v3.24.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash $ 3,331,000 $ 12,299,000
Accounts receivable - net 11,888,000 14,773,000
Contract asset 5,094,000 4,399,000
Inventory 465,000 381,000
Current assets - related party 16,000 16,000
Prepaid expenses and other current assets 2,449,000 2,785,000
Total current assets 23,243,000 34,653,000
Property and equipment - net 5,317,000 5,056,000
Operating lease right-of-use assets 4,365,000 4,921,000
Intangible assets - net 25,074,000 29,520,000
Goodwill 19,186,000 61,186,000
Other assets 641,000 838,000
TOTAL ASSETS 77,826,000 136,174,000
Current liabilities:    
Accounts payable 5,798,000 5,681,000
Accrued compensation 3,444,000 4,248,000
Accrued expenses 5,065,000 4,432,000
Operating lease liability (current portion) 1,888,000 2,273,000
Deferred revenue (current portion) 1,380,000 1,386,000
Notes payable (current portion) 292,000 319,000
Dividend payable 5,433,000 4,059,000
Total current liabilities 23,300,000 22,398,000
Notes payable 37,000 13,000
Borrowings under line of credit 10,000,000 8,000,000
Operating lease liability 2,516,000 3,207,000
Deferred revenue 256,000 342,000
Deferred tax liability 525,000
Total liabilities 36,109,000 34,485,000
COMMITMENTS AND CONTINGENCIES (NOTE 10)  
SHAREHOLDERS’ EQUITY:    
Preferred stock, $0.001 par value - authorized 7,000,000 shares. Series A, issued and outstanding 4,526,231 shares at December 31, 2023 and December 31, 2022. Series B, issued and outstanding 1,468,792 and 1,344,128 shares at December 31, 2023 and December 31, 2022, respectively 6,000 6,000
Common stock, $0.001 par value - authorized 35,000,000 shares. Issued 16,620,891 and 15,970,204 shares at December 31, 2023 and December 31, 2022, respectively. Outstanding 15,880,092 and 15,229,405 shares at December 31, 2023 and December 31, 2022, respectively 17,000 16,000
Additional paid-in capital 120,706,000 130,987,000
Accumulated deficit (74,481,000) (25,621,000)
Accumulated other comprehensive loss (3,869,000) (3,037,000)
Less: 740,799 common shares held in treasury, at cost at December 31, 2023 and December 31, 2022 (662,000) (662,000)
Total shareholders’ equity 41,717,000 101,689,000
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 77,826,000 $ 136,174,000

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