v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ 1,369 $ (444)
Less: loss from discontinued operations, net of taxes of $0 (199) (267)
Income (loss) from continuing operations, net of taxes 1,568 (177)
Adjustments to reconcile income (loss) from continuing operations to cash provided by (used in) operating activities:    
Depreciation and amortization 711 641
Interest on finance lease with purchase option 4
Loss on extinguishment of debt 27
Amortization of debt discount/debt issuance costs 129 67
Deferred tax expense 5 7
(Recovery of) provision for bad debt reserves (107) 37
Loss (gain) on disposal of property and equipment 27 (1)
Issuance of common stock for services 104 122
Stock-based compensation 92 84
Changes in operating assets and liabilities of continuing operations    
Accounts receivable 2,479 (49)
Unbilled receivables (3,085) (3,053)
Prepaid expenses, inventories and other assets 714 281
Accounts payable, accrued expenses and unearned revenue 289 1,178
Cash provided by (used in) continuing operations 2,957 (863)
Cash used in discontinued operations (259) (334)
Cash provided by (used in) operating activities 2,698 (1,197)
Cash flows from investing activities:    
Purchases of property and equipment (1,366) [1] (312) [2]
Proceeds from sale of property and equipment 4 32
Cash used in investing activities of continuing operations (1,362) (280)
Cash provided by investing activities of discontinued operations 13 44
Cash used in investing activities (1,349) (236)
Cash flows from financing activities:    
Repayments of revolving credit borrowings (47,058) (23,816)
Borrowing on revolving credit 46,737 23,177
Proceeds from issuance of long-term debt 5,666 2,500
Proceeds from finance leases 120
Principal repayments of finance lease liabilities (229) (101)
Principal repayments of long term debt (1,045) (610)
Payment of debt issuance costs (85) (90)
Proceeds from issuance of common stock upon exercise of options 6
Cash provided by financing activities of continuing operations 3,992 1,180
Effect of exchange rate changes on cash (18) 15
Increase (decrease) in cash and finite risk sinking fund (restricted cash) 5,323 (238)
Cash and finite risk sinking fund (restricted cash) at beginning of period 11,697 16,781
Cash and finite risk sinking fund (restricted cash) at end of period 17,020 16,543
Supplemental disclosure:    
Interest paid 207 184
Income taxes paid 30 121
Equipment purchase subject to finance lease 132 22
Issuance of Common Stock with debt 263
Issuance of Warrant with debt $ 93
[1] Net of financed amount of $51,000 and $132,000 for the three and six months ended June 30, 2020, respectively.
[2] Net of financed amount of $18,000 and $22,000 for the three and six months ended June 30, 2019, respectively.

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