Note 3 - Restatement of Previously Issued Consolidated Financial Statements (Tables)

9 Months Ended

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