v3.22.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash $ 9,220 $ 9,340
Restricted cash 1,000 1,000
Accounts receivable - net of allowance for doubtful accounts of $592 and $537 at June 30, 2022 and December 31, 2021, respectively 18,984 17,006
Contract asset 4,700 4,725
Inventory 376 503
Current assets - related party 16 13
Prepaid expenses and other current assets 3,335 2,972
Total current assets 37,631 35,559
Property and equipment - net 4,850 5,404
Operating lease right-of-use assets 5,447 6,940
Intangible assets - net 30,177 30,778
Goodwill 61,186 61,186
Other assets 807 981
TOTAL ASSETS 140,098 140,848
Current liabilities:    
Accounts payable 5,047 5,948
Accrued compensation 4,200 4,251
Accrued expenses 4,481 5,091
Operating lease liability (current portion) 3,224 3,963
Deferred revenue (current portion) 1,450 1,085
Deferred payroll taxes 934 934
Notes payable (current portion) 12 344
Contingent consideration (current portion) 1,860 3,090
Dividend payable 3,986 3,856
Consideration payable 1,000 1,000
Total current liabilities 26,194 29,562
Notes payable 16 20
Borrowings under line of credit 7,000 8,000
Operating lease liability 3,319 4,545
Deferred revenue 363 341
Deferred tax liability 477 449
Total liabilities 37,369 42,917
COMMITMENTS AND CONTINGENCIES (NOTE 8)
SHAREHOLDERS’ EQUITY:    
Preferred stock, $0.001 par value - authorized 7,000,000 shares. Series A, issued and outstanding 4,526,231 and 5,299,227 shares at June 30, 2022 and December 31, 2021, respectively. Series B, issued and outstanding 1,210,248 shares at June 30, 2022 6 5
Common stock, $0.001 par value - authorized 35,000,000 shares. Issued 15,819,259 and 15,657,641 shares at June 30, 2022 and December 31, 2021, respectively. Outstanding 15,078,460 and 14,916,842 shares at June 30, 2022 and December 31, 2021, respectively 16 16
Additional paid-in capital 133,544 131,379
Accumulated deficit (27,176) (31,053)
Accumulated other comprehensive loss (2,999) (1,754)
Less: 740,799 common shares held in treasury, at cost at June 30, 2022 and December 31, 2021 (662) (662)
Total shareholders’ equity 102,729 97,931
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 140,098 $ 140,848

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