Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (1,787) $ (3,426)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:    
Non-controlling interest (15)
Inventory reserve 74 63
Stock based compensation expense 1,357 1,155
Depreciation and amortization 2,144 2,067
Right-of-use assets, non-cash lease expense 768 731
Bad debt expense 268 262
Deferred income taxes 473 193
Other non-cash items 88 (8)
Changes in:    
Accounts receivable (3,355) 742
Inventory (829) 691
Prepaid expenses and other assets 214 (549)
Deferred costs 723 812
Deferred revenue 1,230 (924)
Accounts payable and accrued expenses 164 1,648
Lease liabilities (748) (785)
Accrued severance payable, net 100
Net cash provided by operating activities 784 2,757
Cash flows from investing activities:    
Proceeds from sale of property and equipment 16
Capital expenditures (597) (471)
Net cash used in investing activities (597) (455)
Cash flows from financing activities:    
Net proceeds from stock offering 26,867
Payment of preferred stock dividends (1,028)
Repayment of long-term debt (1,315) (479)
Short-term bank debt, net 91 104
Proceeds from exercise of stock options, net 70 127
Purchase of treasury stock upon vesting of restricted stock (347) (232)
Net cash (used in) provided by financing activities 24,338 (480)
Effect of foreign exchange rate changes on cash and cash equivalents (1,701) (1,611)
Net increase in cash, cash equivalents and restricted cash 22,824 211
Cash, cash equivalents and restricted cash - beginning of period 18,435 16,703
Cash, cash equivalents and restricted cash - end of period 41,259 16,914
Reconciliation of cash, cash equivalents, and restricted cash, beginning of period    
Cash and cash equivalents 18,127 [1] 16,395
Restricted cash 308 [1] 308
Cash, cash equivalents, and restricted cash, beginning of period 18,435 16,703
Cash and cash equivalents 40,951 16,606
Restricted cash 308 308
Cash, cash equivalents, and restricted cash, end of period 41,259 16,914
Cash paid for:    
Taxes 2 5
Interest 384 483
Noncash investing and financing activities:    
Value of shares withheld pursuant to exercise of stock options $ 647 $ 256
[1] Derived from audited balance sheet as of December 31, 2020.