Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net loss $ (2,928) $ (1,787)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:    
Non-controlling interest 1
Inventory reserve 53 74
Stock based compensation expense 457 1,357
Depreciation and amortization 2,089 2,144
Right-of-use assets, non-cash lease expense 658 768
Bad debt expense 252 268
Deferred income taxes (703) 473
Other non-cash items 556 88
Changes in:    
Accounts receivable (533) (3,355)
Inventory (1,929) (829)
Prepaid expenses and other assets (1,337) 214
Deferred costs 372 723
Deferred revenue 689 1,230
Accounts payable and accrued expenses 809 164
Lease liabilities (631) (748)
Net cash (used in) provided by operating activities (2,125) 784
Capital expenditures (610) (597)
Net cash (used in) provided by investing activities (610) (597)
Cash flows from financing activities:    
Net proceeds from stock offering 26,867
Payment of preferred stock dividends (1,028)
Repayment of long-term debt (1,497) (1,315)
Short-term bank debt, net 91
Proceeds from exercise of stock options, net 70
Purchase of treasury stock upon vesting of restricted stock (181) (347)
Net cash (used in) provided by financing activities (1,678) 24,338
Effect of foreign exchange rate changes on cash and cash equivalents (1,480) (1,701)
Net (decrease) increase in cash, cash equivalents and restricted cash (5,893) 22,824
Cash, cash equivalents, and restricted cash, beginning of period 26,760 18,435
Cash, cash equivalents, and restricted cash, end of period 20,867 41,259
Reconciliation of cash, cash equivalents, and restricted cash, beginning of period    
Cash and cash equivalents 26,452 [1] 18,127
Restricted cash 308 [1] 308
Reconciliation of cash, cash equivalents, and restricted cash, end of period    
Cash and cash equivalents 20,559 40,951
Restricted cash 308 308
Cash paid for:    
Taxes 3 2
Interest 326 384
Noncash investing and financing activities:    
Value of shares withheld pursuant to exercise of stock options $ 647
[1] Derived from audited balance sheet as of December 31, 2021.