Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net income $ 9,198 $ 4,474
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization expense 1,534 713
Provision for doubtful accounts 26 130
Deferred income tax expense 228 (170)
Share-based compensation expense 1,546 1,278
Amortization of discount on accounts receivable (55) (164)
Amortization of right-of-use assets 468 392
Change in fair value of contingent earn-out consideration   47
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (28,577) 26,727
Inventory 2,914 (1,997)
Prepaid expenses and other current assets (1,004) (739)
Vendor prepayments 574 (766)
Accounts payable and accrued expenses 18,616 8,678
Lease liability, net (534) (448)
Other assets and liabilities (222) (186)
Net cash and cash equivalents provided by operating activities 4,712 37,969
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (258) (23)
Payment for acquisitions, net of cash acquired   (16,782)
Net cash and cash equivalents used in investing activities (258) (16,805)
Cash flows from financing activities    
Purchase of treasury stock (544) (3,681)
Borrowings under revolving credit facility   6,800
Repayments of borrowings under revolving credit facility   (6,800)
Dividends paid (2,993) (2,998)
Contingent consideration (862)  
Payments of deferred financing costs   (61)
Net cash and cash equivalents used in financing activities (4,399) (6,740)
Effect of foreign exchange rate on cash and cash equivalents (131) (60)
Net (decrease) increase in cash and cash equivalents (76) 14,364
Cash and cash equivalents at beginning of period 29,348 14,984
Cash and cash equivalents at end of period 29,272 29,348
Supplementary disclosure of cash flow information:    
Income taxes paid 2,700 2,425
Interest paid $ 43 $ 49