Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
OPERATING ACTIVITIES:      
Net (loss) income $ (401) $ 1,140  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 3,205 3,080  
Lease amortization 683 832  
Deferred revenue 16 104  
Provision for doubtful accounts 97 131 $ 740
Provision for deferred income taxes 26 36  
Foreign exchange gain (11) (52)  
Interest accretion 166 168  
Gain on sale of assets (6)  
Stock-based compensation expense 1,072 887  
Change in contingent consideration (600)  
Changes in operating assets and liabilities:      
Accounts receivable (156) (1,618)  
Contract asset (619) 80  
Inventory 116 86  
Other assets (615) (97)  
Accounts payable and other liabilities (2,556) (1,084)  
Net cash provided by operating activities 1,023 3,087  
INVESTING ACTIVITIES:      
Purchases of property and equipment (835) (544)  
Capitalized software (2,204) (2,253)  
Net cash used in investing activities (3,039) (2,797)  
FINANCING ACTIVITIES:      
Preferred stock dividends paid (3,875) (3,943)  
Settlement of tax withholding obligations on stock issued to employees (1,113) (775)  
Repayments of notes payable (236) (251)  
Stock issuance costs (11)  
Proceeds from issuance of Series B Preferred Stock, net of expenses 1,437 26,638  
Redemption of Series A Preferred Stock (20,000)  
Proceeds from line of credit 12,700 8,500  
Repayment of line of credit (10,700) (10,500)  
Net cash used in financing activities (1,787) (342)  
EFFECT OF EXCHANGE RATE CHANGES ON CASH (335) (152)  
NET DECREASE IN CASH AND RESTRICTED CASH (4,138) (204)  
CASH AND RESTRICTED CASH - Beginning of the period 12,299 10,340 10,340
CASH AND RESTRICTED CASH - End of the period 8,161 10,136 $ 12,299
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:      
Dividends declared, not paid 4,115 3,950  
Income taxes 2  
Interest $ 75 $ 40