Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net income (loss) $ 485,000 $ (3,816,000)
Less: loss on discontinued operations (Note 8) (433,000) (605,000)
Income (loss) income from continuing operations 918,000 (3,211,000)
Adjustments to reconcile net income (loss) income from continuing operations to cash provided by operating activities:    
Depreciation and amortization 2,568,000 2,109,000
Amortization of debt issuance costs 93,000 60,000
Deferred tax benefit (66,000) (390,000)
Provision for (recovery of) credit losses on accounts receivable 45,000 (20,000)
Loss on disposal of property and equipment 77,000 18,000
Issuance of common stock for services 477,000 481,000
Stock-based compensation 548,000 408,000
Changes in operating assets and liabilities of continuing operations:    
Accounts receivable (403,000) 2,028,000
Unbilled receivables (2,370,000) 2,933,000
Prepaid expenses, inventories and other assets 4,193,000 2,018,000
Accounts payable, accrued expenses and unearned revenue 665,000 (6,270,000)
Cash provided by continuing operations 6,745,000 164,000
Cash used in discontinued operations (597,000) (717,000)
Cash provided by (used in) operating activities 6,148,000 (553,000)
Cash flows from investing activities:    
Purchases of property and equipment (net of financed amount) (1,714,000) (1,023,000)
Proceeds from sale of property and equipment 26,000
Cash used in investing activities of continuing operations (1,714,000) (997,000)
Cash flows from financing activities:    
Borrowing on revolving credit 90,256,000 73,322,000
Repayments of revolving credit borrowings (90,256,000) (73,322,000)
Proceeds from long term debt (Term Loan 2/Capital Line) (Note 9) 2,500,000 524,000
Principal repayment of finance lease liabilities (189,000) (860,000)
Principal repayments of long term debt (709,000) (502,000)
Payment of debt issuance costs (175,000) (35,000)
Offering costs paid from sale of Common Stock in 2021 (61,000)
Proceeds from issuance of Common Stock upon exercise of options/warrant 269,000 13,000
Cash provided by (used in) financing activities of continuing operations 1,696,000 (921,000)
Effect of exchange rate changes on cash 8,000 (4,000)
Increase (decrease) in cash and finite risk sinking fund (restricted cash) (Note 2) 6,138,000 (2,475,000)
Cash and finite risk sinking fund (restricted cash) at beginning of period (Note 2) 13,436,000 15,911,000
Cash and finite risk sinking fund (restricted cash) at end of period (Note 2) 19,574,000 13,436,000
Supplemental disclosure:    
Interest paid 308,000 173,000
Income taxes paid 6,000
Non-cash investing and financing activities:    
Equipment purchase subject to financing $ 784,000 $ 114,000