Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
CURRENT ASSETS:    
Cash   $ 20,925
Restricted cash  
Accounts receivable - net, of allowance for doubtful accounts of $430 and $522 at June 30, 2021 and December 31, 2020, respectively   12,089
Contract asset   4,105
Inventory   399
Current assets - related party   13
Prepaid expenses and other current assets   7,288
Total current assets   44,819
Property and equipment - net   4,921
Operating lease right-of-use assets $ 7,712 7,743
Intangible assets - net   29,978
Goodwill   49,291
Other assets   1,247
TOTAL ASSETS   137,999
CURRENT LIABILITIES:    
Accounts payable   6,461
Accrued compensation   2,590
Accrued expenses   8,501
Operating lease liability (current portion) 4,098 4,729
Deferred revenue (current portion)   1,173
Accrued liability to related party   1
Deferred payroll taxes   927
Notes payable (current portion)   401
Dividend payable   4,241
Consideration payable  
Total current liabilities   29,024
Notes payable   41
Contingent consideration 6,500
Borrowings under line of credit  
Deferred payroll taxes   927
Operating lease liability 5,727 6,297
Deferred revenue   305
Deferred tax liability   160
Total liabilities   36,754
COMMITMENTS AND CONTINGENCIES (NOTE 8)  
SHAREHOLDERS’ EQUITY:    
Preferred stock, $0.001 par value - authorized 7,000,000 shares at June 30, 2021 and December 31, 2020; issued and outstanding 5,291,383 and 5,475,279 shares at June 30, 2021 and December 31, 2020, respectively   5
Common stock, $0.001 par value - authorized 29,000,000 shares at June 30, 2021 and December 31, 2020; issued 15,352,405 and 14,121,044 shares at June 30, 2021 and December 31, 2020, respectively; 14,611,606 and 13,380,245 shares outstanding at June 30, 2021 and December 31, 2020, respectively   14
Additional paid-in capital   136,781
Accumulated deficit   (33,889)
Accumulated other comprehensive loss   (1,004)
Less: 740,799 common shares held in treasury, at cost at June 30, 2021 and December 31, 2020   (662)
Total shareholders’ equity 97,765 101,245
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 137,999
Unaudited    
CURRENT ASSETS:    
Cash 8,002  
Restricted cash 1,500  
Accounts receivable - net, of allowance for doubtful accounts of $430 and $522 at June 30, 2021 and December 31, 2020, respectively 16,224  
Contract asset 5,470  
Inventory 441  
Current assets - related party 13  
Prepaid expenses and other current assets 3,279  
Total current assets 34,929  
Property and equipment - net 5,544  
Operating lease right-of-use assets 7,712  
Intangible assets - net 33,267  
Goodwill 60,661  
Other assets 1,245  
TOTAL ASSETS 143,358  
CURRENT LIABILITIES:    
Accounts payable 4,758  
Accrued compensation 3,577  
Accrued expenses 6,993  
Operating lease liability (current portion) 4,098  
Deferred revenue (current portion) 1,181  
Accrued liability to related party 1  
Deferred payroll taxes 927  
Notes payable (current portion) 22  
Dividend payable 3,810  
Consideration payable 1,571  
Total current liabilities 26,938  
Notes payable 31  
Contingent consideration 6,500  
Borrowings under line of credit 5,000  
Deferred payroll taxes 927  
Operating lease liability 5,727  
Deferred revenue 184  
Deferred tax liability 286  
Total liabilities 45,593  
COMMITMENTS AND CONTINGENCIES (NOTE 8)  
SHAREHOLDERS’ EQUITY:    
Preferred stock, $0.001 par value - authorized 7,000,000 shares at June 30, 2021 and December 31, 2020; issued and outstanding 5,291,383 and 5,475,279 shares at June 30, 2021 and December 31, 2020, respectively 5  
Common stock, $0.001 par value - authorized 29,000,000 shares at June 30, 2021 and December 31, 2020; issued 15,352,405 and 14,121,044 shares at June 30, 2021 and December 31, 2020, respectively; 14,611,606 and 13,380,245 shares outstanding at June 30, 2021 and December 31, 2020, respectively 15  
Additional paid-in capital 135,551  
Accumulated deficit (36,080)  
Accumulated other comprehensive loss (1,064)  
Less: 740,799 common shares held in treasury, at cost at June 30, 2021 and December 31, 2020 (662)  
Total shareholders’ equity 97,765  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 143,358