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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
Form
10-Q
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period
ended |
|
September 30, 2021 |
Or
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition
period from |
|
to |
|
Commission
File No. |
|
001-111596 |
PERMA-FIX ENVIRONMENTAL SERVICES, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
58-1954497 |
(State
or other jurisdiction
of incorporation or organization) |
|
(IRS
Employer
Identification Number) |
|
|
|
8302
Dunwoody Place, Suite 250, Atlanta, GA |
|
30350 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(770)
587-9898
(Registrant’s
telephone number)
N/A |
(Former
name, former address and former fiscal year, if changed since last report) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
Common
Stock, $.001 Par Value |
|
PESI |
|
NASDAQ
Capital Markets |
Indicate
by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes ☒
No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the Registrant was required to submit and post such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer” and
“smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large
accelerated filer ☐ Accelerated Filer ☐ Non-accelerated
Filer ☒ Smaller reporting company☒
Emerging growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
☒
Indicate
the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the close of the latest practical date.
Class |
|
Outstanding
at November 4, 2021 |
Common
Stock, $.001 Par Value |
|
13,214,910
shares |
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
INDEX
PART
I - FINANCIAL INFORMATION
ITEM
1. – Financial Statements
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
Consolidated
Balance Sheets
| |
September
30, | | |
December
31, | |
| |
2021 | | |
2020 | |
(Amounts
in Thousands, Except for Share and Per Share Amounts) | |
(Unaudited) | | |
(Audited) | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Current
assets: | |
| | | |
| | |
Cash | |
$ | 7,222 | | |
$ | 7,924 | |
Accounts
receivable, net of allowance for doubtful accounts of $60 and $404, respectively | |
| 11,816 | | |
| 9,659 | |
Unbilled
receivables | |
| 5,696 | | |
| 14,453 | |
Inventories | |
| 543 | | |
| 610 | |
Prepaid
and other assets | |
| 4,132 | | |
| 3,967 | |
Current
assets related to discontinued operations | |
| 18 | | |
| 22 | |
Total
current assets | |
| 29,427 | | |
| 36,635 | |
| |
| | | |
| | |
Property
and equipment: | |
| | | |
| | |
Buildings
and land | |
| 20,622 | | |
| 20,139 | |
Equipment | |
| 22,104 | | |
| 22,090 | |
Vehicles | |
| 454 | | |
| 457 | |
Leasehold
improvements | |
| 23 | | |
| 23 | |
Office
furniture and equipment | |
| 1,423 | | |
| 1,413 | |
Construction-in-progress | |
| 2,643 | | |
| 1,569 | |
Total
property and equipment | |
| 47,269 | | |
| 45,691 | |
Less
accumulated depreciation | |
| (28,906 | ) | |
| (27,908 | ) |
Net
property and equipment | |
| 18,363 | | |
| 17,783 | |
| |
| | | |
| | |
Property
and equipment related to discontinued operations | |
| 81 | | |
| 81 | |
| |
| | | |
| | |
Operating
lease right-of-use assets | |
| 2,570 | | |
| 2,287 | |
| |
| | | |
| | |
Intangibles
and other long term assets: | |
| | | |
| | |
Permits | |
| 9,270 | | |
| 8,922 | |
Other
intangible assets - net | |
| 935 | | |
| 875 | |
Finite
risk sinking fund (restricted cash) | |
| 11,469 | | |
| 11,446 | |
Deferred
tax assets | |
| 2,460 | | |
| — | |
Other
assets | |
| 829 | | |
| 890 | |
Total
assets | |
$ | 75,404 | | |
$ | 78,919 | |
The
accompanying notes are an integral part of these consolidated financial statements.
