Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net income $ 4,764 $ 1,799
Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities:    
Depreciation and amortization expense 380 358
Deferred income tax expense 47 7
Share-based compensation expense 620 2,618
Loss on disposal of fixed assets   22
Amortization of discount on accounts receivable (389) (734)
Amortization of right-of-use assets 282  
Changes in operating assets and liabilities:    
Accounts receivable (3,406) (3,413)
Inventory (881) 1,029
Prepaid expenses and other current assets (231) 24
Vendor prepayments 2,984 2,867
Accounts payable and accrued expenses (6,341) 163
Lease liability, net (260)  
Other assets and liabilities 67 (109)
Net cash and cash equivalents (used in) provided by operating activities (2,364) 4,631
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (92) (243)
Net cash and cash equivalents used in investing activities (92) (243)
Cash flows from financing activities    
Purchase of treasury stock (66) (1,018)
Borrowings under revolving credit facility   10,000
Repayments of borrowings under revolving credit facility   (10,000)
Dividends paid (2,301) (2,301)
Net cash and cash equivalents used in financing activities (2,367) (3,319)
Effect of foreign exchange rate on cash and cash equivalents 97 (135)
Net (decrease) increase in cash and cash equivalents (4,726) 934
Cash and cash equivalents at beginning of period 14,883 5,530
Cash and cash equivalents at end of period 10,157 6,464
Supplementary disclosure of cash flow information:    
Income taxes paid $ 1,982 $ 1,779