Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (1,343,000) $ (1,153,000)
Less: loss from discontinued operations, net of taxes (Note 10) (94,000) (115,000)
Loss from continuing operations, net of taxes (1,249,000) (1,038,000)
Adjustments to reconcile loss from continuing operations to cash provided by (used in) operating activities :    
Depreciation and amortization 456,000 400,000
Interest on finance lease with purchase option 2,000
Amortization of debt issuance costs 13,000 8,000
Deferred tax benefit (673,000)
Recovery of bad debt reserves (55,000) (17,000)
Loss on disposal of plant, property, and equipment 1,000
Issuance of common stock for services 123,000 79,000
Stock-based compensation 102,000 45,000
Changes in operating assets and liabilities of continuing operations:    
Accounts receivable 1,105,000 (10,445,000)
Unbilled receivables 3,720,000 5,224,000
Prepaid expenses, inventories and other assets 1,097,000 557,000
Accounts payable, accrued expenses and unearned revenue (4,492,000) (1,270,000)
Cash provided by (used in) continuing operations 148,000 (6,455,000)
Cash used in discontinued operations (142,000) (149,000)
Cash provided by (used in) operating activities 6,000 (6,604,000)
Cash flows from investing activities:    
Purchases of property and equipment [1] (345,000) (361,000)
Proceeds from sale of plant, property, and equipment 24,000 1,000
Cash used in investing activities of continuing operations (321,000) (360,000)
Cash flows from financing activities:    
Repayments of revolving credit borrowings (17,494,000) (14,780,000)
Borrowing on revolving credit 17,494,000 14,780,000
Principal repayments of finance lease liabilities (58,000) (114,000)
Principal repayments of long term debt (110,000) (109,000)
Payment of debt issuance costs (21,000)
Cash used in financing activities (189,000) (223,000)
Effect of exchange rate changes on cash (6,000)
(Decrease) increase in cash and finite risk sinking fund (restricted cash) (504,000) (7,193,000)
Cash and finite risk sinking fund (restricted cash) at beginning of period 15,911,000 19,370,000
Cash and finite risk sinking fund (restricted cash) at end of period 15,407,000 12,177,000
Supplemental disclosure:    
Interest paid 34,000 54,000
Income taxes paid 6,000
Non-cash investing and financing activities:    
Equipment purchase subject to finance lease 114,000
Equipment purchase subject to financing $ 29,000
[1] Net of financed amount of $114,000 and $29,000 for the three months ended March 31, 2022 and 2021, respectively.