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
Consolidated
Balance Sheets, Continued
| |
September
30, | | |
December
31, | |
| |
2021 | | |
2020 | |
(Amounts
in Thousands, Except for Share and per Share Amounts) | |
(Unaudited) | | |
(Audited) | |
| |
| | |
| |
LIABILITIES
AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current
liabilities: | |
| | | |
| | |
Accounts
payable | |
$ | 9,717 | | |
$ | 15,382 | |
Accrued
expenses | |
| 6,654 | | |
| 6,381 | |
Disposal/transportation
accrual | |
| 1,028 | | |
| 1,220 | |
Deferred
revenue | |
| 3,435 | | |
| 4,614 | |
Accrued
closure costs - current | |
| 74 | | |
| 75 | |
Current
portion of long-term debt | |
| 396 | | |
| 3,595 | |
Current
portion of operating lease liabilities | |
| 387 | | |
| 273 | |
Current
portion of finance lease liabilities | |
| 257 | | |
| 525 | |
Current
liabilities related to discontinued operations | |
| 332 | | |
| 898 | |
Total
current liabilities | |
| 22,280 | | |
| 32,963 | |
| |
| | | |
| | |
Accrued
closure costs | |
| 7,026 | | |
| 6,290 | |
Deferred
tax liabilities | |
| — | | |
| 471 | |
Long-term
debt, less current portion | |
| 702 | | |
| 3,134 | |
Long-term
operating lease liabilities, less current portion | |
| 2,134 | | |
| 2,070 | |
Long-term
finance lease liabilities, less current portion | |
| 776 | | |
| 662 | |
Other
long-term liabilities | |
| 626 | | |
| 626 | |
Long-term
liabilities related to discontinued operations | |
| 802 | | |
| 252 | |
Total
long-term liabilities | |
| 12,066 | | |
| 13,505 | |
| |
| | | |
| | |
Total
liabilities | |
| 34,346 | | |
| 46,468 | |
| |
| | | |
| | |
Commitments
and Contingencies (Note 9) | |
| | | |
| | |
| |
| | | |
| | |
Stockholders’
Equity: | |
| | | |
| | |
Preferred
Stock, $.001 par value; 2,000,000 shares authorized, no shares issued and outstanding | |
| — | | |
| — | |
Common
Stock, $.001 par value; 30,000,000 shares authorized; 12,304,265 (1) and 12,161,539 shares issued, respectively; 12,296,623
(1) and 12,153,897 shares outstanding, respectively | |
| 12 | | |
| 12 | |
Additional
paid-in capital | |
| 109,954 | | |
| 108,931 | |
Common
Stock subscriptions | |
| 4,387 | | |
| — | |
Accumulated
deficit | |
| (71,153 | ) | |
| (74,455 | ) |
Accumulated
other comprehensive loss | |
| (189 | ) | |
| (207 | ) |
Less
Common Stock in treasury, at cost; 7,642 shares | |
| (88 | ) | |
| (88 | ) |
Total
Perma-Fix Environmental Services, Inc. stockholders’ equity | |
| 42,923 | | |
| 34,193 | |
Non-controlling
interest | |
| (1,865 | ) | |
| (1,742 | ) |
Total
stockholders’ equity | |
| 41,058 | | |
| 32,451 | |
| |
| | | |
| | |
Total
liabilities and stockholders’ equity | |
$ | 75,404 | | |
$ | 78,919 | |
The
accompanying notes are an integral part of these consolidated financial statements.
