Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 6 Months Ended
Jul. 02, 2022
Jul. 03, 2021
OPERATING ACTIVITIES:    
Net income (loss) $ 11,898,000 $ (4,477,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 270,000 2,090,000
Amortization of debt issuance costs 7,000 0
Stock based compensation expense 4,000 180,000
Accretion of note receivable discount (27,000) 0
Gain on legal settlement (115,000) 0
Gain on Payroll Protection Program loan forgiveness 0 (1,872,000)
Gain on settlement of vendor advance payments 0 (941,000)
Gain on reversal of contingent liability (637,000) 0
Gain on sale of GeoTraq (12,091,000) 0
Unrealized loss on marketable securities 376,000 0
Changes in assets and liabilities:    
Accounts receivable (53,000) (204,000)
Income taxes receivable (12,000) 173,000
Prepaid expenses and other current assets 554,000 110,000
Inventories 610,000 303,000
Right of use assets (597,000) (681,000)
Lease liability 595,000 650,000
Accounts payable and accrued expenses 713,000 2,485,000
Deposits and other Assets (6,000) (123,000)
Net cash provided by (used in) operating activities 1,489,000 (2,307,000)
INVESTING ACTIVITIES:    
Purchases of property and equipment (721,000) (1,458,000)
Purchases of intangibles (189,000) (65,000)
Net cash used in investing activities (910,000) (1,523,000)
FINANCING ACTIVITIES:    
Proceeds from equity financing, net 0 5,544,000
Proceeds from stock option exercise 0 27,000
Proceeds from notes payable 366,000 1,835,000
Payments on related party notes payable (53,000) 0
Payments on notes payable (128,000) (59,000)
Payments on short-term notes payable (288,000) (144,000)
Net cash provided by (used in) financing activities (103,000) 7,203,000
Effect of changes in exchange rate on cash and cash equivalents (0) (42,000)
INCREASE IN CASH AND CASH EQUIVALENTS 476,000 3,331,000
CASH AND CASH EQUIVALENTS, beginning of period 705,000 379,000
CASH AND CASH EQUIVALENTS, end of period 1,181,000 3,710,000
Supplemental cash flow disclosures:    
Interest paid 120,000 84,000
Income taxes paid 54,000 28,000
Right of use asset - operating leases capitalized $ 1,451,000 $ 1,244,000