Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net income $ 3,664 $ 1,417
Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities:    
Depreciation and amortization expense 796 239
Provision for doubtful accounts   130
Deferred income tax expense (20) 9
Share-based compensation expense 616 400
Amortization of discount on accounts receivable (42) (108)
Amortization of right-of-use assets 240 197
Change in fair value of contingent earn-out consideration 18  
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (7,395) 36,479
Inventory 830 813
Prepaid expenses and other current assets (48) 268
Vendor prepayments 790 152
Accounts payable and accrued expenses 175 (3,338)
Lease liability, net (288) (243)
Other assets and liabilities (242) (20)
Net cash and cash equivalents (used in) provided by operating activities (906) 36,395
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (169) (19)
Vendor advances (2,994)  
Payment for acquisitions, net of cash acquired   (1,141)
Net cash and cash equivalents used in investing activities (3,163) (1,160)
Cash flows from financing activities    
Purchase of treasury stock (187) (3,521)
Borrowings under revolving credit facility   6,800
Repayments of borrowings under revolving credit facility   (6,800)
Dividends paid (1,499) (1,515)
Net cash and cash equivalents used in financing activities (1,686) (5,036)
Effect of foreign exchange rate on cash and cash equivalents 188 (152)
Net (decrease) increase in cash and cash equivalents (5,567) 30,047
Cash and cash equivalents at beginning of year 29,348 14,984
Cash and cash equivalents at end of year 23,781 45,031
Supplementary disclosure of cash flow information:    
Income taxes paid 1,026 269
Interest paid $ 21 $ 23