Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES:    
Net income (loss) $ 4,933 $ (686)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 9,120 9,853
Lease amortization 2,474 2,191
Deferred revenue 381 (193)
Provision for doubtful accounts 715 465
Provision for deferred income taxes 62 140
Foreign exchange loss (gain) 238 (87)
Interest accretion 460 599
Stock-based compensation expense 3,399 4,006
Change in contingent consideration (2,890)
Adjustment of goodwill 36
Changes in operating assets and liabilities, net of businesses acquired:    
Accounts receivable 10 (1,363)
Contract asset 318 (556)
Inventory 85 (101)
Other assets 62 (135)
Accounts payable and other liabilities (4,264) (6,959)
Net cash provided by operating activities 15,103 7,210
INVESTING ACTIVITIES:    
Purchase of property and equipment (2,156) (1,992)
Capitalized software (6,967) (5,277)
Cash paid for acquisitions (net) (12,582)
Net cash used in investing activities (9,123) (19,851)
FINANCING ACTIVITIES:    
Preferred stock dividends paid (11,478) (10,806)
Settlement of tax withholding obligations on stock issued to employees (1,140) (2,096)
Repayments of notes payable, net (769) (745)
Stock issuance costs (32) (43)
Proceeds from exercise of warrants 6,434
Proceeds from issuance of Series B Preferred Stock, net of expenses 30,280
Proceeds from issuance of common stock, net of expenses 2,528
Redemption of Series A Preferred Stock (20,005)
Proceeds from line of credit 17,500 11,000
Repayment of line of credit (25,500) (5,000)
Net cash (used in) provided by financing activities (11,144) 1,272
EFFECT OF EXCHANGE RATE CHANGES ON CASH (309) (243)
NET DECREASE IN CASH AND RESTRICTED CASH (5,473) (11,612)
CASH AND RESTRICTED CASH - Beginning of the period 10,340 20,925
CASH AND RESTRICTED CASH - End of the period 4,867 9,313
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Preferred stock cancelled in connection with an acquisition (4,000)
Contingent consideration 6,500
Dividends declared, not paid 4,040 3,843
Purchase of prepaid insurance with assumption of note 695 967
SUPPLEMENTAL INFORMATION - Cash paid during the period for:    
Income taxes 128 237
Interest $ 125 $ 55