v3.22.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash $ 9,136 $ 9,340
Restricted cash 1,000 1,000
Accounts receivable - net of allowance for doubtful accounts of $490 and $537 at March 31, 2022 and December 31, 2021, respectively 18,493 17,006
Contract asset 4,645 4,725
Inventory 417 503
Current assets - related party 16 13
Prepaid expenses and other current assets 3,050 2,972
Total current assets 36,757 35,559
Property and equipment - net 5,396 5,404
Operating lease right-of-use assets 6,507 6,940
Intangible assets - net 30,487 30,778
Goodwill 61,186 61,186
Other assets 882 981
TOTAL ASSETS 141,215 140,848
Current liabilities:    
Accounts payable 5,833 5,948
Accrued compensation 2,857 4,251
Accrued expenses 5,998 5,091
Operating lease liability (current portion) 3,803 3,963
Deferred revenue (current portion) 1,140 1,085
Deferred payroll taxes 934 934
Notes payable (current portion) 95 344
Contingent consideration (current portion) 2,490 3,090
Dividend payable 3,950 3,856
Consideration payable 1,000 1,000
Total current liabilities 28,100 29,562
Notes payable 18 20
Borrowings under line of credit 6,000 8,000
Operating lease liability 3,929 4,545
Deferred revenue 390 341
Deferred tax liability 485 449
Total liabilities 38,922 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 4,521,546 and 5,299,227 shares at March 31, 2022 and December 31, 2021, respectively. Series B, issued and outstanding 1,150,372 shares at March 31, 2022 6 5
Common stock, $0.001 par value - authorized 29,000,000 shares. Issued 15,803,450 and 15,657,641 shares at March 31, 2022 and December 31, 2021, respectively. Outstanding 15,062,651 and 14,916,842 shares at March 31, 2022 and December 31, 2021, respectively. 16 16
Additional paid-in capital 134,855 131,379
Accumulated deficit (29,913) (31,053)
Accumulated other comprehensive loss (2,009) (1,754)
Less: 740,799 common shares held in treasury, at cost at March 31, 2022 and December 31, 2021 (662) (662)
Total shareholders’ equity 102,293 97,931
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 141,215 $ 140,848

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