v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities    
Net income $ 4,474 $ 6,787
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization expense 713 488
Provision for doubtful accounts 130  
Deferred income tax benefit (170) (111)
Share-based compensation expense 1,278 759
Loss on disposal of fixed assets   3
Amortization of discount on accounts receivable (164) (457)
Amortization of right-of-use assets 392 370
Change in fair value of contingent earn-out consideration 47  
Changes in operating assets and liabilities:    
Accounts receivable 26,727 (17,134)
Inventory (1,997) (1,284)
Prepaid expenses and other current assets (739) (724)
Vendor prepayments (766) 3,072
Accounts payable and accrued expenses 8,678 11,636
Lease liability, net (448) (336)
Other assets and liabilities (186) 180
Net cash and cash equivalents provided by operating activities 37,969 3,249
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (23) (106)
Payment for acquisitions, net of cash acquired (16,782)  
Net cash and cash equivalents used in investing activities (16,805) (106)
Cash flows from financing activities    
Purchase of treasury stock (3,681) (86)
Borrowings under revolving credit facility 6,800  
Repayments of borrowings under revolving credit facility (6,800)  
Dividends paid (2,998) (3,066)
Payments of deferred financing costs (61)  
Net cash and cash equivalents used in financing activities (6,740) (3,152)
Effect of foreign exchange rate on cash and cash equivalents (60) 110
Net increase in cash and cash equivalents 14,364 101
Cash and cash equivalents at beginning of year 14,984 14,883
Cash and cash equivalents at end of year 29,348 14,984
Supplementary disclosure of cash flow information:    
Income taxes paid 2,425 2,394
Interest paid $ 49 $ 47

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