Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 5,503 $ 3,311
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:    
Depreciation and amortization expense 802 796
Provision for doubtful accounts 11  
Deferred income tax expense 14 333
Share-based compensation expense 714 616
Amortization of discount on accounts receivable (10) (42)
Amortization of right-of-use assets 220 240
Change in fair value of contingent earn-out consideration   18
Changes in operating assets and liabilities:    
Accounts receivable 5,929 (7,395)
Inventory 316 830
Prepaid expenses and other current assets 1,851 (48)
Vendor prepayments (263) 790
Accounts payable and accrued expenses (13,585) 175
Lease liability, net (276) (288)
Other assets and liabilities 43 (242)
Net cash and cash equivalents provided by (used in) operating activities 1,269 (906)
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (652) (169)
Vendor advances   (2,994)
Net cash and cash equivalents used in investing activities (652) (3,163)
Cash flows from financing activities    
Purchase of treasury stock (394) (187)
Borrowings under term loan 2,148  
Repayments of borrowings under term loan (83)  
Dividends paid (1,492) (1,499)
Net cash and cash equivalents provided by (used in) financing activities 179 (1,686)
Effect of foreign exchange rate on cash and cash equivalents (753) 188
Net increase (decrease) in cash and cash equivalents 43 (5,567)
Cash and cash equivalents at beginning of period 29,272 29,348
Cash and cash equivalents at end of period 29,315 23,781
Supplementary disclosure of cash flow information:    
Income taxes paid 1,520 1,026
Interest paid $ 29 $ 21