Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash $ 9,340 $ 20,925
Restricted cash 1,000
Accounts receivable - net 17,006 12,089
Contract asset 4,725 4,105
Inventory 503 399
Current assets - related party 13 13
Prepaid expenses and other current assets 2,972 7,288
Total current assets 35,559 44,819
Property and equipment - net 5,404 4,921
Operating lease right-of-use assets 6,940 7,743
Intangible assets - net 30,778 29,978
Goodwill 61,186 49,291
Other assets 981 1,247
TOTAL ASSETS 140,848 137,999
Current liabilities:    
Accounts payable 5,948 6,461
Accrued compensation 4,251 2,590
Accrued expenses 5,091 8,501
Operating lease liability (current portion) 3,963 4,729
Deferred revenue (current portion) 1,085 1,173
Accrued liability to related party 1
Deferred payroll taxes 934 927
Notes payable (current portion) 344 401
Contingent consideration (current portion) 3,090
Dividend payable 3,856 4,241
Consideration payable 1,000
Total current liabilities 29,562 29,024
Notes payable 20 41
Borrowings under line of credit 8,000
Deferred payroll taxes 927
Operating lease liability 4,545 6,297
Deferred revenue 341 305
Deferred tax liability 449 160
Total liabilities 42,917 36,754
COMMITMENTS AND CONTINGENCIES (NOTE 11)
SHAREHOLDERS’ EQUITY:    
Preferred stock, $0.001 par value - authorized 7,000,000 shares at December 31, 2021 and December 31, 2020; issued and outstanding 5,299,227 and 5,475,279 shares at December 31, 2021 and December 31, 2020, respectively 5 5
Common stock, $0.001 par value - authorized 29,000,000 shares at December 31, 2021 and December 31, 2020; issued 15,657,641 and 14,121,044 shares at December 31, 2021 and December 31, 2020, respectively; 14,916,842 and 13,380,245 shares outstanding at December 31, 2021 and December 31, 2020, respectively 16 14
Additional paid-in capital 131,379 136,781
Accumulated deficit (31,053) (33,889)
Accumulated other comprehensive loss (1,754) (1,004)
Less: 740,799 common shares held in treasury, at cost at December 31, 2021 and December 31, 2020 (662) (662)
Total shareholders’ equity 97,931 101,245
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 140,848 $ 137,999