v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net income $ 1,520 $ 836
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:    
Depreciation and amortization expense 399 96
Deferred income tax benefit 106 132
Share-based compensation expense 279 167
Amortization of discount on accounts receivable (25) (62)
Amortization of right-of-use assets 120 112
Change in fair value of contingent earn-out consideration 13  
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (1,173) (7,821)
Inventory 746 507
Prepaid expenses and other current assets 64 100
Vendor prepayments (3,301) (460)
Accounts payable and accrued expenses 9,887 4,150
Lease liability, net (143) (134)
Other assets and liabilities (258) 15
Net cash and cash equivalents provided by (used in) operating activities 8,234 (2,362)
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (123) 1
Vendor advances (2,994)  
Net cash and cash equivalents (used in) provided by investing activities (3,117) 1
Cash flows from financing activities    
Purchase of treasury stock (57) (32)
Borrowings under revolving credit facility   1,300
Repayments of borrowings under revolving credit facility   (1,300)
Dividends paid (750) (775)
Net cash and cash equivalents used in financing activities (807) (807)
Effect of foreign exchange rate on cash and cash equivalents 89 (229)
Net increase in cash and cash equivalents 4,399 (3,397)
Cash and cash equivalents at beginning of year 29,348 14,984
Cash and cash equivalents at end of year 33,747 11,587
Supplementary disclosure of cash flow information:    
Income taxes paid 130 108
Interest paid $ 11 $ 14

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