CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, See Notes to Consolidated Financial Statements. 2002 2001 2000 Cash Flows from Financing Activities Proceeds from issuance of common stock $ 698,540 $ 748,153 $ 1,005,502 Net borrowings (repayments) under revolving  credit loan 5,314,410 (70,353,821) 16,285,337 Cash paid for retirement of stock (87,888) Principal repayments of industrial bonds, loans and notes payable (6,769,101) (4,520,082) (2,932,513) Proceeds from debt and notes payable 5,655,642 84,632,406 2,833,145 Net cash provided by financing activities 4,811,603 10,506,656 17,191,471 Effect of exchange rates on cash  348,574 (246,684) (356,929) Increase (decrease) in cash and cash equivalents 23,670,993 (383,150) 3,328,258 Cash and cash equivalents, beginning of period 6,670,178 7,053,328 3,725,070 Cash and cash equivalents, end of period $ 30,341,171 $ 6,670,178  $ 7,053,328 Supplemental Cash Flow Information Cash paid during the year for: Interest $ 10,235,731 $ 7,823,874 $ 8,499,094 Income taxes (net of refunds) $ (2,955,356) $ 4,882,833 $ 17,934,641 Tax benefits related to stock options: Refundable income taxes $ 105,809 $ 1,051,615 $ 555,962 Additional paid-in capital (105,809) (1,051,615) ( 555,962) Non-cash business combination: Investment in subsidiary $ 144,600  $ 1,576,844 Accrued liability 1,352,751 (1,576,844) Common stock (26,735) Additional paid-in capital (1,470,616)