Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES:    
Net income $ 5,432 $ 2,836
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 12,318 12,676
Lease amortization 3,286 3,574
Deferred revenue 302 (72)
Provision for doubtful accounts 740 890
Provision for deferred income taxes 76 289
Foreign exchange loss (gain) 610 (16)
Interest accretion 596 857
Loss on sale of assets 172
Stock-based compensation expense 4,914 5,396
Change in contingent consideration (3,090) (2,515)
Adjustment of goodwill 36
Changes in operating assets and liabilities, net of businesses acquired:    
Accounts receivable 1,493 (620)
Contract asset 326 (620)
Inventory 122 (104)
Other assets 619 921
Accounts payable and other liabilities (6,593) (10,366)
Net cash provided by operating activities 21,151 13,334
INVESTING ACTIVITIES:    
Purchases of property and equipment (2,588) (2,928)
Capitalized software (9,179) (7,636)
Cash paid for acquisition (net) (12,582)
Net cash used in investing activities (11,767) (23,146)
FINANCING ACTIVITIES:    
Preferred stock dividends paid (15,314) (14,437)
Settlement of contingent obligation (1,000)
Settlement of tax withholding obligations on stock issued to employees (1,197) (2,123)
Repayments of notes payable (1,003) (1,045)
Financing and stock issuance costs (32) (80)
Proceeds from exercise of warrants 6,435
Proceeds from issuance of Series B Preferred Stock, net of expenses 30,901
Proceeds from issuance of common stock, net of expenses 2,731
Redemption of Series A Preferred Stock (20,005)
Proceeds from line of credit 25,500 26,000
Repayment of line of credit (25,500) (18,000)
Net cash used in financing activities (7,650) (519)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 225 (254)
NET INCREASE (DECREASE) IN CASH AND RESTRICTED CASH 1,959 (10,585)
CASH AND RESTRICTED CASH - Beginning of the year 10,340 20,925
CASH AND RESTRICTED CASH - End of the year 12,299 10,340
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Preferred stock cancelled in connection with an acquisition (4,000)
Contingent consideration at fair value at acquisition date 5,605
Dividends declared, not paid 4,059 3,856
Purchase of prepaid insurance with assumption of note 695 967
SUPPLEMENTAL INFORMATION - Cash paid during the year for:    
Income taxes 153 282
Interest $ 162 $ 103