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
Consolidated
Statements of Operations
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
Three
Months Ended | | |
Nine
Months Ended | |
| |
September
30, | | |
September
30, | |
(Amounts
in Thousands, Except for Per Share Amounts) | |
2021 | | |
2020 | | |
2021 | | |
2020 | |
| |
| | |
| | |
| | |
| |
Net
revenues | |
$ | 15,797 | | |
$ | 30,172 | | |
$ | 55,075 | | |
$ | 77,079 | |
Cost
of goods sold | |
| 13,573 | | |
| 25,422 | | |
| 49,529 | | |
| 64,379 | |
Gross
profit | |
| 2,224 | | |
| 4,750 | | |
| 5,546 | | |
| 12,700 | |
| |
| | | |
| | | |
| | | |
| | |
Selling,
general and administrative expenses | |
| 3,348 | | |
| 3,308 | | |
| 9,550 | | |
| 8,935 | |
Research
and development | |
| 243 | | |
| 157 | | |
| 538 | | |
| 598 | |
Loss
on disposal of property and equipment | |
| 1 | | |
| — | | |
| 1 | | |
| 27 | |
(Loss)
income from operations | |
| (1,368 | ) | |
| 1,285 | | |
| (4,543 | ) | |
| 3,140 | |
| |
| | | |
| | | |
| | | |
| | |
Other
income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest
income | |
| 2 | | |
| 28 | | |
| 23 | | |
| 112 | |
Interest
expense | |
| (77 | ) | |
| (87 | ) | |
| (209 | ) | |
| (306 | ) |
Interest
expense-financing fees | |
| (11 | ) | |
| (58 | ) | |
| (28 | ) | |
| (187 | ) |
Other | |
| (1 | ) | |
| 180 | | |
| — | | |
| 189 | |
Gain
(loss) on extinguishment of debt | |
| — | | |
| — | | |
| 5,381 | | |
| (27 | ) |
Income
tax benefit | |
| (2,836 | ) | |
| (133 | ) | |
| (2,840 | ) | |
| (128 | ) |
Income
from continuing operations, net of taxes | |
| 1,381 | | |
| 1,481 | | |
| 3,464 | | |
| 3,049 | |
| |
| | | |
| | | |
| | | |
| | |
Loss
from discontinued operations, net of taxes (Note 10) | |
| (43 | ) | |
| (67 | ) | |
| (285 | ) | |
| (266 | ) |
Net
income | |
| 1,338 | | |
| 1,414 | | |
| 3,179 | | |
| 2,783 | |
| |
| | | |
| | | |
| | | |
| | |
Net
loss attributable to non-controlling interest | |
| (64 | ) | |
| (32 | ) | |
| (123 | ) | |
| (87 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
income attributable to Perma-Fix Environmental Services, Inc. common stockholders | |
$ | 1,402 | | |
$ | 1,446 | | |
$ | 3,302 | | |
$ | 2,870 | |
| |
| | | |
| | | |
| | | |
| | |
Net
income (loss) per common share attributable to Perma-Fix Environmental Services, Inc. stockholders - basic: | |
| | | |
| | | |
| | | |
| | |
Continuing
operations | |
$ | .12 | | |
$ | .13 | | |
$ | .29 | | |
$ | .26 | |
Discontinued
operations | |
| (.01 | ) | |
| (.01 | ) | |
| (.02 | ) | |
| (.02 | ) |
Net
income per common share | |
$ | .11 | | |
$ | .12 | | |
$ | .27 | | |
$ | .24 | |
| |
| | | |
| | | |
| | | |
| | |
Net
income (loss) per common share attributable to Perma-Fix Environmental
Services, Inc. stockholders - diluted: | |
| | | |
| | | |
| | | |
| | |
Continuing
operations | |
$ | .12 | | |
$ | .13 | | |
$ | .29 | | |
$ | .25 | |
Discontinued
operations | |
| (.01 | ) | |
| (.01 | ) | |
| (.02 | ) | |
| (.02 | ) |
Net
income per common share | |
$ | .11 | | |
$ | .12 | | |
$ | .27 | | |
$ | .23 | |
| |
| | | |
| | | |
| | | |
| | |
Number
of common shares used in computing net income (loss) per share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 12,198 | | |
| 12,145 | | |
| 12,181 | | |
| 12,134 | |
Diluted | |
| 12,406 | | |
| 12,371 | | |
| 12,416 | | |
| 12,337 | |
The
accompanying notes are an integral part of these consolidated financial statements.
