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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 7,287 $ 6,545
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,042 549
Non-cash reserve charges (296) 430
Stock-based compensation 1,806 556
Non-cash lease expense 27 40
Provision for deferred income taxes (473) (547)
Change in operating assets and liabilities:    
Accounts receivable (3,532) (1,463)
Prepaid and other assets (745) 247
Accounts payable and other accrued expenses 1,625 830
Inventory (4,274) (2,100)
Deposits 47 (2)
Other long-term obligations 0 (880)
Net cash provided by operating activities 2,514 4,205
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (759) (132)
Net cash used in investing activities (759) (132)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on finance lease obligations (42) (4)
Common stock cash dividends 0 (2,262)
Purchase of treasury stock 0 (171)
Proceeds from issuance of common stock under equity offering 25,240 0
Proceeds from the issuance of common stock on stock-based awards 236 170
Net cash (used in) provided by financing activities 25,434 (2,267)
Net increase in cash and cash equivalents 27,189 1,806
Cash and cash equivalents at beginning of period 14,040 10,128
Cash and cash equivalents at end of period 41,229 11,934
Supplemental disclosure of cash flow information:    
Cash paid for interest (14) 0
Cash paid for rent (1,182) (689)
Cash paid for income taxes (750) (2,218)
Supplemental disclosure of non-cash investing and financing activities:    
Right-of-use assets obtained in exchange for new operating lease liabilities 1,433 1,605
Right-of-use assets obtained in exchange for new finance lease liabilities 72 0
Inventory transferred to sales rep demos 377 0
Inventory transferred to property and equipment under lease $ 641 $ 255