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, 2019
Dec. 31, 2018
Cash flows from operating activities    
Net income $ 6,787 $ 3,538
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization expense 488 482
Benefit from doubtful accounts receivable   (75)
Deferred income tax benefit (111) (7)
Share-based compensation expense 759 2,769
Loss on disposal of fixed assets 3 17
Amortization of discount on accounts receivable (457) (869)
Amortization of right-of-use assets 370  
Changes in operating assets and liabilities:    
Accounts receivable (17,134) 1,538
Inventory (1,284) 1,312
Prepaid expenses and other current assets (724) (280)
Vendor prepayments 3,072 3,665
Accounts payable and accrued expenses 11,636 1,841
Lease liability, net (336)  
Other assets and liabilities 180 (30)
Net cash and cash equivalents provided by operating activities 3,249 13,901
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (106) (266)
Net cash and cash equivalents used in investing activities (106) (266)
Cash flows from financing activities    
Purchase of treasury stock (86) (1,039)
Borrowings under revolving credit facility   10,000
Repayments of borrowings under revolving credit facility   (10,000)
Dividends paid (3,066) (3,066)
Net cash and cash equivalents used in financing activities (3,152) (4,105)
Effect of foreign exchange rate on cash and cash equivalents 110 (177)
Net increase in cash and cash equivalents 101 9,353
Cash and cash equivalents at beginning of period 14,883 5,530
Cash and cash equivalents at end of period 14,984 14,883
Supplementary disclosure of cash flow information:    
Income taxes paid $ 2,394 $ 2,338