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
Consolidated
Statements of Comprehensive Income
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
Three
Months Ended | | |
Nine
Months Ended | |
| |
September
30, | | |
September
30, | |
(Amounts
in Thousands) | |
2021 | | |
2020 | | |
2021 | | |
2020 | |
| |
| | |
| | |
| | |
| |
Net
income | |
$ | 1,338 | | |
$ | 1,414 | | |
$ | 3,179 | | |
$ | 2,783 | |
Other
comprehensive (loss) income: | |
| | | |
| | | |
| | | |
| | |
Foreign
currency translation adjustment | |
| (22 | ) | |
| 11 | | |
| 18 | | |
| (40 | ) |
| |
| | | |
| | | |
| | | |
| | |
Comprehensive
income | |
| 1,316 | | |
| 1,425 | | |
| 3,197 | | |
| 2,743 | |
Comprehensive
loss attributable to non-controlling interest | |
| (64 | ) | |
| (32 | ) | |
| (123 | ) | |
| (87 | ) |
Comprehensive
income attributable to Perma-Fix Environmental
Services, Inc. stockholders | |
$ | 1,380 | | |
$ | 1,457 | | |
$ | 3,320 | | |
$ | 2,830 | |
The
accompanying notes are an integral part of these consolidated financial statements.
PERMA-FIX
ENVIRONMENTAL SERVICES, INC
Consolidated
Statement of Stockholders’ Equity
(Unaudited)
(Amounts
in thousands, except for share amounts)
| |
Shares | | |
Amount | | |
Capital | | |
Treasury | | |
scriptions | | |
Loss | | |
Subsidiary | | |
Deficit | | |
Equity | |
| |
| | |
| | |
Common | | |
| | |
Accumulated | | |
Non- | | |
| | |
| |
| |
| | |
Additional | | |
Stock | | |
Stock | | |
Other | | |
controlling | | |
| | |
Total | |
| |
Common
Stock | | |
Paid-In | | |
Held
In | | |
Sub- | | |
Comprehensive | | |
Interest
in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amount | | |
Capital | | |
Treasury | | |
scriptions | | |
Loss | | |
Subsidiary | | |
Deficit | | |
Equity | |
Balance
at December 31, 2020 | |
| 12,161,539 | | |
$ | 12 | | |
$ | 108,931 | | |
$ | (88 | ) | |
$ |
— | | |
$ | (207 | ) | |
$ | (1,742 | ) | |
$ | (74,455 | ) | |
$ | 32,451 | |
Net
loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (30 | ) | |
| (1,123 | ) | |
| (1,153 | ) |
Foreign
currency translation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 20 | | |
| — | | |
| — | | |
| 20 | |
Issuance
of Common Stock upon exercise
of options | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of Common Stock upon exercise
of options, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance
of Common Stock for services | |
| 11,837 | | |
| — | | |
| 79 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 79 | |
Sale
of Common Stock (Note 15 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Sale
of Common Stock (Note 15, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock
Subscriptions (Note 15) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-Based
Compensation | |
| — | | |
| — | | |
| 45 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 45 | |
Balance
at March 31, 2021 | |
| 12,173,376 | | |
$ | 12 | | |
$ | 109,055 | | |
$ | (88 | ) | |
$ | — | | |
$ | (187 | ) | |
$ | (1,772 | ) | |
$ | (75,578 | ) | |
$ | 31,442 | |
Net
Income (loss) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (29 | ) | |
| 3,023 | | |
| 2,994 | |
Foreign
currency translation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 20 | | |
| — | | |
| — | | |
| 20 | |
Issuance
of Common Stock upon exercise
of options | |
| 290 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Issuance
of Common Stock for services | |
| 14,590 | | |
| — | | |
| 109 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 109 | |
Stock-Based
Compensation | |
| — | | |
| — | | |
| 42 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 42 | |
Balance
