Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 404,000 $ (2,124,000)
Less: Loss from discontinued operations, net of taxes (Note 10) (44,000) (442,000)
Income (loss) from continuing operations, net of taxes 448,000 (1,682,000) [1]
Adjustments to reconcile income (loss) from continuing operations to cash provided by (used in) operating activities:    
Depreciation and amortization 2,124,000 1,433,000
Amortization of debt issuance costs 80,000 44,000
Deferred tax expense (benefit) 482,000 (147,000)
Provision for (recovery of) credit losses on accounts receivable 56,000 (47,000)
Loss on disposal of property and equipment 1,000
Issuance of common stock for services 356,000 363,000
Stock-based compensation 392,000 310,000
Changes in operating assets and liabilities of continuing operations    
Accounts receivable (6,034,000) 1,426,000
Unbilled receivables (3,274,000) 2,689,000
Prepaid expenses, inventories and other assets 3,647,000 829,000
Accounts payable, accrued expenses and unearned revenue 2,175,000 (5,553,000)
Cash provided by (used in) continuing operations 452,000 (334,000)
Cash used in discontinued operations (478,000) (559,000)
Cash used in operating activities (26,000) (893,000)
Cash flows from investing activities:    
Purchases of property and equipment (1,386,000) (947,000)
Proceeds from sale of property and equipment 25,000
Cash used in investing activities of continuing operations (1,386,000) (922,000)
Cash flows from financing activities:    
Repayments of revolving credit borrowings (63,295,000) (54,414,000)
Borrowing on revolving credit 63,295,000 54,414,000
Proceeds from long term debt 2,500,000 524,000
Principal repayments of finance lease liabilities (135,000) (821,000)
Principal repayments of long term debt (450,000) (375,000)
Payment of debt issuance costs (175,000) (35,000)
Proceeds from issuance of common stock upon exercise of options 150,000 13,000
Cash provided by (used in) financing activities of continuing operations 1,890,000 (694,000)
Effect of exchange rate changes on cash (4,000)
Increase (decrease) in cash and finite risk sinking fund (restricted cash) 478,000 (2,513,000)
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 13,914,000 13,398,000
Supplemental disclosure:    
Interest paid 172,000 125,000
Income taxes paid 6,000
Non-cash financing activities:    
Equipment purchase subject to finance lease $ 309,000 $ 114,000
[1] Includes approximately $1,975,000 recorded as other income under the Employee Retention Credit program under the CARES Act, as amended (see “Note 13 – Employee Retention Credit (“ERC”) below for a discussion of this refund amount).