Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Operating activities:    
Net income (loss) $ 31,948 $ (13,623)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 10,790 10,114
Stock-based compensation 3,248 1,773
Loss on early debt extinguishment 600  
Amortization of debt issuance costs 415 479
Deferred taxes 913 (5,475)
Gain on CARES Act Loan Forgiveness (18,529)  
Changes in operating assets and liabilities:    
Accounts receivable (5,615) 4,378
Inventory (1,425) 568
Other current assets (2,189) (301)
Due from related parties   (35)
Security deposits 46 405
Other assets (417) (826)
Accounts payable 3,462 (939)
Accrued expenses 7,261 4,468
Operating lease liabilities and right-of-use assets 1,191 848
Deferred revenue (733) (1,403)
Net cash provided by operating activities 30,966 431
Investing activities:    
Purchase of property and equipment (11,467) (5,787)
Net cash used in investing activities (11,467) (5,787)
Financing activities:    
Repayments of long-term debt (22,758) (752)
Proceeds from CARES Act Loans   18,314
Debt issuance costs (866) (50)
Exercise of stock options and warrants 3,615 38
Tax-withholding obligation on stock-based compensation (154) (126)
Purchase of treasury stock (37)  
Purchase of non-controlling interests (75)  
Net cash (used in) provided by financing activities (20,275) 17,424
Effect of exchange rate changes on cash 5 (27)
Net (decrease) increase in cash and cash equivalents (771) 12,041
Cash and cash equivalents, beginning of year 24,385 12,344
Cash and cash equivalents, end of year 23,614 24,385
Supplemental disclosure of cash flow data:    
Interest paid 3,402 3,925
Income taxes paid 437 286
Non-cash CARES Act Loan Forgiveness 18,529  
Non-cash capital expenditures $ 854 $ 303