v3.22.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
OPERATING ACTIVITIES:    
Net income (loss) $ 3,877 $ (2,191)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 6,159 6,185
Lease amortization 1,658 1,455
Deferred revenue 387 (133)
Provision for doubtful accounts 580 257
Provision for deferred income taxes 28 126
Foreign exchange gain (159) (59)
Interest accretion 323 288
Gain on sale of assets (6)
Stock-based compensation expense 2,071 3,002
Change in contingent consideration (1,230)
Adjustment of goodwill 36
Changes in operating assets and liabilities, net of businesses acquired:    
Accounts receivable (2,558) (1,687)
Contract asset 25 1,037
Inventory 127 (42)
Other assets (264) (120)
Accounts payable and other liabilities (2,892) (6,073)
Net cash provided by operating activities 8,126 2,081
INVESTING ACTIVITIES:    
Purchase of property and equipment (973) (1,484)
Capitalized software (4,654) (3,254)
Cash paid for acquisitions (net) (12,261)
Net cash used in investing activities (5,627) (16,999)
FINANCING ACTIVITIES:    
Preferred stock dividends paid (7,683) (7,198)
Settlement of tax withholding obligations on stock issued to employees (910) (1,572)
Repayments of notes payable, net (338) (391)
Stock issuance costs (21) (43)
Proceeds from exercise of warrants 6,435
Proceeds from issuance of Series B Preferred Stock, net of expenses 27,860
Proceeds from issuance of common stock, net of expenses 1,360
Redemption of Series A Preferred Stock (20,005)
Proceeds from line of credit 17,500 5,000
Repayment of line of credit (18,500)
Net cash (used in) provided by financing activities (2,097) 3,591
EFFECT OF EXCHANGE RATE CHANGES ON CASH (522) (96)
NET DECREASE IN CASH AND RESTRICTED CASH (120) (11,423)
CASH AND RESTRICTED CASH - Beginning of the period 10,340 20,925
CASH AND RESTRICTED CASH - End of the period 10,220 9,502
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Preferred stock (cancelled) issued in connection with an acquisition (4,000)
Contingent consideration 6,500
Dividends declared, not paid 3,986 3,810
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 128 92
Interest $ 93 $ 39

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