Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
Oct. 01, 2016
Operating activities:    
Net income (loss) $ 4,545 $ (1,676)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,054 936
Amortization of debt issuance costs 262 136
Stock based compensation expense 32 264
Gain on sale of property (5,163) 0
Gain on sale of variable interest entity equity (81) 0
Change in reserve for uncollectible accounts 7 0
Change in reserve for inventory obsolescence (124) 0
Change in deferred income taxes 776 439
Other 679 (37)
Changes in assets and liabilities:    
Accounts receivable (1,531) 2,004
Prepaid expenses and other currrent assets (254) 108
Inventories 5,073 385
Accounts payable and accrued expenses (4,509) 301
Income tax payable 1,597 859
Net cash provided by operating activities 2,363 3,719
Investing activities:    
Purchases of property and equipment (107) (244)
Proceeds from sale of property and equipment, net 6,785 0
Purchase of intangible assets, GeoTraq Inc., net of debt and Series A preferred stock issued (200) 0
Sale of variable interest entity equity in AAP less cash of deconsolidated variable interest entity 643 0
Increase in restricted cash (798) 0
Other 0 (22)
Net cash provided by (used in) investing activities 6,323 (266)
Financing activities:    
Net payments under line of credit - PNC Bank (10,333) (2,859)
Net borrowing under the line of credit - MidCap Financial Trust 3,616 0
Proceeds from issuance of debt obligations 1,070 100
Payment of debt issuance costs (484) (125)
Payments on debt obligations (1,544) (821)
Net cash used in financing activities (7,675) (3,705)
Effect of changes in exchange rate on cash and cash equivalents 15 (8)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS 1,026 (260)
CASH AND CASH EQUIVALENTS, beginning of period 968 1,969
CASH AND CASH EQUIVALENTS, end of period 1,994 1,709
Supplemental cash flow disclosures:    
Interest paid 214 1,033
Income taxes refunded (paid) 36 860
Noncash financing and investing activities:    
Notes payable issued to sellers of GeoTraq, Inc. 800 0
Series A convertible preferred stock issued for the acquisition of GeoTraq, Inc. 14,963 0
Debt issuance costs related to credit agreement renewal 0 63
Series A convertible preferred stock issued to sellers of GeoTraq, Inc. 12,322 0
Beneficial conversion feature attributable to Series A convertible preferred stock issued 2,641 $ 0
Non-cash de-consolidation of variable interest entity - AAP:    
Cash 157  
Accounts Receivable 40  
Prepaid and Other 101  
Inventory 139  
Property Plant and Equipment 11,138  
Accumulated Depreciation (3,816)  
Other Assets, includes net equity investment in variable interest entity (1,449)  
Accounts Payable (1,388)  
Accrued Expenses (523)  
Current portion of long term obligations (3,558)  
Long term obligations (435)  
Non-controlling interest $ (406)