Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Cash Flow (Unaudited)

v2.3.0.11
Consolidated Statements of Cash Flow (Unaudited) (USD $)
In Thousands
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from operating activities:    
Net loss $ (994) $ (321)
Less: (loss) income from discontinued operations (138) 212
Loss from continuing operations (856) (533)
Adjustments to reconcile net loss to cash used in operations:    
Depreciation and amortization 1,608 1,156
Amortization of debt discount 10 83
Amortization of fair value of customer contracts (853) 0
Deferred tax (benefit) expense (555) (220)
Provision (benefit) for bad debt and other reserves 42 (28)
Foreign exchange gain 12 0
Issuance of common stock for services 51 54
Stock-based compensation 64 116
Changes in operating assets and liabilities of continuing operations, net of effect from business acquisitions:    
Accounts receivable (1,460) (5,043)
Unbilled receivables (1,670) 583
Prepaid expenses, inventories and other assets (137) 112
Accounts payable, accrued expenses and unearned revenue (4,234) 2,958
Cash used in continuing operations (7,978) (762)
Cash used in discontinued operations (187) (61)
Cash used in operating activities (8,165) (823)
Cash flows from investing activities:    
Purchases of property and equipment, net (206) (717)
Change in restricted cash, net 1,500 0
Payments to finite risk sinking fund (1,892) (1,892)
Cash used in investing activities of continuing operations (598) (2,609)
Cash used in investing activities of discontinued operations 0 (21)
Cash used in investing activities (598) (2,630)
Cash flows from financing activities:    
Net borrowing of revolving credit 0 3,371
Principal repayments of long term debt (1,152) (649)
Proceeds from finite risk financing 565 685
Cash (used in) provided by financing activities of continuing operations (587) 3,407
Principal repayment of long-term debt for discontinued operations (8) (27)
Cash (used in) provided by financing activities (595) 3,380
Decrease in cash (9,358) (73)
Cash at beginning of period 12,055 101
Cash at end of period 2,697 28
Supplemental disclosure:    
Interest paid 219 163
Income taxes paid $ 470 $ 27