Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES:    
Net income (loss) $ 2,836,000 $ (8,813,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 12,676,000 10,134,000
Lease amortization 3,574,000 2,889,000
Deferred revenue (72,000) 263,000
Provision for doubtful accounts 890,000 369,000
Provision (benefit) for deferred income taxes 289,000 (84,000)
Foreign exchange gain (16,000) (14,000)
Interest accretion 857,000 677,000
Loss (Gain) on sale of assets 172,000 (5,000)
Stock-based compensation expense 5,396,000 6,502,000
Change in contingent consideration (2,515,000) (1,000,000)
Adjustment of goodwill 36,000
Changes in operating assets and liabilities, net of businesses acquired:    
Accounts receivable (620,000) 394,000
Contract asset (620,000) (300,000)
Inventory (104,000) 92,000
Other assets 921,000 (118,000)
Accounts payable and other liabilities (10,366,000) (11,878,000)
Net cash provided by (used in) operating activities 13,334,000 (892,000)
INVESTING ACTIVITIES:    
Purchase of property and equipment (2,928,000) (2,589,000)
Capitalized software (7,636,000) (5,163,000)
Cash paid for acquisitions (net) (12,582,000) (23,717,000)
Net cash used in investing activities (23,146,000) (31,469,000)
FINANCING ACTIVITIES:    
Preferred stock dividends paid (14,437,000) (11,382,000)
Settlement of tax withholding obligations on stock issued to employees (2,123,000) (2,198,000)
Repayments of notes payable, net (1,045,000) (666,000)
Financing costs (80,000)
Proceeds from exercise of warrants 6,435,000 4,450,000
Proceeds from issuance of common stock, net of expenses 2,731,000
Proceeds from line of credit 26,000,000 19,500,000
Repayment from line of credit (18,000,000) (19,500,000)
Settlement of contingent obligation (1,325,000)
Proceeds from issuance of preferred stock, net of expenses 44,543,000
Net cash (used in) provided by financing activities (519,000) 33,422,000
EFFECT OF EXCHANGE RATE CHANGES ON CASH (254,000) (130,000)
NET (DECREASE) INCREASE IN CASH (10,585,000) 931,000
CASH - beginning of the period 20,925,000 19,994,000
CASH AND RESTRICTED CASH - end of the year 10,340,000 20,925,000
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Preferred stock (cancelled) issued in connection with an acquisition (4,000,000) 24,000,000
Contingent consideration at fair value at acquisition date 5,605,000 1,000,000
Vehicle financing obtained 28,000
Dividends declared, not paid 3,856,000 4,241,000
Purchase of prepaid insurance with assumption of note 967,000 668,000
Warrants issued 5,070,000
Escrow recorded as indemnification asset and offsetting accrual 4,000,000
SUPPLEMENTAL INFORMATION - Cash paid during the year for:    
Income taxes 282,000 85,000
Interest $ 103,000 $ 165,000