v3.22.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net (loss) income $ (2,788,000) $ 1,841,000
Less: loss from discontinued operations, net of taxes (Note 10) (282,000) (242,000)
(Loss) income from continuing operations, net of taxes (2,506,000) 2,083,000
Adjustments to reconcile (loss) income from continuing operations to cash (used in) provided by operating activities:    
Depreciation and amortization 936,000 799,000
Interest on finance lease with purchase option 4,000
Gain on extinguishment of debt (5,381,000)
Amortization of debt issuance costs 28,000 17,000
Deferred tax (benefit) expense (326,000) 3,000
Recovery of bad debt reserves (50,000) (17,000)
Loss on disposal of property and equipment 1,000
Issuance of common stock for services 243,000 188,000
Stock-based compensation 205,000 87,000
Changes in operating assets and liabilities of continuing operations    
Accounts receivable (1,534,000) 432,000
Unbilled receivables 2,647,000 7,121,000
Prepaid expenses, inventories and other assets 1,988,000 1,076,000
Accounts payable, accrued expenses and unearned revenue (4,322,000) (5,609,000)
Cash (used in) provided by continuing operations (2,690,000) 803,000
Cash used in discontinued operations (367,000) (315,000)
Cash (used in) provided by operating activities (3,057,000) 488,000
Cash flows from investing activities:    
Purchases of property and equipment (758,000) [1] (650,000) [2]
Proceeds from sale of property and equipment 25,000 1,000
Cash used in investing activities of continuing operations (733,000) (649,000)
Cash flows from financing activities:    
Repayments of revolving credit borrowings (33,545,000) (41,834,000)
Borrowing on revolving credit 33,545,000 41,834,000
Proceeds from capital line 524,000
Principal repayments of finance lease liabilities (718,000) (205,000)
Principal repayments of long term debt (229,000) (219,000)
Payment of debt issuance costs (21,000) (15,000)
Cash used in financing activities of continuing operations (444,000) (439,000)
Effect of exchange rate changes on cash (3,000) 9,000
Decrease in cash and finite risk sinking fund (restricted cash) (4,237,000) (591,000)
Cash and finite risk sinking fund (restricted cash) at beginning of period 15,911,000 19,370,000
Cash and finite risk sinking fund (restricted cash) at end of period 11,674,000 18,779,000
Supplemental disclosure:    
Interest paid 79,000 106,000
Income taxes paid 6,000 15,000
Non-cash financing activities:    
Equipment purchase subject to finance lease 114,000
Equipment purchase subject to finance $ 29,000
[1] Net of financed amount of $0 and $114,000 for the three and six months ended June 30, 2022, respectively.
[2] Net of financed amount of $0 and $29,000 for the three and six months ended June 30, 2021, respectively.

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