v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net income (loss) $ 2,191 $ (1,741)
Less: loss on discontinued operations, net of taxes of $0 (Note 9) (541) (667)
Income (loss) from continuing operations 2,732 (1,074)
Adjustments to reconcile net income (loss) from continuing operations to cash provided by operating activities:    
Depreciation and amortization 1,342 1,455
Interest on finance lease with purchase option 3
Amortization of debt issuance/debt discount costs 208 35
Deferred tax expense (benefit) 4 (1,108)
Provision for bad debt reserves 386 66
Loss (gain) on disposal of property and equipment 3 (46)
Gain on exchange offer of Series B Preferred Stock of subsidiary (Note 8) (1,659)
Issuance of common stock for services 241 249
Stock-based compensation 179 198
Changes in operating assets and liabilities of continuing operations:    
Accounts receivable (5,829) 139
Unbilled receivables (4,879) 1,626
Prepaid expenses, inventories and other assets 923 1,932
Accounts payable, accrued expenses and unearned revenue 664 765
Cash (used in) provided by continuing operations (4,023) 2,578
Cash used in discontinued operations (660) (618)
Cash (used in) provided by operating activities (4,683) 1,960
Cash flows from investing activities:    
Purchases of property and equipment [1] (1,535) (1,432)
Proceeds from sale of property and equipment 2 47
Cash used in investing activities of continuing operations (1,533) (1,385)
Cash provided by investing activities of discontinued operations 121 67
Cash used in investing activities (1,412) (1,318)
Cash flows from financing activities:    
Borrowing on revolving credit 59,333 54,714
Repayments of revolving credit borrowings (59,651) (54,075)
Proceeds from issuance of long-term debt 2,500
Proceeds from finance leases 405
Principal repayment of finance lease liabilities (272) (36)
Principal repayments of long term debt (1,344) (1,219)
Payment of debt issuance costs (112)
Proceeds from issuance of common stock upon exercise of options 133 36
Cash provided by (used in) financing activities of continuing operations 992 (580)
Effect of exchange rate changes on cash 19 (20)
(Decrease) increase in cash and finite risk sinking fund (restricted cash) (Note 2) (5,084) 42
Cash and finite risk sinking fund (restricted cash) at beginning of period (Note 2) 16,781 16,739
Cash and finite risk sinking fund (restricted cash) at end of period (Note 2) 11,697 16,781
Supplemental disclosure:    
Interest paid 422 248
Income taxes paid 245 160
Non-cash investing and financing activities:    
Purchase of equipment through finance lease obligation 393 545
Common stock issued in exchange offer of Series B Preferred Stock of subsidiary (Note 8) 648
Issuance of Common Stock with debt 263
Issuance of Warrant with debt $ 93
[1] Net of financed amount of $393,000 and $545,000 for the year ended December 31, 2019 and 2018, respectively.

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