Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (411,000) $ (1,343,000)
Less: loss from discontinued operations, net of taxes (Note 10) (93,000) (94,000)
Loss from continuing operations, net of taxes (318,000) (1,249,000)
Adjustments to reconcile loss from continuing operations to cash provided by operating activities :    
Depreciation and amortization 747,000 456,000
Amortization of debt issuance costs 20,000 13,000
Deferred tax benefit (204,000) (673,000)
Recovery of credit losses on accounts receivable (6,000) (55,000)
Loss on disposal of plant, property, and equipment 1,000
Issuance of common stock for services 118,000 123,000
Stock-based compensation 118,000 102,000
Changes in operating assets and liabilities of continuing operations:    
Accounts receivable (1,511,000) 1,105,000
Unbilled receivables (639,000) 3,720,000
Prepaid expenses, inventories and other assets 1,876,000 1,097,000
Accounts payable, accrued expenses and unearned revenue 1,561,000 (4,492,000)
Cash provided by continuing operations 1,762,000 148,000
Cash used in discontinued operations (198,000) (142,000)
Cash provided by operating activities 1,564,000 6,000
Cash flows from investing activities:    
Purchases of property and equipment [1] (748,000) (345,000)
Proceeds from sale of plant, property, and equipment 24,000
Cash used in investing activities of continuing operations (748,000) (321,000)
Cash flows from financing activities:    
Repayments of revolving credit borrowings (20,257,000) (17,494,000)
Borrowing on revolving credit 20,257,000 17,494,000
Proceeds from issuance of Common Stock upon exercise of options 7,000
Principal repayments of finance lease liabilities (41,000) (58,000)
Principal repayments of long term debt (137,000) (110,000)
Payment of debt issuance costs (33,000) (21,000)
Cash used in financing activities (204,000) (189,000)
Increase (decrease) in cash and finite risk sinking fund (restricted cash) 612,000 (504,000)
Cash and finite risk sinking fund (restricted cash) at beginning of period 13,436,000 15,911,000
Cash and finite risk sinking fund (restricted cash) at end of period 14,048,000 15,407,000
Supplemental disclosure:    
Interest paid 55,000 34,000
Income taxes paid 6,000
Non-cash investing and financing activities:    
Equipment purchase subject to finance lease $ 50,000 $ 114,000
[1] Net of financed amount of $50,000 and $114,000 for the three months ended March 31, 2023 and 2022, respectively.