Current Liabilities | 73,274,760.00 | 78,690,996.00 | 80,637,349.00 | 51,528,331.00 |
| Equity | 121,999,776.00 | 112,464,644.00 | 111,028,636.00 | 76,416,764.00 |
| Shareholders Equity | 121,863,225.00 | 112,333,372.00 | 110,504,796.00 | 76,121,204.00 |
| Capital Stock | 70,099,826.00 | 70,099,826.00 | 69,813,740.00 | 39,057,271.00 |
| Share Premium | 0 | 0 | 0 | 0 |
| Retained Earnings | 0 | 0 | 0 | 0 |
| Treasury Shares | 2,223,011.00 | 2,114,256.00 | 0 | 0 |
| Accumulated Other Comprehensive Income | 54,094,596.00 | 44,455,988.00 | 40,799,242.00 | 37,063,933.00 |
| Minority Interest | 136,551.00 | 131,272.00 | 523,840.00 | 295,560.00 |
| Debt | 78,235,616.00 | 61,831,153.00 | 61,149,292.00 | 46,135,464.00 |
| Net Debt | 51,480,511.00 | 48,568,035.00 | 49,656,998.00 | 45,039,321.00 |
| Common Shares Outstanding | 2,250,633.96 | 2,245,956.84 | 2,301,227.78 | 1,568,930.91 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Revenues | 40,181,552.00 | 37,158,908.00 | 34,074,233.00 | 34,626,834.00 |
| Cost Of Revenue | 5,946,585.00 | 5,524,993.00 | 4,832,128.00 | 4,165,976.00 |
| Interest Income | 138,666.00 | 153,458.00 | 1,008,384.00 | 756,395.00 |
| Interest Expense | 6,117,463.00 | 6,463,585.00 | 4,705,030.00 | 2,804,816.00 |
| Non-Interest Expense | 3,980,847.00 | 4,784,354.00 | 5,894,052.00 | 4,340,109.00 |
| Gross Profit | 34,234,967.00 | 31,633,915.00 | 29,242,105.00 | 30,460,858.00 |
| Operating Expenses | 21,717,425.00 | 21,472,646.00 | 22,929,762.00 | 13,347,142.00 |
| Selling, General and Administrative Expenses | 3,980,847.00 | 4,784,354.00 | 5,894,052.00 | 4,340,109.00 |
| Other Operating Expenses | 12,906,228.00 | 12,040,477.00 | 8,711,395.00 | 6,619,175.00 |
| Operating Income | 12,517,542.00 | 10,161,269.00 | 6,312,343.00 | 17,113,716.00 |
| Net Non-Operating Income | 6,260,616.00 | -9,688.00 | 453,540.00 | 6,069,498.00 |
| EBT | 10,620,784.00 | 1,728,377.00 | 3,347,210.00 | 11,059,505.00 |
| Income Tax | 240,030.00 | -2,998,498.00 | 695,613.00 | 5,260,642.00 |
| Net Income Including Non-Controlling Interests | 10,380,754.00 | 4,394,861.00 | 3,638,382.00 | 5,713,633.00 |
| Net Income Non-Controlling Interests | -2,632.00 | 154,913.00 | -3,005.00 | -67,492.00 |
| Net Income | 10,378,122.00 | 4,549,774.00 | 3,635,377.00 | 5,646,141.00 |
| EBIT | 16,738,247.00 | 8,191,962.00 | 8,052,240.00 | 13,864,321.00 |
| Deprecation and Amortization | 3,987,775.00 | 3,621,342.00 | 2,690,269.00 | 1,443,285.00 |
| EBITDA | 20,726,022.00 | 11,813,304.00 | 10,742,509.00 | 15,307,606.00 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 |
| Diluted EPS | 0.00 | 0.00 | 0.00 | 0.00 |
| Average Shares Outstanding Basic | 1,976,398.00 | 1,995,507.00 | 1,686,088.00 | 1,594,955.08 |
| Average Shares Outstanding Diluted | 1,976,398.00 | 1,995,507.00 | 1,686,088.00 | 1,622,454.31 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Operating Cash Flow | 12,385,583.00 | 8,235,338.00 | 5,195,489.00 | 6,965,007.00 |
| Operating Net Income | 10,620,784.00 | 1,396,363.00 | 4,333,995.00 | 10,974,275.00 |
