v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 387,000 $ 79,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation of property and equipment 1,487,000 1,393,000
Amortization of intangible assets 695,000 259,000
Impairment of property and equipment   25,000
Stock-based compensation 1,855,000 1,375,000
Provision for accounts receivable 77,000 44,000
Changes in operating assets and liabilities:    
Accounts receivable and contract asset (4,976,000) (3,929,000)
Prepaid expenses and other assets (439,000) 134,000
Accounts payable   145,000
Accrued expenses and other current liabilities (1,220,000) (1,451,000)
Deferred revenue 3,417,000 430,000
Net cash provided by (used in) operating activities 1,283,000 (1,496,000)
Cash flows from investing activities:    
Purchase of property and equipment (1,900,000) (1,233,000)
Investment in intangible and other assets (8,000) (13,000)
Business acquisition, net of cash acquired (4,618,000) 15,000
Net cash used in investing activities (6,526,000) (1,231,000)
Cash flows from financing activities:    
Payment of contingent consideration liability   (403,000)
Proceeds from exercise of stock options 13,000 213,000
Repurchases of common stock (1,634,000) (2,192,000)
Proceeds from exercise of warrants   8,000
Net cash used in financing activities (1,621,000) (2,374,000)
Decrease in cash, cash equivalents and restricted cash (6,864,000) (5,101,000)
Effect of exchange rate on cash and cash equivalents 80,000 (2,000)
Cash, cash equivalents and restricted cash at beginning of year 15,636,000 16,043,000
Cash, cash equivalents and restricted cash at end of year 8,852,000 10,940,000
Supplemental disclosure of non-cash financing activities:    
Property and equipment purchases included in accounts payable 731,000 $ 590,000
Fair value of contingent consideration 12,400,000  
Fair value of common stock issued as consideration for business acquisition $ 14,266,000  

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