Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.20.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net income $ 836 $ 1,463
Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities:    
Depreciation and amortization expense 96 135
Deferred income tax benefit 132 66
Share-based compensation expense 167 165
Amortization of discount on accounts receivable (62) (153)
Amortization of right-of-use assets 112 94
Changes in operating assets and liabilities:    
Accounts receivable (7,821) (2,539)
Inventory 507 (163)
Prepaid expenses and other current assets 100 (728)
Vendor prepayments (460) 1,597
Accounts payable and accrued expenses 4,150 94
Lease liability, net (134) (33)
Other assets and liabilities 15 30
Net cash and cash equivalents (used in) provided by operating activities (2,362) 28
Cash flows from investing activities    
Purchase of equipment and leasehold improvements 1 (82)
Net cash and cash equivalents used in investing activities 1 (82)
Cash flows from financing activities    
Purchase of treasury stock (32) (20)
Borrowings under revolving credit facility 1,300  
Repayments of borrowings under revolving credit facility (1,300)  
Dividends paid (775) (767)
Net cash and cash equivalents used in financing activities (807) (787)
Effect of foreign exchange rate on cash and cash equivalents (229) 20
Net decrease in cash and cash equivalents (3,397) (821)
Cash and cash equivalents at beginning of period 14,984 14,883
Cash and cash equivalents at end of period 11,587 14,062
Supplementary disclosure of cash flow information:    
Income taxes paid $ 108 $ 161