Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net income $ 3,319 $ 480
Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities:    
Depreciation and amortization expense 261 236
Deferred income tax expense 135 7
Share-based compensation expense 334 2,387
Loss on disposal of fixed assets   10
Amortization of discount on accounts receivable (287) (439)
Amortization of right-of-use assets 188  
Changes in operating assets and liabilities:    
Accounts receivable (3,776) 7,514
Inventory 28 453
Prepaid expenses and other current assets (542) (25)
Vendor prepayments 3,172 1,994
Accounts payable and accrued expenses (6,610) (4,723)
Lease liability, net (146)  
Other assets and liabilities 53 (110)
Net cash and cash equivalents (used in) provided by operating activities (3,871) 7,784
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (86) (189)
Net cash and cash equivalents used in investing activities (86) (189)
Cash flows from financing activities    
Purchase of treasury stock (44) (993)
Borrowings under revolving credit facility   2,000
Repayments of borrowings under revolving credit facility   (2,000)
Dividends paid (1,534) (1,535)
Net cash and cash equivalents used in financing activities (1,578) (2,528)
Effect of foreign exchange rate on cash and cash equivalents 26 (188)
Net (decrease) increase in cash and cash equivalents (5,509) 4,879
Cash and cash equivalents at beginning of period 14,883 5,530
Cash and cash equivalents at end of period 9,374 10,409
Supplementary disclosure of cash flow information:    
Income taxes paid $ 1,483 $ 1,368