Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net income $ 1,417 $ 3,319
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:    
Depreciation and amortization expense 239 261
Provision for doubtful accounts 130  
Deferred income tax expense 9 135
Share-based compensation expense 400 334
Amortization of discount on accounts receivable (108) (287)
Amortization of right-of-use assets 197 188
Changes in operating assets and liabilities:    
Accounts receivable 36,479 (3,776)
Inventory 813 28
Prepaid expenses and other current assets 268 (542)
Vendor prepayments 152 3,172
Accounts payable and accrued expenses (3,338) (6,610)
Lease liability, net (243) (146)
Other assets and liabilities (20) 53
Net cash and cash equivalents provided by (used in) operating activities 36,395 (3,871)
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (19) (86)
Payment for acquisition, net of cash acquired (1,141)  
Net cash and cash equivalents used in investing activities (1,160) (86)
Cash flows from financing activities    
Purchase of treasury stock (3,521) (44)
Borrowings under revolving credit facility 6,800  
Repayments of borrowings under revolving credit facility (6,800)  
Dividends paid (1,515) (1,534)
Net cash and cash equivalents used in financing activities (5,036) (1,578)
Effect of foreign exchange rate on cash and cash equivalents (152) 26
Net increase (decrease) in cash and cash equivalents 30,047 (5,509)
Cash and cash equivalents at beginning of period 14,984 14,883
Cash and cash equivalents at end of period 45,031 9,374
Supplementary disclosure of cash flow information:    
Income taxes paid $ 269 $ 1,483