CUMBERLAND PHARMACEUTICALS INC
For the period ended Mar 31, 2024. Filed May 10, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 10, 2024
CPIX$5.30-1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Three months ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $(1,902,472) | $172,286 |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization expense | 1,150,685 | 1,255,675 |
| Amortization of operating lease right-of-use assets | 285,184 | 172,209 |
| Share-based compensation | 78,754 | 90,156 |
| Decrease in non-cash contingent consideration | (230,430) | (267,637) |
| Increase in cash surrender value of life insurance policies over premiums paid | (129,217) | (30,799) |
| Increase in noncash interest expense | 3,810 | 4,296 |
| Gain on receivable of FDA fees | — | (1,847,065) |
| Net changes in assets and liabilities affecting operating activities: | ||
| Accounts receivable | (1,066,410) | 481,613 |
| Inventories | 170,469 | (323,557) |
| Other current assets and other assets | 205,619 | 383,612 |
| Operating lease liabilities | (213,825) | 127,137 |
| Accounts payable and other current liabilities | (645,542) | (1,105,263) |
| Other long-term liabilities | 156,728 | (530,872) |
| Net cash used in operating activities | (2,136,647) | (1,418,209) |
| Cash flows from investing activities: | ||
| Additions to property and equipment | (41,621) | (107,260) |
| Additions to intangible assets | (16,565) | (67,193) |
| Net cash used in investing activities | (58,186) | (174,453) |
| Cash flows from financing activities: | ||
| Borrowings on line of credit | 11,000,000 | 8,000,000 |
| Payments on line of credit | (7,700,000) | (8,127,714) |
| Cash settlement of contingent consideration | (630,701) | (1,464,311) |
| Payments made in connection with repurchase of common shares | (247,605) | (187,117) |
| Net cash provided by (used in) financing activities | 2,421,694 | (1,779,142) |
| Net increase (decrease) in cash and cash equivalents | 226,861 | (3,371,804) |
| Cash and cash equivalents at beginning of period | $18,321,624 | $19,757,970 |
| Cash and cash equivalents at end of period | $18,548,485 | $16,386,166 |
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