Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 2,712 $ 1,520
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization expense 357 399
Provision for doubtful accounts 4  
Deferred income tax expense 210 106
Share-based compensation expense 369 279
Amortization of discount on accounts receivable (3) (25)
Amortization of right-of-use assets 110 120
Change in fair value of contingent earn-out consideration   13
Changes in operating assets and liabilities:    
Accounts receivable 8,059 (1,173)
Inventory 280 746
Prepaid expenses and other current assets 489 64
Vendor prepayments (99) (3,301)
Accounts payable and accrued expenses (3,183) 9,887
Lease liability, net (138) (143)
Other assets and liabilities 64 (258)
Net cash and cash equivalents provided by operating activities 9,231 8,234
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (177) (123)
Vendor advances   (2,994)
Net cash and cash equivalents used in investing activities (177) (3,117)
Cash flows from financing activities    
Purchase of treasury stock (216) (57)
Dividends paid (746) (750)
Net cash and cash equivalents used in financing activities (962) (807)
Effect of foreign exchange rate on cash and cash equivalents (317) 89
Net increase in cash and cash equivalents 7,775 4,399
Cash and cash equivalents at beginning of period 29,272 29,348
Cash and cash equivalents at end of period 37,047 33,747
Supplementary disclosure of cash flow information:    
Income taxes paid 145 130
Interest paid $ 10 $ 11