| Deprecation and Amortization | 3,987,775.00 | 3,621,342.00 | 2,690,269.00 | 1,443,285.00 |
| Deferred Income Tax | 0 | 0 | 0 | 0 |
| Share Based Compensation | 0 | 0 | 0 | 0 |
| Change in Working Capital | 907,552.00 | -1,908,810.00 | -969,676.00 | 1,356,092.00 |
| Other Operating Activities | -3,130,528.00 | 5,126,443.00 | -859,099.00 | -6,808,645.00 |
| Investing Cash Flow | -8,660,321.00 | 827,038.00 | -24,721,408.00 | -998,447.00 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -3,099,474.00 | -3,862,770.00 | -1,585,639.00 | -1,085,090.00 |
| Net Purchase/Sale of Investments Net | -615,274.00 | 4,050,236.00 | 1,169,784.00 | 0 |
| Net Purchase/Sale of Business | -176,643.00 | -1,439,478.00 | -74,307.00 | -274,354.00 |
| Other Investing Activities | -4,768,930.00 | 2,079,050.00 | -24,231,246.00 | 360,997.00 |
| Financing Cash Flow | 9,800,889.00 | -6,755,131.00 | 30,072,386.00 | -6,060,508.00 |
| Net Issuance/Repayment of Debt | 11,223,846.00 | -4,141,625.00 | 1,044,230.00 | -3,919,092.00 |
| Net Issuance/Repurchase of Equity | -115,099.00 | -1,967,218.00 | 30,648,282.00 | 0 |
| Dividends Paid | -1,307,858.00 | -864,192.00 | -1,490,058.00 | -3,747,606.00 |
| Other Financing Activities | 0.00 | 217,904.00 | -130,068.00 | 1,606,190.00 |
| Net Change in Cash | 13,526,151.00 | 2,307,245.00 | 10,546,467.00 | -93,948.00 |
| Cash at Beginning of Period | 13,046,371.00 | 10,739,126.00 | 192,659.00 | 286,607.00 |
| Cash at End of Period | 26,572,522.00 | 13,046,371.00 | 10,739,126.00 | 192,659.00 |
| Free Cash Flow | 8,860,218.00 | 4,114,197.00 | -28,428,922.00 | 5,776,423.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Assets | 266,502,447.00 | 274,960,124.00 | 282,016,140.00 | 289,871,330.00 | 279,800,195.00 |
| Current Assets | 52,374,181.00 | 49,985,173.00 | 57,375,976.00 | 64,451,102.00 | 55,077,914.00 |
| Cash and Short-Term Investments | 28,255,723.00 | 29,386,540.00 | 30,280,877.00 | 35,524,360.00 | 28,378,431.00 |
| Cash and Cash Equivalents | 18,501,361.00 | 22,529,651.00 | 22,663,836.00 | 26,572,522.00 | 21,678,616.00 |
| Short-Term Investments | 9,754,362.00 | 6,856,889.00 | 7,617,041.00 | 8,951,838.00 | 6,699,815.00 |
| Net Receivables | 19,494,334.00 | 17,427,439.00 | 20,005,728.00 | 21,372,857.00 | 20,389,702.00 |
| Inventory | 389,921.00 | 393,237.00 | 446,282.00 | 441,471.00 | 474,816.00 |
| Other Current Assets | 4,234,203.00 | 2,777,957.00 | 6,643,089.00 | 7,112,414.00 | 5,834,965.00 |
| Non-Current Assets | 214,128,266.00 | 224,974,951.00 | 224,640,164.00 | 225,420,228.00 | 224,722,281.00 |
| Property, Plant, Equipment Net | 39,091,851.00 | 39,106,244.00 | 36,587,602.00 | 36,854,056.00 | 36,215,265.00 |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 78,173,273.00 | 0 |
| Long-Term Investments | 25,011,021.00 | 38,180,749.00 | 38,314,894.00 | 32,119,967.00 | 38,737,920.00 |
| Non-Current Deferred Assets | 5,819,907.00 | 5,722,119.00 | 5,618,635.00 | 0 | 7,532,917.00 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 |
