v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES:    
Net income (loss) $ 1,140 $ (1,964)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 3,080 2,945
Lease amortization 832 728
Deferred revenue 104 32
Provision for doubtful accounts 131 192
Provision (benefit) for deferred income taxes 36 (36)
Foreign exchange (gain) loss (52) 143
Interest accretion 168 139
Gain on sale of assets (6)
Stock-based compensation expense 887 1,267
Change in contingent consideration (600)
Changes in operating assets and liabilities, net of businesses acquired:    
Accounts receivable (1,618) (522)
Contract asset 80 (270)
Inventory 86 20
Other assets (97) (10)
Accounts payable and other liabilities (1,084) (1,706)
Net cash provided by operating activities 3,087 958
INVESTING ACTIVITIES:    
Purchase of property and equipment (544) (695)
Capitalized software (2,253) (1,524)
Net cash used in investing activities (2,797) (2,219)
FINANCING ACTIVITIES:    
Preferred stock dividends paid (3,943) (3,592)
Settlement of tax withholding obligations on stock issued to employees (775) (1,402)
Repayments of notes payable, net (251) (241)
Stock issuance costs (11) (43)
Proceeds from exercise of warrants 6,435
Proceeds from issuance of Series B Preferred Stock, net of expenses 26,638
Redemption of Series A Preferred Stock (20,000)
Proceeds from line of credit 8,500
Repayment of line of credit (10,500)
Net cash (used in) provided by financing activities (342) 1,157
EFFECT OF EXCHANGE RATE CHANGES ON CASH (152) 174
NET (DECREASE) INCREASE IN CASH (204) 70
CASH AND RESTRICTED CASH - Beginning of the period 10,340 20,925
CASH AND RESTRICTED CASH - End of the period 10,136 20,995
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Dividends declared, not paid 3,950 3,777
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 59
Interest $ 40 $ 16

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