v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net income $ 2,737 $ 2,191
Less: loss on discontinued operations, net of taxes of $0 (Note 9) (412) (541)
Income from continuing operations 3,149 2,732
Adjustments to reconcile net income from continuing operations to cash provided by (used in) operating activities:    
Depreciation and amortization 1,596 1,342
Interest on finance lease with purchase option 9 3
Loss on extinguishment of debt 27
Amortization of debt issuance/debt discount costs 294 208
Deferred tax (benefit) expense (119) 4
(Recovery of) provision for bad debt reserves (101) 386
Loss on disposal of property and equipment 29 3
Issuance of common stock for services 232 241
Stock-based compensation 236 179
Changes in operating assets and liabilities of continuing operations:    
Accounts receivable 3,620 (5,829)
Unbilled receivables (6,469) (4,879)
Prepaid expenses, inventories and other assets 1,147 923
Accounts payable, accrued expenses and unearned revenue 4,217 664
Cash provided by (used in) continuing operations 7,867 (4,023)
Cash used in discontinued operations (499) (660)
Cash provided by (used in) operating activities 7,368 (4,683)
Cash flows from investing activities:    
Purchases of property and equipment (net) [1] (1,715) (1,535)
Proceeds from sale of property and equipment 4 2
Cash used in investing activities of continuing operations (1,711) (1,533)
Cash provided by investing activities of discontinued operations 118 121
Cash used in investing activities (1,593) (1,412)
Cash flows from financing activities:    
Borrowing on revolving credit 102,788 59,333
Repayments of revolving credit borrowings (103,109) (59,651)
Proceeds from issuance of long-term debt 5,666 2,500
Proceeds from finance leases 405
Principal repayment of finance lease liabilities (615) (272)
Principal repayments of long term debt (2,759) (1,344)
Payment of debt issuance costs (85) (112)
Proceeds from issuance of common stock upon exercise of options 6 133
Cash provided by financing activities of continuing operations 1,892 992
Effect of exchange rate changes on cash 6 19
Increase (decrease) in cash and finite risk sinking fund (restricted cash) (Note 2) 7,673 (5,084)
Cash and finite risk sinking fund (restricted cash) at beginning of period (Note 2) 11,697 16,781
Cash and finite risk sinking fund (restricted cash) at end of period (Note 2) 19,370 11,697
Supplemental disclosure:    
Interest paid 366 422
Income taxes paid 70 245
Non-cash investing and financing activities:    
Equipment purchase subject to finance lease 856 393
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 $883,000 and $393,000 for the year ended December 31, 2020 and 2019, respectively.

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