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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities    
Net income (loss) $ (2,081,000) $ 1,612,000
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,108,000 26,000
Amortization of deferred financing costs 39,000 0
Changes in allowance for credit losses 0 11,000
Stock-based compensation expense 14,000 36,000
Noncash paid in kind interest expense 536,000 0
Noncash operating lease expense 742,000 0
Deferred income tax (benefit) expense (1,163,000) 0
Increase (decrease) in cash resulting from changes in, net of acquisition:    
Accounts receivable, net 124,000 (2,037,000)
Inventories 6,067,000 1,000
Income tax receivable 0 (62,000)
Prepaid expenses and other current assets 644,000 254,000
Accounts payable 81,000 (1,336,000)
Accrued compensation (1,990,000) 0
Accrued expenses and other current liabilities 903,000 (241,000)
Accrued income taxes (42,000) 0
Deferred revenue 0 (1,273,000)
Net cash provided by (used in) operating activities 4,982,000 (3,009,000)
Investing Activities    
Purchases of property and equipment (501,000) (19,000)
Acquisition of Bloomia, net of cash acquired (34,178,000) 0
Receipts from note receivable 36,000 0
Net cash used in investing activities (34,643,000) (19,000)
Financing Activities    
Proceeds from term loan 18,000,000 0
Proceeds from revolving debt 6,000,000 0
Repayments of long-term debt (450,000) 0
Repayments of seller note (2,700,000) 0
Repayments of revolving debt (5,065,000) 0
Principal payments on finance lease liabilities (4,000) 0
Payment of financing costs (513,000) 0
Proceeds from issuances of common stock 0 8,000
Net cash provided by financing activities 15,268,000 8,000
Effect of exchange rate changes 37,000 0
Net decrease in cash and cash equivalents (14,356,000) (3,020,000)
Cash and cash equivalents, beginning of period 16,077,000 14,524,000
Cash and cash equivalents, end of period 1,721,000 11,504,000
Supplemental cash flow information    
Cash paid for interest 706,000 0
Cash paid for income taxes 417,000 66,000
Noncash purchase consideration - Equity issuance of noncontrolling interest 2,990,000 0
Noncash purchase consideration - Seller notes 15,451,000 0
Non-cash investing and financing activities    
Purchase of property and equipment included in accounts payable $ 0 $ 7,000