v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income $ 5,751 $ 1,947
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization expense 1,177 403
Provision for doubtful accounts 33 130
Deferred income tax expense 272 (53)
Share-based compensation expense 1,253 1,037
Amortization of discount on accounts receivable (50) (136)
Amortization of right-of-use assets 359 280
Change in fair value of contingent earn-out consideration   24
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (4,493) 36,608
Inventory 1,251 (235)
Prepaid expenses and other current assets (327) (225)
Vendor prepayments 280 (2,896)
Accounts payable and accrued expenses 2,647 (3,991)
Lease liability, net (434) (348)
Other assets and liabilities (251) (14)
Net cash and cash equivalents provided by operating activities 7,468 32,531
Cash flows from investing activities    
Purchase of equipment and leasehold improvements (190) (20)
Vendor advances (2,994)  
Payment for acquisitions, net of cash acquired   (1,141)
Net cash and cash equivalents used in investing activities (3,184) (1,161)
Cash flows from financing activities    
Purchase of treasury stock (394) (3,602)
Borrowings under revolving credit facility   6,800
Repayments of borrowings under revolving credit facility   (6,800)
Dividends paid (2,246) (2,257)
Contingent consideration (863)  
Payments of deferred financing costs   (61)
Net cash and cash equivalents used in financing activities (3,503) (5,920)
Effect of foreign exchange rate on cash and cash equivalents (195) (138)
Net increase in cash and cash equivalents 586 25,312
Cash and cash equivalents at beginning of period 29,348 14,984
Cash and cash equivalents at end of period 29,934 40,296
Supplementary disclosure of cash flow information:    
Income taxes paid 1,917 2,167
Interest paid $ 31 $ 23

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