at June 30, 2021 | |
| 12,188,256 | | |
$ | 12 | | |
$ | 109,206 | | |
$ | (88 | ) | |
$ | — | | |
$ | (167 | ) | |
$ | (1,801 | ) | |
$ | (72,555 | ) | |
$ | 34,607 | |
Net
Income (loss) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (64 | ) | |
| 1,402 | | |
| 1,338 | |
Foreign
currency translation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (22 | ) | |
| — | | |
| — | | |
| (22 | ) |
Issuance
of Common Stock for services | |
| 16,009 | | |
| — | | |
| 116 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 116 | |
Sale
of Common Stock (Note 15) | |
| 100,000 | | |
| — | | |
|
570 | (1) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 570 | |
Stock
Subscriptions (Note 15) | |
| — | | |
| — | | |
| — | | |
| — | | |
| 4,387 | (2) | |
| — | | |
| — | | |
| — | | |
| 4,387 | |
Stock-Based
Compensation | |
| — | | |
| — | | |
| 62 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 62 | |
Balance
at September 30, 2021 | |
| 12,304,265 | | |
$ | 12 | | |
$ | 109,954 | | |
$ | (88 | ) | |
$ | 4,387 | | |
$ | (189 | ) | |
$ | (1,865 | ) | |
$ | (71,153 | ) | |
$ | 41,058 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
at December 31, 2019 | |
| 12,123,520 | | |
$ | 12 | | |
$ | 108,457 | | |
$ | (88 | ) | |
$ | — | | |
$ | (211 | ) | |
$ | (1,619 | ) | |
$ | (77,315 | ) | |
$ | 29,236 | |
Net
Income (loss) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (26 | ) | |
| 1,220 | | |
| 1,194 | |
Foreign
currency translation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (79 | ) | |
| — | | |
| — | | |
| (79 | ) |
Issuance
of Common Stock upon exercise of options | |
| 3,643 | | |
| — | | |
| 6 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 6 | |
Issuance
of Common Stock for services | |
| 5,128 | | |
| — | | |
| 48 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 48 | |
Stock-Based
Compensation | |
| — | | |
| — | | |
| 44 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 44 | |
Balance
at March 31, 2020 | |
| 12,132,291 | | |
$ | 12 | | |
$ | 108,555 | | |
$ | (88 | ) | |
$ | — | | |
$ | (290 | ) | |
$ | (1,645 | ) | |
$ | (76,095 | ) | |
$ | 30,449 | |
Net
Income (loss) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (29 | ) | |
| 204 | | |
| 175 | |
Foreign
currency translation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 28 | | |
| — | | |
| — | | |
| 28 | |
Issuance
of Common Stock upon exercise
of options | |
| 241 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Issuance
of Common Stock for services | |
| 10,239 | | |
| — | | |
| 56 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 56 | |
Stock-Based
Compensation | |
| — | | |
| — | | |
| 48 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 48 | |
Balance
at June 30, 2020 | |
| 12,142,771 | | |
$ | 12 | | |
$ | 108,659 | | |
$ | (88 | ) | |
$ | — | | |
$ | (262 | ) | |
$ | (1,674 | ) | |
$ | (75,891 | ) | |
$ | 30,756 | |
Net
Income (loss) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (32 | ) | |
| 1,446 | | |
| 1,414 | |
Foreign
currency translation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 11 | | |
| — | | |
| — | | |
| 11 | |
Issuance
of Common Stock for services | |
| 9,592 | | |
| — | | |
| 62 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 62 | |
Stock-Based
Compensation | |
| — | | |
| — | | |
| 69 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 69 | |
Balance
at September 30, 2020 | |
| 12,152,363 | | |
$ | 12 | | |
$ | 108,790 | | |
$ | (88 | ) | |
$ | — | | |
$ | (251 | ) | |
$ | (1,706 | ) | |
$ | (74,445 | ) | |
$ | 32,312 | |
The
accompanying notes are an integral part of these consolidated financial statements.
