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, 2023
Dec. 31, 2022
OPERATING ACTIVITIES:    
Net (loss) income $ (48,674,000) $ 5,432,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 14,889,000 12,318,000
Lease amortization 2,152,000 3,286,000
Deferred revenue (92,000) 302,000
Provision for expected credit losses 454,000 740,000
Deferred income taxes (benefit) provision (525,000) 76,000
Foreign exchange loss 790,000 610,000
Interest accretion 688,000 596,000
Goodwill impairment charges 42,000,000
Stock-based compensation expense 4,886,000 4,914,000
Change in contingent consideration (3,090,000)
Changes in operating assets and liabilities:    
Accounts receivable 2,246,000 1,493,000
Contract asset (695,000) 326,000
Inventory (84,000) 122,000
Other assets 682,000 619,000
Accounts payable and other liabilities (3,256,000) (6,593,000)
Net cash provided by operating activities 15,461,000 21,151,000
INVESTING ACTIVITIES:    
Purchases of property and equipment (3,063,000) (2,588,000)
Capitalized software and other intangible assets (8,550,000) (9,179,000)
Net cash used in investing activities (11,613,000) (11,767,000)
FINANCING ACTIVITIES:    
Preferred stock dividends paid (14,300,000) (15,314,000)
Settlement of contingent obligation (1,000,000)
Settlement of tax withholding obligations on stock issued to employees (1,524,000) (1,197,000)
Repayments of notes payable (888,000) (1,003,000)
Stock issuance costs (32,000)
Proceeds from issuance of Series B Preferred Stock, net of expenses 1,427,000 30,901,000
Redemption of Series A Preferred Stock (20,005,000)
Proceeds from line of credit 14,700,000 25,500,000
Repayment of line of credit (12,700,000) (25,500,000)
Net cash used in financing activities (13,285,000) (7,650,000)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 469,000 225,000
NET (DECREASE) INCREASE IN CASH (8,968,000) 1,959,000
CASH - Beginning of the year 12,299,000 10,340,000
CASH - End of the year 3,331,000 12,299,000
SUPPLEMENTAL NONCASH INVESTING AND FINANCING ACTIVITIES:    
Dividends declared, not paid 5,433,000 4,059,000
Purchase of prepaid insurance and motor vehicle with assumption of notes 656,000 695,000
SUPPLEMENTAL INFORMATION - Cash paid during the year for:    
Income taxes 144,000 153,000
Interest $ 927,000 $ 162,000