| Liabilities | 157,162,045.00 | 156,205,302.00 | 160,438,458.00 | 167,871,554.00 | 158,413,242.00 |
| Current Liabilities | 27,308,041.00 | 26,812,392.00 | 25,059,169.00 | 31,630,370.00 | 26,759,974.00 |
| Payables and Expenses | 3,803,349.00 | 3,119,517.00 | 3,638,535.00 | 7,503,665.00 | 2,767,329.00 |
| Account Payables | 2,785,590.00 | 2,184,699.00 | 2,341,803.00 | 2,756,329.00 | 2,000,911.00 |
| Current Accrued Liabilities | 0 | 35,707.00 | 315,961.00 | 1,065,114.00 | 0 |
| Short-Term Debt | 13,427,571.00 | 13,728,434.00 | 11,140,391.00 | 15,269,192.00 | 15,200,307.00 |
| Other Current Liabilities | 10,077,121.00 | 9,964,441.00 | 10,280,243.00 | 8,857,513.00 | 8,792,338.00 |
| Non-Current Liabilities | 129,854,004.00 | 129,392,910.00 | 135,379,289.00 | 136,241,184.00 | 131,653,268.00 |
| Long-Term Debt | 60,044,868.00 | 59,741,622.00 | 62,313,538.00 | 62,966,424.00 | 57,265,405.00 |
| Other Non-Current Liabilities | 69,809,136.00 | 69,651,288.00 | 73,065,751.00 | 73,274,760.00 | 74,387,863.00 |
| Equity | 109,340,402.00 | 118,754,822.00 | 121,577,682.00 | 121,999,776.00 | 121,386,953.00 |
| Shareholders Equity | 109,289,887.00 | 118,706,917.00 | 121,494,065.00 | 121,863,225.00 | 121,252,094.00 |
| Capital Stock | 70,135,201.00 | 70,135,202.00 | 70,099,826.00 | 70,099,826.00 | 70,099,826.00 |
| Share Premium | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -7,117,905.00 | -1,677,488.00 | -353,039.00 | 0 | 0 |
| Treasury Shares | 2,252,578.00 | 2,222,635.00 | 2,223,011.00 | 2,223,011.00 | 2,176,507.00 |
| Accumulated Other Comprehensive Income | 48,633,355.00 | 52,580,024.00 | 54,078,475.00 | 54,094,596.00 | 53,436,961.00 |
| Minority Interest | 50,515.00 | 47,905.00 | 83,617.00 | 136,551.00 | 134,859.00 |
| Debt | 73,472,439.00 | 73,470,056.00 | 73,453,929.00 | 78,235,616.00 | 72,465,712.00 |
| Net Debt | 54,477,434.00 | 50,494,664.00 | 50,616,054.00 | 51,480,511.00 | 50,601,335.00 |
| Common Shares Outstanding | 2,248,482.94 | 2,249,175.04 | 2,247,779.43 | 2,250,633.96 | 2,248,880.65 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-03-31 |
|---|---|---|---|---|---|---|
| Revenues | 10,002,503.00 | 10,198,954.00 | 10,414,179.00 | 12,025,072.00 | 11,042,927.00 | 0 |
| Cost Of Revenue | 5,920,366.00 | 5,315,534.00 | 5,607,758.00 | -9,006,627.00 | 5,791,230.00 | 0 |
| Gross Profit | 4,082,137.00 | 4,883,420.00 | 4,806,421.00 | 21,031,699.00 | 5,251,697.00 | 0 |
| Operating Expenses | 12,504,643.00 | 380,988.00 | 2,184,528.00 | 18,407,562.00 | 1,047,795.00 | 0 |
| Other Operating Expenses | 12,426,141.00 | 301,700.00 | 2,102,280.00 | 9,761,462.00 | 988,728.00 | 0 |
| Operating Income | -8,422,506.00 | 4,502,432.00 | 2,621,893.00 | 2,624,137.00 | 4,203,902.00 | 0 |
| Net Non-Operating Income | 4,428,469.00 | -4,328,179.00 | 133,325.00 | 89,448.00 | 6,157,989.00 | 0 |
| Interest Income | 37,892.00 | -13,366.00 | 36,798.00 | 21,794.00 | 45,173.00 | 0 |
| Interest Expense | 2,109,683.00 | 2,189,720.00 | 2,301,438.00 | 1,556,120.00 | 214,244.00 | 0 |
| EBT | -5,221,930.00 | -2,427,473.00 | -288,680.00 | 1,064,313.00 | 8,381,140.00 | 0 |
