Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ 6,385,000 $ (4,431,000) $ 1,225,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation of property and equipment 6,400,000 5,795,000 5,399,000
Amortization of intangible assets 2,799,000 1,032,000 187,000
Impairment of property and equipment 0 25,000 234,000
Stock-based compensation 8,282,000 5,872,000 4,462,000
Change in fair value of contingent consideration (9,154,000) 1,330,000  
Deferred taxes 685,000 50,000 (83,000)
Loss on disposal of property and equipment     3,000
Provision for accounts receivable (74,000)   74,000
Changes in operating assets and liabilities:      
Accounts receivable and contract asset (14,530,000) (3,213,000) 1,953,000
Prepaid expenses and other assets (1,168,000) (673,000) (321,000)
Accounts payable (18,000) 354,000 (190,000)
Accrued expenses and other current liabilities 947,000 1,588,000 575,000
Deferred revenue 11,630,000 2,143,000 (2,392,000)
Net cash provided by operating activities 12,184,000 9,822,000 11,209,000
Cash flows from investing activities:      
Purchase of property and equipment (10,915,000) (7,840,000) (4,059,000)
Investment in intangible and other assets (6,000) (59,000) (72,000)
Business acquisition, net of cash acquired (4,618,000) 15,000 (14,627,000)
Net cash used in investing activities (15,539,000) (7,884,000) (18,758,000)
Cash flows from financing activities:      
Payment of contingent consideration liability   (403,000) (347,000)
Payment of line of credit costs     (12,000)
Proceeds from exercise of stock options 538,000 898,000 314,000
Repurchases of common stock (3,084,000) (3,601,000) (1,615,000)
Proceeds from exercise of warrants   8,000  
Proceeds from employee stock purchase plan 797,000 832,000 704,000
Net cash used in financing activities (1,749,000) (2,266,000) (956,000)
Change in cash, cash equivalents and restricted cash (5,104,000) (328,000) (8,505,000)
Effect of exchange rate on cash and cash equivalents (53,000) (79,000) (2,000)
Cash, cash equivalents and restricted cash at beginning of year 15,636,000 16,043,000 24,550,000
Cash, cash equivalents and restricted cash at end of year 10,479,000 15,636,000 16,043,000
Supplemental disclosure of non-cash financing activities:      
Property and equipment purchases included in accounts payable 404,000 $ 563,000 522,000
Estimated fair value of contingent consideration for business combination at closing 12,400,000   170,000
Fair value of common stock issued as consideration for business acquisition $ 14,266,000   $ 2,000,000