Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (13,784,000) $ (19,979,000)
Less: loss on discontinued operations (Note 8) (3,119,000) (410,000)
Loss from continuing operations (10,665,000) (19,569,000)
Adjustments to reconcile net loss from continuing operations to cash used in operating activities:    
Depreciation and amortization 1,759,000 1,763,000
Amortization of debt issuance costs 84,000 65,000
Deferred tax expense 4,448,000
Provision for credit losses on accounts receivable 136,000 219,000
Loss on disposal of property and equipment 1,000 21,000
Issuance of common stock for services 477,000 480,000
Stock-based compensation 818,000 656,000
Changes in operating assets and liabilities of continuing operations:    
Accounts receivable 216,000 (2,076,000)
Unbilled receivables (3,791,000) 3,442,000
Prepaid expenses, inventories and other assets 2,314,000 3,072,000
Accounts payable, accrued expenses, unearned revenue and other liabilities (1,660,000) (6,667,000)
Cash used in continuing operations (10,311,000) (14,146,000)
Cash used in discontinued operations (441,000) (597,000)
Cash used in operating activities (10,752,000) (14,743,000)
Cash flows from investing activities:    
Purchases of property and equipment (net of financed amount) (4,708,000) (3,405,000)
Addition to permits and other intangible assets (217,000) (675,000)
Proceeds from sale of property and equipment 28,000 1,000
Cash used in investing activities of continuing operations (4,897,000) (4,079,000)
Cash used in discontined operations (54,000) (51,000)
Cash used in investing activities (4,951,000) (4,130,000)
Cash flows from financing activities:    
Borrowing on revolving credit 77,852,000 98,655,000
Repayments of revolving credit borrowings (77,852,000) (98,655,000)
Proceeds from sale of Common Stock in May and December of 2024, net of offering costs paid 41,859,000
Payment of offering costs from sale of Common Stock completed in December 2024 (195,000)
Principal repayment of finance lease liabilities (308,000) (291,000)
Principal repayments of long term debt (631,000) (832,000)
Payment of debt issuance costs (19,000) (73,000)
Proceeds from issuance of Common Stock upon exercise of options/warrant 172,000 292,000
Cash (used in) provided by financing activities of continuing operations (981,000) 40,955,000
Effect of exchange rate changes on cash 13,000 (1,000)
(Decrease) increase in cash and finite risk sinking fund (restricted cash) (16,671,000) 22,081,000
Cash and finite risk sinking fund (restricted cash) at beginning of period 41,655,000 19,574,000
Cash and finite risk sinking fund (restricted cash) at end of period 24,984,000 41,655,000
Supplemental disclosure:    
Interest paid, net of capitalized amount 233,000 478,000
Non-cash investing and financing activities:    
Equipment purchase subject to finance leases 464,000
Equipment purchase subject to financing 406,000
Advance for equipment purchase subject to financing $ 125,000