Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net income (loss) $ (6,762) $ 1,190
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Net income from discontinued operations (576) (127)
Deferred income tax provision (benefit) 3 (25)
Depreciation and amortization on plant, property and equipment 112 87
Amortization of deferred financing costs 415 415
Amortization of debt discount 100 100
Bad debt expense (101) (51)
Stock-based compensation 577 1,460
Changes in operating assets and liabilities:    
Accounts receivable 2,137 (3,040)
Contract assets (787) (4,268)
Other current assets 177 (1,561)
Other assets (2,219) (175)
Accounts payable (1,251) 1,546
Accrued and other liabilities (601) 4,432
Contract liabilities (1,122) (1,246)
Net cash used in operating activities, continuing operations (9,898) (1,263)
Net cash used in operating activities, discontinued operations (365) (139)
Net cash used in operating activities (10,263) (1,402)
Investing activities:    
Purchase of property, plant and equipment (438) (418)
Net cash used in investing activities (438) (418)
Financing activities:    
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation (163) (501)
Proceeds from short-term borrowings 144,220 140,194
Repayments of short-term borrowings (134,673) (138,482)
Repayments of long-term debt (525) (525)
Net cash provided by financing activities 8,859 686
Effect of exchange rate change on cash 16 128
Net change in cash, cash equivalents and restricted cash (1,826) (1,006)
Cash, cash equivalents and restricted cash, beginning of period 2,950 9,184
Cash, cash equivalents and restricted cash, end of period 1,124 8,178
Supplemental Disclosures:    
Cash paid for interest $ 2,292 1,887
Cash paid for income taxes, net of refunds   $ 1,553