v3.19.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 1,295 $ 863
Less: loss from discontinued operations, net of taxes of $0 (424) (495)
Income from continuing operations, net of taxes 1,719 1,358
Adjustments to reconcile income from continuing operations to cash (used in) provided by operating activities:    
Depreciation and amortization 968 1,095
Amortization of debt issuance costs 139 27
Deferred tax expense (benefit) 26 (1,344)
Provision for bad debt reserves 147 22
Loss (gain) on disposal of property and equipment 3 (34)
Gain on exchange offer of Series B Preferred Stock of subsidiary (1,659)
Issuance of common stock for services 182 191
Stock-based compensation 129 143
Changes in operating assets and liabilities of continuing operations    
Accounts receivable (3,193) (382)
Unbilled receivables (6,140) 1,342
Prepaid expenses, inventories and other assets 500 1,272
Accounts payable, accrued expenses and unearned revenue 2,516 (983)
Cash (used in) provided by continuing operations (3,004) 1,048
Cash used in discontinued operations (459) (468)
Cash (used in) provided by operating activities (3,463) 580
Cash flows from investing activities:    
Purchases of property and equipment (813) (1,102)
Proceeds from sale of property and equipment 1 34
Cash used in investing activities of continuing operations (812) (1,068)
Cash provided by investing activities of discontinued operations 100 54
Cash used in investing activities (712) (1,014)
Cash flows from financing activities:    
Repayments of revolving credit borrowings (38,378) (40,906)
Borrowing on revolving credit 37,739 42,189
Proceeds from issuance of long-term debt - related party 2,500
Proceeds from finance leases 405
Proceeds from issuance of common stock upon exercise of options 36
Principal repayments of finance lease liabilities (174) (21)
Principal repayments of long term debt (717) (914)
Principal repayment of long term debt - related party (208)
Payment of debt issuance costs (112)
Cash provided by financing activities of continuing operations 1,055 384
Effect of exchange rate changes on cash 16 (8)
Decrease in cash and finite risk sinking fund (restricted cash) (3,104) (58)
Cash and finite risk sinking fund (restricted cash) at beginning of period 16,781 16,739
Cash and finite risk sinking fund (restricted cash) at end of period 13,677 16,681
Supplemental disclosure:    
Interest paid 284 173
Income taxes paid 168 160
Purchase of equipment through finance lease obligation 29 213
Issuance of Common Stock with debt 263
Issuance of Warrant with debt $ 93

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