Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES:    
Net loss $ (2,191,000) $ (7,294,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 6,185,000 3,643,000
Lease amortization 1,455,000 1,338,000
Deferred revenue (133,000) 1,000
Provision for doubtful accounts 257,000 285,000
Provision (benefit) for deferred income taxes 126,000 (100,000)
Foreign exchange gain (59,000) (333,000)
Interest accretion 288,000 331,000
Stock-based compensation expense 3,002,000 3,188,000
Adjustment of goodwill 36,000
Changes in operating assets and liabilities, net of businesses acquired:    
Accounts receivable (1,687,000) 1,604,000
Contract asset 1,037,000 343,000
Inventory (42,000) 182,000
Other assets (120,000) (524,000)
Accounts payable and other liabilities (6,073,000) (5,592,000)
Net cash provided by (used in) operating activities 2,081,000 (2,928,000)
INVESTING ACTIVITIES:    
Purchase of property and equipment (1,484,000) (817,000)
Capitalized software (3,254,000) (2,622,000)
Cash paid for acquisitions (net) (12,261,000) (23,716,000)
Net cash used in investing activities (16,999,000) (27,155,000)
FINANCING ACTIVITIES:    
Preferred stock dividends paid (7,198,000) (4,472,000)
Settlement of tax withholding obligations on stock issued to employees (1,572,000) (1,048,000)
Repayments of notes payable, net (391,000) (186,000)
Proceeds from exercise of warrants 6,392,000
Proceeds from issuance of common stock, net of expenses 1,360,000
Proceeds from line of credit 5,000,000 19,500,000
Repayment from line of credit (9,750,000)
Net proceeds from issuance of preferred stock 19,014,000
Net cash provided by financing activities 3,591,000 23,058,000
EFFECT OF EXCHANGE RATE CHANGES ON CASH (96,000) (437,000)
NET DECREASE IN CASH AND RESTRICTED CASH (11,423,000) (7,462,000)
CASH - beginning of the period 20,925,000 19,994,000
CASH AND RESTRICTED CASH - end of the period 9,502,000 12,532,000
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Preferred stock (cancelled) issued in connection with an acquisition (4,000,000) 24,000,000
Contingent consideration 6,500,000
Vehicle financing obtained 28,000
Dividends declared, not paid 3,810,000 3,194,000
Warrants issued 5,070,000
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 92,000 62,000
Interest $ 39,000 $ 111,000