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Note 3 - Restatement of Previously Issued Consolidated Financial Statements (Tables) | 9 Months Ended
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Sep. 30, 2023
Notes Tables |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] |
|  | September 30, 2023 |
|  | As Previously Reported |  |  | Adjustments |  |  | As Restated |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 41,685 |  |  | $ | - |  |  | $ | 41,685 |
Restricted cash |  |  | - |  |  |  | - |  |  |  | - |
Trade accounts receivable, net of allowance for credit losses of $499 and $496, respectively |  |  | 20,710 |  |  |  | - |  |  |  | 20,710 |
Inventories |  |  | 22,156 |  |  |  | - |  |  |  | 22,156 |
Prepaid expenses and other current assets |  |  | 1,672 |  |  |  | 334 |  |  |  | 2,006 |
Total current assets |  |  | 86,223 |  |  |  | 334 |  |  |  | 86,557 |
Property and equipment: |  |  |  |  |  |  |  |  |  |  |  |
Machinery and equipment |  |  | 6,829 |  |  |  | - |  |  |  | 6,829 |
Leasehold improvements |  |  | 3,581 |  |  |  | - |  |  |  | 3,581 |
Gross property and equipment |  |  | 10,410 |  |  |  | - |  |  |  | 10,410 |
Less: accumulated depreciation |  |  | (7,267 | ) |  |  | - |  |  |  | (7,267 | )
Net property and equipment |  |  | 3,143 |  |  |  | - |  |  |  | 3,143 |
Right-of-use assets, net |  |  | 4,755 |  |  |  | - |  |  |  | 4,755 |
Goodwill |  |  | 21,578 |  |  |  | - |  |  |  | 21,578 |
Intangible assets, net |  |  | 16,959 |  |  |  | - |  |  |  | 16,959 |
Deferred tax assets |  |  | 1,381 |  |  |  | - |  |  |  | 1,381 |
Restricted certificates of deposit |  |  | 100 |  |  |  | - |  |  |  | 100 |
Other assets |  |  | 444 |  |  |  | 501 |  |  |  | 945 |
Total assets |  | $ | 134,583 |  |  | $ | 835 |  |  | $ | 135,418 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Current portion of Term Note |  | $ | 4,100 |  |  | $ | - |  |  | $ | 4,100 |
Current portion of operating lease liabilities |  |  | 1,730 |  |  |  | - |  |  |  | 1,730 |
Accounts payable |  |  | 7,296 |  |  |  | - |  |  |  | 7,296 |
Accrued wages and benefits |  |  | 4,030 |  |  |  | - |  |  |  | 4,030 |
Accrued professional fees |  |  | 1,188 |  |  |  | - |  |  |  | 1,188 |
Customer deposits and deferred revenue |  |  | 3,709 |  |  |  | 689 |  |  |  | 4,398 |
Accrued sales commissions |  |  | 1,248 |  |  |  | (72 | ) |  |  | 1,176 |
Domestic and foreign income taxes payable |  |  | 1,245 |  |  |  | (126 | ) |  |  | 1,119 |
Other current liabilities |  |  | 1,557 |  |  |  | - |  |  |  | 1,557 |
Total current liabilities |  |  | 26,103 |  |  |  | 491 |  |  |  | 26,594 |
Operating lease liabilities, net of current portion |  |  | 3,501 |  |  |  | - |  |  |  | 3,501 |
Term Note, net of current portion |  |  | 8,967 |  |  |  | - |  |  |  | 8,967 |
Contingent consideration |  |  | 1,002 |  |  |  | - |  |  |  | 1,002 |
Deferred revenue, net of current portion |  |  | - |  |  |  | 1,033 |  |  |  | 1,033 |
Other liabilities |  |  | 397 |  |  |  | - |  |  |  | 397 |
Total liabilities |  |  | 39,970 |  |  |  | 1,524 |  |  |  | 41,494 |
Commitments and Contingencies |  |  |  |  |  |  |  |  |  |  |  |
Stockholders' equity: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $0.01 par value; 5,000,000 shares authorized; no shares issued or outstanding |  |  | - |  |  |  | - |  |  |  | - |
