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, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (30,112) $ (2,756)
Adjustments to reconcile net loss to net cash used in operating activities    
Income from equity method investments (39) (225)
Stock-based compensation 1,029 1,913
Depreciation and amortization 4,060 1,114
Amortization of debt issuance costs 161 93
Provision for stock option fair value (25) 9
Impairment charge 3,540  
Gain on Paycheck Protection Program loan (1,665)  
Accretion expense 681 556
Tax impact of equity transactions 2  
Change in operating assets and liabilities    
Accounts receivable, net 12,667 (10,845)
Prepaid expenses (49) 133
Right of use assets 280 48
Accounts payable and accrued liabilities 724 (920)
Due from MSAs 1,054 (1,071)
Lease liability (750) (500)
Income taxes 191 (846)
Other assets and liabilities 217 (76)
Net cash used in operating activities (8,034) (13,373)
Cash flows from investing activities    
Purchase of fixed assets (80)  
Net cash paid for acquisitions (280) (307)
Distributions received from equity method investments 80 308
Net cash (used in) provided by investing activities (280) 1
Cash flows from financing activities    
Proceeds from exercise of stock options 4 19
Proceeds from share issuance, net 5,195 5,062
Proceeds from Paycheck Protection Program loan   1,665
Proceeds from debenture   10,360
Repayment of short-term debt   (4,100)
Net cash provided by financing activities 5,199 13,006
Decrease in cash (3,115) (366)
Cash at beginning of period 4,020 4,386
Cash at end of period 905 4,020
Supplemental cash flow information    
Interest paid 1,451 850
Income taxes paid   16
Supplemental non-cash flow information    
Purchase of equipment with finance leases 79 431
Settlement of performance share issuance liability   2,668
Settlement of acquisition share issuance liability   540
Convertible debt exercised for common shares   $ 60
Intangible assets acquired in exchange for common shares issued $ 390