Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ (2,535) $ 1,132 $ 2,033
Adjustments to reconcile net income (loss) to net cash provided by operating activities, net of business acquisition:      
Impact of tax valuation allowance (2,066)    
Depreciation 6,730 5,345 4,189
Amortization of intangibles 412 295 223
Amortization of debt issue costs   66 49
Stock based compensation – options and restricted stock 2,889 641 666
Stock based compensation – warrants 590 51 263
Provision for bad debts 2,318 2,437 2,797
Changes in assets and liabilities, net of business acquisition:      
(Increase) in accounts receivable, net of write-offs (3,215) (2,770) (7,416)
(Increase) in inventories (896) (229) (442)
Decrease (increase) in other assets 11 41 (71)
(Increase) in other current assets (3,748) (25) (932)
Increase in accounts payable and other liabilities 5,903 2,466 868
Net cash provided by operating activities 6,393 9,450 2,227
CASH FLOWS FROM INVESTING ACTIVITIES      
Acquisition, net of cash acquired of $890 and $79 (72,940) (5,830)  
Purchases of property and equipment (2,215) (3,772) (2,011)
Net cash used in investing activities (75,155) (9,602) (2,011)
CASH FLOWS FROM FINANCING ACTIVITIES      
Advances from (repayments to) revolving credit facility 10,002 (4,282) (4,177)
Repayment of capital lease obligations (4,115) (3,581) (2,606)
Proceeds from term loan 55,022    
Payments of debt issue costs (3,351)    
Issuance of common stock for the exercise of options, warrants and ESPP shares, net of transaction expenses 935 2,616 515
Issuance of common stock for cash , net of transaction expenses   34,254 9,018
Net cash provided by financing activities 58,493 29,007 2,750
Net change in cash and cash equivalents (10,269) 28,855 2,966
Cash and cash equivalent, beginning of year 33,689 4,834 1,868
Cash and cash equivalents, end of year 23,420 33,689 4,834
Supplemental disclosure of cash flow information:      
Interest paid 911 981 945
Income taxes paid 25 177 17
Supplemental disclosure of non-cash investing and financing information:      
Equipment acquired under capital lease/loan obligations 4,813 $ 5,884 $ 3,377
Fair value of common stock issued to fund acquisition 102,510    
Fair value of preferred stock issued to fund acquisition $ 73,200