Common stock, $0.01 par value; 20,000,000 shares authorized; 12,237,070 and 11,063,271 shares issued, respectively |  |  | 122 |  |  |  | - |  |  |  | 122 |
Additional paid-in capital |  |  | 53,960 |  |  |  | - |  |  |  | 53,960 |
Retained earnings |  |  | 41,430 |  |  |  | (689 | ) |  |  | 40,741 |
Accumulated other comprehensive earnings |  |  | 2 |  |  |  | - |  |  |  | 2 |
Treasury stock, at cost; 75,758 and 34,308 shares, respectively |  |  | (901 | ) |  |  | - |  |  |  | (901 | )
Total stockholders' equity |  |  | 94,613 |  |  |  | (689 | ) |  |  | 93,924 |
Total liabilities and stockholders' equity |  | $ | 134,583 |  |  | $ | 835 |  |  | $ | 135,418 |
|  | Three Months Ended September 30, 2023 |  |  | Nine Months Ended September 30, 2023 |
|  | As Previously Reported |  |  | Adjustments |  |  | As Restated |  |  | As Previously Reported |  |  | Adjustments |  |  | As Restated |
Revenue |  | $ | 32,663 |  |  | $ | (1,722 | ) |  | $ | 30,941 |  |  | $ | 97,140 |  |  | $ | (1,722 | ) |  | $ | 95,418 |
Cost of revenue |  |  | 17,329 |  |  |  | (835 | ) |  |  | 16,494 |  |  |  | 51,724 |  |  |  | (835 | ) |  |  | 50,889 |
Gross profit |  |  | 15,334 |  |  |  | (887 | ) |  |  | 14,447 |  |  |  | 45,416 |  |  |  | (887 | ) |  |  | 44,529 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling expense |  |  | 4,367 |  |  |  | (72 | ) |  |  | 4,295 |  |  |  | 13,483 |  |  |  | (72 | ) |  |  | 13,411 |
Engineering and product development expense |  |  | 1,802 |  |  |  | - |  |  |  | 1,802 |  |  |  | 5,689 |  |  |  | - |  |  |  | 5,689 |
General and administrative expense |  |  | 5,882 |  |  |  | - |  |  |  | 5,882 |  |  |  | 16,099 |  |  |  | - |  |  |  | 16,099 |
Total operating expenses |  |  | 12,051 |  |  |  | (72 | ) |  |  | 11,979 |  |  |  | 35,271 |  |  |  | (72 | ) |  |  | 35,199 |
Operating income |  |  | 3,283 |  |  |  | (815 | ) |  |  | 2,468 |  |  |  | 10,145 |  |  |  | (815 | ) |  |  | 9,330 |
Interest expense |  |  | (168 | ) |  |  | - |  |  |  | (168 | ) |  |  | (526 | ) |  |  | - |  |  |  | (526 | )
Other income |  |  | 423 |  |  |  | - |  |  |  | 423 |  |  |  | 678 |  |  |  | - |  |  |  | 678 |
Earnings before income tax expense |  |  | 3,538 |  |  |  | (815 | ) |  |  | 2,723 |  |  |  | 10,297 |  |  |  | (815 | ) |  |  | 9,482 |
Income tax expense |  |  | 572 |  |  |  | (126 | ) |  |  | 446 |  |  |  | 1,721 |  |  |  | (126 | ) |  |  | 1,595 |
Net earnings |  | $ | 2,966 |  |  | $ | (689 | ) |  | $ | 2,277 |  |  | $ | 8,576 |  |  | $ | (689 | ) |  | $ | 7,887 |
Earnings per common share - basic |  | $ | 0.25 |  |  | $ | (0.06 | ) |  | $ | 0.19 |  |  | $ | 0.76 |  |  | $ | (0.06 | ) |  | $ | 0.70 |
Weighted average common shares outstanding - basic |  |  | 11,886,005 |  |  |  |  |  |  |  | 11,886,005 |  |  |  | 11,294,306 |  |  |  |  |  |  |  | 11,294,306 |
Earnings per common share - diluted |  | $ | 0.24 |  |  | $ | (0.05 | ) |  | $ | 0.19 |  |  | $ | 0.74 |  |  | $ | (0.06 | ) |  | $ | 0.68 |
Weighted average common shares and common share equivalents outstanding - diluted |  |  | 12,212,317 |  |  |  |  |  |  |  | 12,212,317 |  |  |  | 11,665,850 |  |  |  |  |  |  |  | 11,665,850 |
|  | Nine Months Ended September 30, 2023 |
|  | As Previously Reported |  |  | Adjustments |  |  | As Restated |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 8,576 |  |  | $ | (689 | ) |  | $ | 7,887 |
