v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 79,000 $ 13,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property and equipment 1,393,000 1,343,000
Amortization of intangible assets 259,000 24,000
Impairment of property and equipment 25,000 0
Stock-based compensation 1,375,000 887,000
Loss on disposal of property and equipment 0 2,000
Provision for accounts receivable 44,000 0
Changes in operating assets and liabilities:    
Accounts receivable and contract asset (3,929,000) 6,570,000
Prepaid expenses and other assets 134,000 310,000
Accounts payable 145,000 (562,000)
Accrued expenses and other current liabilities (1,451,000) (491,000)
Deferred revenue 430,000 (2,370,000)
Net cash provided by operating activities (1,496,000) 5,726,000
Cash flows from investing activities:    
Purchase of property and equipment (1,233,000) (1,117,000)
Investment in intangible and other assets (13,000) (24,000)
Proceeds from business acquisition purchase price adjustment 15,000  
Net cash used in investing activities (1,231,000) (1,141,000)
Cash flows from financing activities:    
Payment of contingent consideration liability (403,000) (347,000)
Proceeds from exercise of stock options 213,000 58,000
Repurchases of common stock (2,192,000) 0
Proceeds from exercise of warrants 8,000 0
Net cash provided by (used in) financing activities (2,374,000) (289,000)
Increase (decrease) in cash and cash equivalents (5,101,000) 4,296,000
Effect of exchange rate on cash and cash equivalents (2,000) (169,000)
Cash and cash equivalents at beginning of year 16,043,000 24,550,000
Cash and cash equivalents at end of period 10,940,000 28,677,000
Supplemental cash flow disclosures:    
Purchases of property and equipment included in accounts payable $ 590,000 $ 623,000

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