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
Consolidated
Statements of Cash Flows
(Unaudited)
| |
| | |
| |
| |
Nine
Months Ended | |
| |
September
30, | |
(Amounts
in Thousands) | |
2021 | | |
2020 | |
Cash
flows from operating activities: | |
| | | |
| | |
Net
income | |
$ | 3,179 | | |
$ | 2,783 | |
Less:
loss from discontinued operations, net of taxes (Note 10) | |
| (285 | ) | |
| (266 | ) |
| |
| | | |
| | |
Income
from continuing operations, net of taxes | |
| 3,464 | | |
| 3,049 | |
Adjustments
to reconcile income from continuing operations to cash (used in) provided by operating activities: | |
| | | |
| | |
Depreciation
and amortization | |
| 1,208 | | |
| 1,189 | |
Interest
on finance lease with purchase option | |
| 7 | | |
| 6 | |
(Gain)
loss on extinguishment of debt | |
| (5,381 | ) | |
| 27 | |
Amortization
of debt issuance/debt discount costs | |
| 28 | | |
| 187 | |
Deferred
tax benefit | |
| (2,931 | ) | |
| (2 | ) |
Provision
for (recovery of) bad debt reserves | |
| 1 | | |
| (94 | ) |
Loss
on disposal of property and equipment | |
| 1 | | |
| 27 | |
Issuance
of common stock for services | |
| 304 | | |
| 166 | |
Stock-based
compensation | |
| 149 | | |
| 161 | |
Changes
in operating assets and liabilities of continuing operations | |
| | | |
| | |
Accounts
receivable | |
| (2,158 | ) | |
| (170 | ) |
Unbilled
receivables | |
| 8,757 | | |
| (6,382 | ) |
Prepaid
expenses, inventories and other assets | |
| 1,700 | | |
| 1,284 | |
Accounts
payable, accrued expenses and unearned revenue | |
| (9,180 | ) | |
| 4,055 | |
Cash
(used in) provided by continuing operations | |
| (4,031 | ) | |
| 3,503 | |
Cash
used in discontinued operations | |
| (296 | ) | |
| (329 | ) |
Cash
(used in) provided by operating activities | |
| (4,327 | ) | |
| 3,174 | |
| |
| | | |
| | |
Cash
flows from investing activities: | |
| | | |
| | |
Purchases
of property and equipment | |
| (1,132 | ) | |
| (1,488 | ) |
Proceeds
from sale of property and equipment | |
| 1 | | |
| 4 | |
Cash
used in investing activities of continuing operations | |
| (1,131 | ) | |
| (1,484 | ) |
Cash
provided by investing activities of discontinued operations | |
| — | | |
| 118 | |
Cash
used in investing activities | |
| (1,131 | ) | |
| (1,366 | ) |
| |
| | | |
| | |
Cash
flows from financing activities: | |
| | | |
| | |
Repayments
of revolving credit borrowings | |
| (59,900 | ) | |
| (72,601 | ) |
Borrowing
on revolving credit | |
| 59,900 | | |
| 72,280 | |
Proceeds
from issuance of long-term debt | |
| — | | |
| 5,666 | |
Principal
repayments of finance lease liabilities | |
| (281 | ) | |
| (411 | ) |
Principal
repayments of long term debt | |
| (330 | ) | |
| (2,127 | ) |
Payment
of debt issuance costs | |
| (40 | ) | |
| (85 | ) |
Proceeds
from sale of Common Stock, net of Offering costs paid (Note 15) | |
| 618 | | |
| — | |
Proceeds
from stock subscription, net of Offering costs paid (Note 15) | |
| 4,816 | | |
| — | |
Proceeds
from issuance of common stock upon exercise of options | |
| — | | |
| 6 | |
Cash
provided by financing activities of continuing operations | |
| 4,783 | | |
| 2,728 | |
| |
| | | |
| | |
Effect
of exchange rate changes on cash | |
| (4 | ) | |
| (4 | ) |
| |
| | | |
| | |
(Decrease)
increase in cash and finite risk sinking fund (restricted cash) | |
| (679 | ) | |
| 4,532 | |
Cash
and finite risk sinking fund (restricted cash) at beginning of period | |
| 19,370 | | |
| 11,697 | |
Cash
and finite risk sinking fund (restricted cash) at end of period | |
|