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Restricted Cash
 12 Months Ended
Dec. 31, 2020
Cash And Cash Equivalents [Abstract]  
Restricted Cash

NOTE 3 - RESTRICTED CASH

The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the consolidated balance sheets at December 31, 2020 and 2019 to the total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows for the years ended December 31, 2020, 2019, and 2018:

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

Beginning

 

 

Ending

 

 

Beginning

 

 

Ending

 

 

Beginning

 

 

Ending

 

Cash and cash equivalents

 

$

6,482

 

 

$

13,841

 

 

$

11,694

 

 

$

6,482

 

 

$

11,809

 

 

$

11,694

 

Restricted cash - current (1)

 

 

—

 

 

 

68,146

 

 

 

—

 

 

 

—

 

 

 

11,191

 

 

 

—

 

Restricted cash - non-current

 

 

—

 

 

 

—

 

 

 

1,292

 

 

 

—

 

 

 

1,266

 

 

 

1,292

 

Total cash, cash equivalents, and restricted cash shown in the consolidated statement of cash flows

 

$

6,482

 

 

$

81,987

 

 

$

12,986

 

 

$

6,482

 

 

$

24,266

 

 

$

12,986

 

 

(1)

Restricted cash – current at the beginning of the year ended December 31, 2018 represents amounts held in an escrow account for the acquisition of The Future Customer (“TFC”).  

Under a contract with a customer commencing in the final quarter of fiscal year 2020, the Company received advance payments to be used to pay providers of service to the customer, a separate third-party. The advanced payments are treated as restricted cash - current as the Company is required under the contract to distribute the advanced funds to the third-party providers or return the advanced funds to the customer. Because the Company receives the advance payments from the customer, which must be refunded to the customer or remitted to a third party, the cash receipts are treated as borrowings rather than receipts for the provision of goods or services. Therefore, these cash receipts are presented in the consolidated statement of cash flows as financing cash inflows, “receipt of restricted contract funds”, with the subsequent payments classified as financing cash outflows, “payment of restricted contract funds.” See Note 9 – Accrued Expenses and Other Liabilities for corresponding liability.