Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net (loss) income $ (3,816,000) $ 671,000
Less: loss on discontinued operations (Note 9) (605,000) (421,000)
(Loss) income from continuing operations, net of taxes (3,211,000) 1,092,000
Adjustments to reconcile net (loss) income from continuing operations to cash provided by (used in) operating activities:    
Depreciation and amortization 2,109,000 1,687,000
Interest on finance lease with purchase option 7,000
Loss on deconsolidation of subsidiary (Note 15) 1,062,000
Gain on extinguishment of debt (Note 11) (5,381,000)
Amortization of debt issuance costs 60,000 40,000
Deferred tax benefit (390,000) (3,860,000)
(Recovery of) provision for credit losses on accounts receivable (20,000) 26,000
Loss on disposal of property and equipment 18,000 2,000
Issuance of common stock for services 481,000 427,000
Stock-based compensation 408,000 250,000
Changes in operating assets and liabilities of continuing operations:    
Accounts receivable 2,028,000 (1,739,000)
Unbilled receivables 2,933,000 5,458,000
Prepaid expenses, inventories and other assets 2,018,000 1,165,000
Accounts payable, accrued expenses and unearned revenue (6,270,000) (6,552,000)
Cash provided by (used in) provided by continuing operations 164,000 (6,316,000)
Cash used in discontinued operations (717,000) (521,000)
Cash used in operating activities (553,000) (6,837,000)
Cash flows from investing activities:    
Purchases of property and equipment (net) [1] (1,023,000) (1,577,000)
Proceeds from sale of property and equipment 26,000 17,000
Deconsolidation of subsidiary - cash (4,000)
Cash used in investing activities of continuing operations (997,000) (1,564,000)
Cash flows from financing activities:    
Borrowing on revolving credit 73,322,000 74,987,000
Repayments of revolving credit borrowings (73,322,000) (74,987,000)
Proceeds from capital line 524,000
Principal repayment of finance lease liabilities (860,000) (334,000)
Principal repayments of long term debt (502,000) (440,000)
Payment of debt issuance costs (35,000) (48,000)
(Offering costs paid)/ proceeds from sale of Common Stock, net of offering costs paid (Note 7) (61,000) 5,765,000
Proceeds from issuance of Common Stock upon exercise of options 13,000
Cash (used in) provided by financing activities of continuing operations (921,000) 4,943,000
Effect of exchange rate changes on cash (4,000) (1,000)
Decrease in cash and finite risk sinking fund (restricted cash) (Note 2) (2,475,000) (3,459,000)
Cash and finite risk sinking fund (restricted cash) at beginning of period (Note 2) 15,911,000 19,370,000
Cash and finite risk sinking fund (restricted cash) at end of period (Note 2) 13,436,000 15,911,000
Supplemental disclosure:    
Interest paid 173,000 230,000
Income taxes paid 6,000 47,000
Non-cash investing and financing activities:    
Equipment purchase subject to finance lease 114,000 556,000
Equipment purchase subject to financing $ 29,000
[1] Net of financed amount of $ and $ for the year ended December 31, 2022 and 2021, respectively.