Sales Performance - For the six months ended June 30, 2021, sales of EWCP products decreased due to decreased customer orders, while TPA products saw an increase in customer orders[132]. - For the three months ended June 30, 2021, sales of both EWCP and TPA products increased due to increased customer orders[133]. - Three customers accounted for 44% of sales during the three months ended June 30, 2021, and 43% during the six months ended June 30, 2021[133]. Financial Performance - Cash provided by operations for the six months ended June 30, 2021, was $4,065,194, compared to $3,145,459 in 2020[137]. - As of June 30, 2021, working capital was $12,553,538, an increase from $11,146,211 on December 31, 2020[137]. - The company’s interest expense decreased due to reduced debt levels[132]. Commitments and Requirements - The company has minimum rental commitments of approximately $632,340 over the term of four leases, expiring on December 31, 2025[138]. - The company anticipates no material capital requirements for the twelve months ending December 31, 2021[139]. - The company has no substantial commitments requiring significant cash outlays over the coming fiscal year[137]. Currency Impact - Currency exchange impacts were noted due to movements in the US/Canadian dollar exchange rate affecting cash balances and payables[132].
Flexible Solutions International (FSI) - 2021 Q2 - Quarterly Report