Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash   $ 20,925
Restricted cash  
Accounts receivable - net, of allowance for doubtful accounts of $369 and $522 at September 30, 2021 and December 31, 2020, respectively   12,089
Contract asset   4,105
Inventory   399
Current assets - related party   13
Prepaid expenses and other current assets   7,288
Total current assets   44,819
Property and equipment - net   4,921
Operating lease right-of-use assets $ 7,108 7,743
Intangible assets - net   29,978
Goodwill   49,291
Other assets   1,247
TOTAL ASSETS   137,999
Current liabilities:    
Accounts payable   6,461
Accrued compensation   2,590
Accrued expenses   8,501
Operating lease liability (current portion) 3,929 4,729
Deferred revenue (current portion)   1,173
Accrued liability to related party   1
Deferred payroll taxes   927
Notes payable (current portion)   401
Dividend payable   4,241
Consideration payable  
Total current liabilities   29,024
Notes payable   41
Contingent consideration  
Borrowings under line of credit  
Deferred payroll taxes   927
Operating lease liability 5,026 6,297
Deferred revenue   305
Deferred tax liability   160
Total liabilities   36,754
COMMITMENTS AND CONTINGENCIES (NOTE 8)  
SHAREHOLDERS’ EQUITY:    
Preferred stock, $0.001 par value - authorized 7,000,000 shares at September 30, 2021 and December 31, 2020; issued and outstanding 5,295,414 and 5,475,279 shares at September 30, 2021 and December 31, 2020, respectively   5
Common stock, $0.001 par value - authorized 29,000,000 shares at September 30, 2021 and December 31, 2020; issued 15,614,210 and 14,121,044 shares at September 30, 2021 and December 31, 2020, respectively; 14,873,411 and 13,380,245 shares outstanding at September 30, 2021 and December 31, 2020, respectively   14
Additional paid-in capital   136,781
Accumulated deficit   (33,889)
Accumulated other comprehensive loss   (1,004)
Less: 740,799 common shares held in treasury, at cost at September 30, 2021 and December 31, 2020   (662)
Total shareholders’ equity 97,051 101,245
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 137,999
Unaudited    
Current assets:    
Cash 8,313  
Restricted cash 1,000  
Accounts receivable - net, of allowance for doubtful accounts of $369 and $522 at September 30, 2021 and December 31, 2020, respectively 18,094  
Contract asset 4,661  
Inventory 500  
Current assets - related party 13  
Prepaid expenses and other current assets 3,817  
Total current assets 36,398  
Property and equipment - net 5,108  
Operating lease right-of-use assets 7,108  
Intangible assets - net 32,143  
Goodwill 60,661  
Other assets 1,091  
TOTAL ASSETS 142,509  
Current liabilities:    
Accounts payable 5,803  
Accrued compensation 3,390  
Accrued expenses 5,894  
Operating lease liability (current portion) 3,929  
Deferred revenue (current portion) 1,089  
Accrued liability to related party  
Deferred payroll taxes 927  
Notes payable (current portion) 590  
Dividend payable 3,843  
Consideration payable 1,000  
Total current liabilities 26,465  
Notes payable 24  
Contingent consideration 6,500  
Borrowings under line of credit 6,000  
Deferred payroll taxes 927  
Operating lease liability 5,026  
Deferred revenue 216  
Deferred tax liability 300  
Total liabilities 45,458  
COMMITMENTS AND CONTINGENCIES (NOTE 8)  
SHAREHOLDERS’ EQUITY:    
Preferred stock, $0.001 par value - authorized 7,000,000 shares at September 30, 2021 and December 31, 2020; issued and outstanding 5,295,414 and 5,475,279 shares at September 30, 2021 and December 31, 2020, respectively 5  
Common stock, $0.001 par value - authorized 29,000,000 shares at September 30, 2021 and December 31, 2020; issued 15,614,210 and 14,121,044 shares at September 30, 2021 and December 31, 2020, respectively; 14,873,411 and 13,380,245 shares outstanding at September 30, 2021 and December 31, 2020, respectively 16  
Additional paid-in capital 133,806  
Accumulated deficit (34,575)  
Accumulated other comprehensive loss (1,539)  
Less: 740,799 common shares held in treasury, at cost at September 30, 2021 and December 31, 2020 (662)  
Total shareholders’ equity 97,051  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 142,509