Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 63,000 $ (2,788,000)
Less: loss from discontinued operations, net of taxes (Note 10) (139,000) (282,000)
Income (loss) from continuing operations, net of taxes 202,000 (2,506,000)
Adjustments to reconcile income (loss) from continuing operations to cash provided by (used in) operating activities:    
Depreciation and amortization 1,439,000 936,000
Amortization of debt issuance costs 43,000 28,000
Deferred tax expense (benefit) 228,000 (326,000)
Provision for (recovery of) credit losses on accounts receivable 24,000 (50,000)
Loss on disposal of property and equipment 1,000
Issuance of common stock for services 237,000 243,000
Stock-based compensation 243,000 205,000
Changes in operating assets and liabilities of continuing operations    
Accounts receivable (2,590,000) (1,534,000)
Unbilled receivables (1,059,000) 2,647,000
Prepaid expenses, inventories and other assets 3,160,000 1,988,000
Accounts payable, accrued expenses and unearned revenue 2,835,000 (4,322,000)
Cash provided by (used in) continuing operations 4,762,000 (2,690,000)
Cash used in discontinued operations (336,000) (367,000)
Cash provided by (used in) operating activities 4,426,000 (3,057,000)
Cash flows from investing activities:    
Purchases of property and equipment (1,047,000) [1] (758,000) [2]
Proceeds from sale of property and equipment 25,000
Cash used in investing activities of continuing operations (1,047,000) (733,000)
Cash flows from financing activities:    
Repayments of revolving credit borrowings (44,130,000) (33,545,000)
Borrowing on revolving credit 44,130,000 33,545,000
Proceeds from issuance of Common Stock upon exercise of options 101,000
Proceeds from capital line 524,000
Principal repayments of finance lease liabilities (81,000) (718,000)
Principal repayments of long term debt (273,000) (229,000)
Payment of debt issuance costs (37,000) (21,000)
Cash used in financing activities of continuing operations (290,000) (444,000)
Effect of exchange rate changes on cash 5,000 (3,000)
Increase (decrease) in cash and finite risk sinking fund (restricted cash) 3,094,000 (4,237,000)
Cash and finite risk sinking fund (restricted cash) at beginning of period 13,436,000 15,911,000
Cash and finite risk sinking fund (restricted cash) at end of period 16,530,000 11,674,000
Supplemental disclosure:    
Interest paid 103,000 79,000
Income taxes paid 6,000
Non-cash financing activities:    
Equipment purchase subject to finance lease $ 157,000 $ 114,000
[1] Net of financed amount of $107,000 and $157,000 for the three and six months ended June 30, 2023, respectively.
[2] Net of financed amount of $0 and $114,000 for the three and six months ended June 30, 2022, respectively.