v3.22.2.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash $ 3,867 $ 9,340
Restricted cash 1,000 1,000
Accounts receivable - net of allowance for doubtful accounts of $660 and $537 at September 30, 2022 and December 31, 2021, respectively 16,281 17,006
Contract asset 4,407 4,725
Inventory 418 503
Current assets - related party 16 13
Prepaid expenses and other current assets 3,694 2,972
Total current assets 29,683 35,559
Property and equipment - net 5,102 5,404
Operating lease right-of-use assets 4,679 6,940
Intangible assets - net 29,759 30,778
Goodwill 61,186 61,186
Other assets 787 981
TOTAL ASSETS 131,196 140,848
Current liabilities:    
Accounts payable 4,568 5,948
Accrued compensation 3,963 4,251
Accrued expenses 5,322 5,091
Operating lease liability (current portion) 2,554 3,963
Deferred revenue (current portion) 1,417 1,085
Deferred payroll taxes 934 934
Notes payable (current portion) 552 344
Contingent consideration (current portion) 200 3,090
Dividend payable 4,040 3,856
Consideration payable 1,000 1,000
Total current liabilities 24,550 29,562
Notes payable 14 20
Borrowings under line of credit 8,000
Operating lease liability 2,907 4,545
Deferred revenue 390 341
Deferred tax liability 511 449
Total liabilities 28,372 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 September 30, 2022 and December 31, 2021, respectively. Series B, issued and outstanding 1,309,216 shares at September 30, 2022 6 5
Common stock, $0.001 par value - authorized 35,000,000 shares. Issued 15,951,935 and 15,657,641 shares at September 30, 2022 and December 31, 2021, respectively. Outstanding 15,211,136 and 14,916,842 shares at September 30, 2022 and December 31, 2021, respectively 16 16
Additional paid-in capital 133,120 131,379
Accumulated deficit (26,120) (31,053)
Accumulated other comprehensive loss (3,536) (1,754)
Less: 740,799 common shares held in treasury, at cost at September 30, 2022 and December 31, 2021 (662) (662)
Total shareholders’ equity 102,824 97,931
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 131,196 $ 140,848

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