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 3,515 |  |  |  | - |  |  |  | 3,515 |
Provision for excess and obsolete inventory |  |  | 385 |  |  |  | - |  |  |  | 385 |
Foreign exchange loss |  |  | 17 |  |  |  | - |  |  |  | 17 |
Amortization of deferred compensation related to stock-based awards |  |  | 1,623 |  |  |  | - |  |  |  | 1,623 |
Discount on shares sold under Employee Stock Purchase Plan |  |  | 21 |  |  |  | - |  |  |  | 21 |
Loss on disposal of property and equipment |  |  | 164 |  |  |  | - |  |  |  | 164 |
Deferred income tax benefit |  |  | (1,101 | ) |  |  | - |  |  |  | (1,101 | )
Adjustment to contingent consideration liability |  |  | (358 | ) |  |  | - |  |  |  | (358 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable |  |  | 480 |  |  |  | - |  |  |  | 480 |
Inventories |  |  | (9 | ) |  |  | - |  |  |  | (9 | )
Prepaid expenses and other current assets |  |  | 21 |  |  |  | (334 | ) |  |  | (313 | )
Other assets |  |  | 9 |  |  |  | (501 | ) |  |  | (492 | )
Operating lease liabilities |  |  | (1,275 | ) |  |  | - |  |  |  | (1,275 | )
Accounts payable |  |  | (100 | ) |  |  | - |  |  |  | (100 | )
Accrued wages and benefits |  |  | 125 |  |  |  | - |  |  |  | 125 |
Accrued professional fees |  |  | 305 |  |  |  | - |  |  |  | 305 |
Customer deposits and deferred revenue |  |  | (794 | ) |  |  | 689 |  |  |  | (105 | )
Accrued sales commissions |  |  | (220 | ) |  |  | (72 | ) |  |  | (292 | )
Domestic and foreign income taxes payable |  |  | (166 | ) |  |  | (126 | ) |  |  | (292 | )
Other current liabilities |  |  | 320 |  |  |  | - |  |  |  | 320 |
Deferred revenue, net of current portion |  |  | - |  |  |  | 1,033 |  |  |  | 1,033 |
Other liabilities |  |  | (17 | ) |  |  | - |  |  |  | (17 | )
Net cash provided by (used in) operating activities |  |  | 11,521 |  |  |  | - |  |  |  | 11,521 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Refund of final working capital adjustment related to Acculogic |  |  | - |  |  |  | - |  |  |  | - |
Purchase of property and equipment |  |  | (983 | ) |  |  | - |  |  |  | (983 | )
Purchase of short-term investments |  |  | - |  |  |  | - |  |  |  | - |
Net cash used in investing activities |  |  | (983 | ) |  |  | - |  |  |  | (983 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from public offering of common stock |  |  | 19,244 |  |  |  | - |  |  |  | 19,244 |
Repayments of Term Note |  |  | (3,075 | ) |  |  | - |  |  |  | (3,075 | )
Proceeds from shares sold under Employee Stock Purchase Plan |  |  | 118 |  |  |  | - |  |  |  | 118 |
Proceeds from stock options exercised |  |  | 978 |  |  |  | - |  |  |  | 978 |
Settlement of employee tax liabilities in connection with treasury stock transaction |  |  | (687 | ) |  |  | - |  |  |  | (687 | )
Net cash provided by (used in) financing activities |  |  | 16,578 |  |  |  | - |  |  |  | 16,578 |
Effects of exchange rates on cash |  |  | (7 | ) |  |  | - |  |  |  | (7 | )
Net cash provided by (used in) all activities |  |  | 27,109 |  |  |  | - |  |  |  | 27,109 |
Cash, cash equivalents and restricted cash at beginning of period |  |  | 14,576 |  |  |  | - |  |  |  | 14,576 |
Cash and cash equivalents at end of period |  | $ | 41,685 |  |  | $ | - |  |  | $ | 41,685 |

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