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
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
OPERATING ACTIVITIES:              
Net (loss) income $ (1,832) $ (401) $ 2,737 $ 1,140 $ (2,233) $ 3,877  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:              
Depreciation and amortization         6,663 6,159  
Lease amortization         1,153 1,658  
Deferred revenue         (116) 387  
Provision for doubtful accounts         302 580 $ 740
Provision for deferred income taxes         64 28  
Foreign exchange loss (gain)         176 (159)  
Interest accretion         325 323  
Gain on sale of assets         (6)  
Stock-based compensation expense 1,502   1,184   2,574 2,071  
Change in contingent consideration   (630)   (1,230)  
Changes in operating assets and liabilities:              
Accounts receivable         2,267 (2,558)  
Contract asset         (435) 25  
Inventory         (21) 127  
Other assets         (318) (264)  
Accounts payable and other liabilities         (2,993) (2,892)  
Net cash provided by operating activities         7,408 8,126  
INVESTING ACTIVITIES:              
Purchases of property and equipment         (1,621) (973)  
Capitalized software         (4,456) (4,654)  
Net cash used in investing activities         (6,077) (5,627)  
FINANCING ACTIVITIES:              
Preferred stock dividends paid         (7,780) (7,683)  
Settlement of tax withholding obligations on stock issued to employees         (1,166) (910)  
Repayments of notes payable         (316) (338)  
Stock issuance costs         (21)  
Proceeds from issuance of Series B Preferred Stock, net of expenses         1,437 27,860  
Redemption of Series A Preferred Stock         (20,005)  
Proceeds from line of credit         12,700 17,500  
Repayment of line of credit         (10,700) (18,500)  
Net cash used in financing activities         (5,825) (2,097)  
EFFECT OF EXCHANGE RATE CHANGES ON CASH         (139) (522)  
NET DECREASE IN CASH AND RESTRICTED CASH         (4,633) (120)  
CASH AND RESTRICTED CASH - Beginning of the period   $ 12,299   $ 10,340 12,299 10,340 10,340
CASH AND RESTRICTED CASH - End of the period $ 7,666   $ 10,220   7,666 10,220 $ 12,299
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:              
Dividends declared, not paid         4,120 3,986  
Income taxes         111 128  
Interest         $ 341 $ 93