v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 2,783 $ 1,295
Less: loss from discontinued operations, net of taxes of $0 (266) (424)
Income from continuing operations, net of taxes 3,049 1,719
Adjustments to reconcile income from continuing operations to cash provided by (used in) operating activities:    
Depreciation and amortization 1,189 968
Interest on finance lease with purchase option 6
Loss on extinguishment of debt 27
Amortization of debt issuance/debt discount costs 187 139
Deferred tax (benefit) expense (2) 26
(Recovery of) provision for bad debt reserves (94) 147
Loss on disposal of property and equipment 27 3
Issuance of common stock for services 166 182
Stock-based compensation 161 129
Changes in operating assets and liabilities of continuing operations    
Accounts receivable (170) (3,193)
Unbilled receivables (6,382) (6,140)
Prepaid expenses, inventories and other assets 1,284 500
Accounts payable, accrued expenses and unearned revenue 4,055 2,516
Cash provided by (used in) continuing operations 3,503 (3,004)
Cash used in discontinued operations (329) (459)
Cash provided by (used in) operating activities 3,174 (3,463)
Cash flows from investing activities:    
Purchases of property and equipment (1,488) [1] (813) [2]
Proceeds from sale of property and equipment 4 1
Cash used in investing activities of continuing operations (1,484) (812)
Cash provided by investing activities of discontinued operations 118 100
Cash used in investing activities (1,366) (712)
Cash flows from financing activities:    
Repayments of revolving credit borrowings (72,601) (38,378)
Borrowing on revolving credit 72,280 37,739
Proceeds from issuance of long-term debt 5,666 2,500
Proceeds from finance leases 405
Principal repayments of finance lease liabilities (411) (174)
Principal repayments of long term debt (2,127) (925)
Payment of debt issuance costs (85) (112)
Proceeds from issuance of common stock upon exercise of options 6
Cash provided by financing activities of continuing operations 2,728 1,055
Effect of exchange rate changes on cash (4) 16
Increase (decrease) in cash and finite risk sinking fund (restricted cash) 4,532 (3,104)
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 16,229 13,677
Supplemental disclosure:    
Interest paid 286 284
Income taxes paid 34 168
Equipment purchase subject to finance lease 856 29
Equipment purchase subject to financing 27
Issuance of Common Stock with debt 263
Issuance of Warrant with debt $ 93
[1] Net of financed amount of $751,000 and $883,000 for the three and nine months ended September 30, 2020, respectively.
[2] Net of financed amount of $6,000 and $29,000 for the three and nine months ended September 30, 2019, respectively.

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