Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
OPERATING ACTIVITIES:              
Net income (loss) $ 1,674 $ (241) $ (1,832) $ (401) $ 1,433 $ (2,233) $ (48,700)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
Depreciation and amortization         7,818 6,663  
Lease amortization         1,008 1,153  
Deferred revenue         (22) (116)  
Provision for expected credit losses         123 302 454
Provision for deferred income taxes         64  
Foreign exchange (gain) loss         (57) 176  
Interest accretion         321 325  
Stock-based compensation expense (benefit) 265   1,502   (443) 2,574  
Changes in operating assets and liabilities:              
Accounts receivable         (1,314) 2,267  
Contract asset         294 (435)  
Inventory         (32) (21)  
Other assets         (825) (318)  
Accounts payable and other liabilities         41 (2,993)  
Net cash provided by operating activities         8,345 7,408  
INVESTING ACTIVITIES:              
Purchases of property and equipment         (425) (1,621)  
Capitalized software and other intangible assets         (3,046) (4,456)  
Net cash used in investing activities         (3,471) (6,077)  
FINANCING ACTIVITIES:              
Preferred stock dividends paid         (7,780)  
Settlement of tax withholding obligations on stock issued to employees         (184) (1,166)  
Repayments of notes payable         (328) (316)  
Proceeds from issuance of Series B Preferred Stock, net of expenses         1,437  
Proceeds from line of credit         12,700  
Repayment of line of credit         (5,000) (10,700)  
Net cash used in financing activities         (5,512) (5,825)  
EFFECT OF EXCHANGE RATE CHANGES ON CASH         (76) (139)  
NET DECREASE IN CASH         (714) (4,633) (9,000)
CASH - Beginning of the period   $ 3,331   $ 12,299 3,331 12,299 12,299
CASH - End of the period 2,617   7,666   2,617 7,666 $ 3,331
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:              
Dividends declared, not paid $ 5   $ 4,120   5 4,120  
Purchase of prepaid insurance with assumption of note         96  
Reclass of deposits for property and equipment placed in service         296  
SUPPLEMENTAL INFORMATION - Cash paid during the period for:              
Income taxes         122 111  
Interest         $ 527 $ 341