Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss before non-controlling interest $ (6,652) $ (6,878)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:    
Inventory reserve 189 156
Stock based compensation expense 3,078 1,732
Depreciation and amortization 6,159 1,299
Right-of-use assets, non-cash lease expense 2,129 526
Change in contingent consideration 54
Bad debt expense 309 155
Deferred income taxes 1,182
Other non-cash items (55) 22
Changes in:    
Accounts receivable 2,290 (4,537)
Inventory 1,318 (5,069)
Prepaid expenses and other assets 1,546 754
Deferred costs 2,408 (266)
Deferred revenue (2,695) 26
Accounts payable and accrued expenses (3,790) 8,306
Lease liabilities (2,218) (585)
Accrued severance payable, net 95
Net cash (used in) provided by operating activities 5,293 (4,305)
Cash flows from investing activities:    
Acquisitions, net of cash assumed (4,350)
Proceeds from sale of property and equipment 55
Capital expenditures (2,101) (501)
Purchases of investments (99)
Proceeds from the sale and maturities of investments 4,638
Net cash used in investing activities (2,046) (312)
Cash flows from financing activities:    
Net proceeds from stock offering 4,041
Repayment of long-term debt (1,495)
Short-term bank credit, net (290)
Proceeds from exercise of stock options 371 177
Purchase of treasury stock upon vesting of restricted stock (298) (291)
Net cash (used in) provided by financing activities 2,329 (114)
Effect of foreign exchange rate changes on cash and cash equivalents (894) 132
Net (decrease) increase in cash, cash equivalents and restricted cash 4,682 (4,599)
Cash, cash equivalents and restricted cash - beginning of period 16,703 10,466
Cash, cash equivalents and restricted cash - end of period 21,385 5,867
Reconciliation of cash, cash equivalents, and restricted cash, beginning of period    
Cash and cash equivalents 16,395 [1] 10,159
Restricted cash 308 [1] 307
Cash, cash equivalents, and restricted cash, beginning of period 16,703 10,466
Cash and cash equivalents 21,077 5,560
Restricted cash 308 307
Cash, cash equivalents, and restricted cash, end of period 21,385 5,867
Cash paid for:    
Taxes 42
Interest 1,463 56
Noncash investing and financing activities:    
Unrealized (loss) gain on investments 47
Value of shares withheld pursuant to exercise of stock options 256
Value of shares issued relating to Keytroller acquisition consideration 1,000
Value of shares issued pursuant to CarrierWeb Ireland acquisition 156
CarrierWeb Ireland acquisition related holdback $ 250
[1] Derived from audited balance sheet as of December 31, 2019.