| Income Tax | 226,187.00 | -1,102,368.00 | 64,937.00 | -47,954.00 | 1,185,863.00 | 0 |
| Net Income Including Non-Controlling Interests | -5,448,117.00 | -1,325,105.00 | -353,617.00 | 1,112,267.00 | 7,195,277.00 | 0 |
| Net Income Non-Controlling Interests | -1,511.00 | 656.00 | 578.00 | -4,419.00 | 6,642.00 | 0 |
| Net Income | -5,449,628.00 | -1,324,449.00 | -353,039.00 | 1,107,848.00 | 7,201,919.00 | 0 |
| EBIT | -3,112,247.00 | -237,753.00 | 2,012,758.00 | 2,620,433.00 | 8,595,384.00 | 0 |
| Deprecation and Amortization | 1,155,625.00 | 1,131,369.00 | 1,112,231.00 | 1,032,945.00 | 990,018.00 | 0 |
| EBITDA | -1,956,622.00 | 893,616.00 | 3,124,989.00 | 3,653,378.00 | 9,585,402.00 | 0 |
| EPS | 0 | 0 | -0.00 | 0 | 0 | 0.00 |
| Diluted EPS | 0 | 0 | -0.00 | 0 | 0 | 0.00 |
| Average Shares Outstanding Basic | 0 | 0 | 2,206,493.75 | 0 | 0 | 2,343,221.43 |
| Average Shares Outstanding Diluted | 0 | 0 | 2,206,493.75 | 0 | 0 | 2,343,221.43 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Operating Cash Flow | 4,213,496.00 | 3,941,417.00 | 3,139,353.00 | 5,466,906.00 | 3,583,578.00 |
| Operating Net Income | -5,221,930.00 | -2,427,473.00 | -288,680.00 | 1,064,313.00 | 8,381,140.00 |
| Deprecation and Amortization | 1,155,625.00 | 1,131,369.00 | 1,112,231.00 | 1,032,945.00 | 990,018.00 |
| Deferred Income Tax | 0 | 0 | 0 | 0 | 0 |
| Share Based Compensation | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -1,704,788.00 | 969,261.00 | 570,730.00 | 2,213,256.00 | 895,370.00 |
| Other Operating Activities | 9,984,589.00 | 4,268,260.00 | 1,745,072.00 | 1,156,392.00 | -6,682,950.00 |
| Investing Cash Flow | -3,616,900.00 | 1,065,078.00 | 494,563.00 | -5,340,733.00 | 2,122,072.00 |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -553,538.00 | -501,178.00 | -226,396.00 | -1,228,839.00 | -356,345.00 |
| Net Purchase/Sale of Investments Net | -2,231,016.00 | 200,215.00 | 1,601,108.00 | 171,579.00 | 1,319,548.00 |
| Net Purchase/Sale of Business | 891,559.00 | 2,020,684.00 | -28,171.00 | -2,625,803.00 | 2,457,979.00 |
| Other Investing Activities | -1,723,905.00 | -654,643.00 | -851,978.00 | -1,657,670.00 | -1,299,110.00 |
| Financing Cash Flow | -4,624,885.00 | -5,140,680.00 | -7,542,602.00 | 4,767,733.00 | -1,970,812.00 |
| Net Issuance/Repayment of Debt | 2,585,990.00 | -4,087,401.00 | -4,462,681.00 | 2,971,138.00 | 79,325.00 |
| Net Issuance/Repurchase of Equity | -36,728.00 | 0 | 0 | -46,700.00 | -68,399.00 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | -7,174,147.00 | -1,053,279.00 | -3,079,921.00 | 1,843,295.00 | -1,981,738.00 |
| Net Change in Cash | -4,028,290.00 | -134,185.00 | -3,908,686.00 | 4,893,906.00 | 3,734,838.00 |
| Cash at Beginning of Period | 22,529,651.00 | 9,137,685.00 | 13,046,371.00 | 21,678,616.00 | 17,943,778.00 |
| Cash at End of Period | 18,501,361.00 | 22,529,651.00 | 9,137,685.00 | 26,572,522.00 | 21,678,616.00 |
| Free Cash Flow | 3,490,825.00 | 3,371,670.00 | 2,875,780.00 | 4,015,050.00 | 3,160,612.00 |