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 9 Months Ended 12 Months Ended
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
OPERATING ACTIVITIES:              
Net (loss) income $ (2,749) $ (401) $ 1,056 $ 1,140 $ (4,982) $ 4,933  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:              
Depreciation and amortization         10,672 9,120  
Lease amortization         1,618 2,474  
Deferred revenue         221 381  
Provision for doubtful accounts         389 715 $ 740
Provision for deferred income taxes         81 62  
Foreign exchange loss         596 238  
Interest accretion         493 460  
Stock-based compensation expense 1,209   1,328   3,783 3,399  
Change in contingent consideration   (1,660)   (2,890)  
Changes in operating assets and liabilities:              
Accounts receivable         1,889 10  
Contract asset         (549) 318  
Inventory         (97) 85  
Other assets         (117) 62  
Accounts payable and other liabilities         (2,276) (4,264)  
Net cash provided by operating activities         11,721 15,103  
INVESTING ACTIVITIES:              
Purchases of property and equipment         (2,687) (2,156)  
Capitalized software         (6,635) (6,967)  
Net cash used in investing activities         (9,322) (9,123)  
FINANCING ACTIVITIES:              
Preferred stock dividends paid         (11,691) (11,478)  
Settlement of tax withholding obligations on stock issued to employees         (1,425) (1,140)  
Repayments of notes payable         (717) (769)  
Stock issuance costs         (32)  
Proceeds from issuance of Series B Preferred Stock, net of expenses         1,427 30,280  
Redemption of Series A Preferred Stock         (20,005)  
Proceeds from line of credit         14,700 17,500  
Repayment of line of credit         (10,700) (25,500)  
Net cash used in financing activities         (8,406) (11,144)  
EFFECT OF EXCHANGE RATE CHANGES ON CASH         114 (309)  
NET DECREASE IN CASH AND RESTRICTED CASH         (5,893) (5,473)  
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 6,406   4,867   6,406 4,867 12,299
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:              
Dividends declared, not paid $ 4,125   $ 4,040   4,125 4,040 $ 4,059
Purchase of prepaid insurance with assumption of note         620 695  
SUPPLEMENTAL INFORMATION - Cash paid during the period for:              
Income taxes         131 128  
Interest         $ 630 $ 125