0001654954-23-006205.txt : 20230511 0001654954-23-006205.hdr.sgml : 20230511 20230511160226 ACCESSION NUMBER: 0001654954-23-006205 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20230511 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230511 DATE AS OF CHANGE: 20230511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ISSUER DIRECT CORP CENTRAL INDEX KEY: 0000843006 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL PRINTING [2750] IRS NUMBER: 261331503 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10185 FILM NUMBER: 23910815 BUSINESS ADDRESS: STREET 1: 1 GLENWOOD AVE. STREET 2: SUITE 1001 CITY: RALEIGH STATE: NC ZIP: 27603 BUSINESS PHONE: 9194611600 MAIL ADDRESS: STREET 1: 1 GLENWOOD AVE. STREET 2: SUITE 1001 CITY: RALEIGH STATE: NC ZIP: 27603 FORMER COMPANY: FORMER CONFORMED NAME: DOCUCON INC DATE OF NAME CHANGE: 20071002 FORMER COMPANY: FORMER CONFORMED NAME: DOCUCON INCORPORATED DATE OF NAME CHANGE: 19920703 8-K 1 isdr_8k.htm FORM 8-K isdr_8k.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________

 

FORM 8-K

______________

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 11, 2023

 

Issuer Direct Corporation

(Exact name of registrant as specified in its charter)

 

Delaware

 

1-10185

 

26-1331503

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

One Glenwood Drive, Suite 1001, Raleigh, NC 27603

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code (919) 481-4000

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.001

ISDR

NYSE American

 

 

 

 

Item 2.02 — Results of Operations and Financial Condition

 

On May 11, 2023 Issuer Direct Corporation (the “Company”) issued a press release reporting the Company’s results for the quarter ended March 31, 2023. The press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

 

The information in Item 2.02 of this report, including the press release attached as Exhibit 99.1, is furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Furthermore, such information shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933, as amended.

 

 

 

 

Item 9.01 — Financial Statements and Exhibits

 

(d) Exhibits:

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press Release issued by the Company on May 11, 2023.

 

 

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

 

Issuer Direct Corporation

 

 

 

 

Date: May 11, 2023

By:

/s/ Brian R. Balbirnie

 

 

Brian R. Balbirnie

 

 

Chief Executive Officer

 

 

3

 

 

EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press Release issued by the Company on May 11, 2023.

 

 

4

 

 

 EX-99.1 2 isdr_ex991.htm PRESS RELEASE isdr_ex991.htm

  EXHIBIT 99.1

 

Issuer Direct Reports First Quarter 2023 Results - Record First Quarter Revenue of $8.6 million, an Increase of 63% from Q1 2022

 

RALEIGH, NC / Issuer Direct Corporation (NYSE American:ISDR) (the "Company"), a leading communications company, today reported its operating results for the first quarter ended March 31, 2023.

 

“2023 is off to a good start. Our first quarter revenue increased 63% year over year and our Communications revenue grew 94% over the prior year largely due to our November 2022 acquisition of Newswire . Our press release business benefited from our Newswire acquisition as well as 21% organic growth from ACCESSWIRE in the quarter compared to the prior year,” said Brian R. Balbirnie, Issuer Direct's Chief Executive Officer.

 

“This year is also shaping up to be an important product year for us. We have a number of new products we are focused on launching which we believe will enhance the value proposition for customers looking to tell their story, and engage and monitor their messaging. Additionally, we believe we will benefit from subscription revenue growth, customer retention and a stronger brand in a growing market.” 

 

“On the bottom line, we’ve done a solid job aligning our expenses with the combined businesses and on an Adjusted EBITDA basis, we saw growth from $1.1M in Adjusted EBITDA in Q1 2022, to $1.9M in Q1 2023, a 66% increase.”

 

Mr. Balbirnie concluded, “Taken altogether, as we look out to the remainder of 2023 and beyond, we’re pleased to be growing our revenue, generating positive cash flow, innovating with partners, servicing our customers and working to maximize value for our shareholders,”

 

A table has been included in this press release with non-GAAP adjustments to the Company’s net loss, resulting in Adjusted EBITDA (a non-GAAP measure) for the relevant periods.

 

 
1

 

 

First Quarter 2023 Highlights:

 

 

·

Revenue - Total revenue was $ 8,619,000, a 63% increase from $ 5,288,000 in Q1 2022 and a 21% increase from $7,139,000 in Q4 2022. Communications revenue increased 94% from Q1 2022 and 18% from Q4 2022. The increase is primarily due to an increase in revenue generated by Newswire, which was acquired on November 1, 2022, as well as an increase in revenue from ACCESSWIRE due to an increase in average revenue per release. Communications revenue was 76% of total revenue for Q1 2023, compared to 64% for Q1 2022 and 78% for Q4 2022. Revenue from our Compliance business increased 8% from Q1 2022 and 30% from Q4 2022. The increase in Compliance revenue is primarily related to an increase in revenue from our transfer agent services due to an increase in corporation actions and directives as well as an increase in print and proxy fulfillment services due to larger transactions and an increase in the number of projects.

 

 

 

 

·

Gross Margin - Gross margin for Q1 2023 was $6,790,000, or 79% of revenue, compared to $4,056,000, or 77% of revenue, during Q1 2022 and $ 5,263,000, or 74%, in Q4 2022. Communications gross margin was 79%, compared to 78% in Q1 2022 and 74% in Q4 2022.

 

 

 

 

·

Operating Income - Operating income was $581,000 for Q1 2023, as compared to $688,000 during Q1 2022. The decrease in operating income, despite the increase in gross margin, is primarily due to additional costs of operating Newswire as well as additional amortization expense attributed to intangible assets acquired from the Newswire acquisition. Additionally, we had increases in one-time transaction expenses, stock compensation expense and employee-related costs, all of which are expenses associated with our continued investments for future growth.

 

 

 

 

·

Net Income (Loss) - On a GAAP basis, net loss was $(144,000), or $(0.04) per diluted share during Q1 2023, compared to net income of $ $516,000, or $0.13 per diluted share during Q1 2022. In addition to the reasons for the decrease in operating income, net income (loss) was also negatively impacted by interest expense associated with the debt incurred to finance the Newswire acquisition, change in fair value of our interest rate swap and a one-time cost to extinguish our note payable associated with the Newswire acquisition.

 

 

 

 

·

Operating Cash Flows - Cash flows from operations for Q1 2023 were $272,000 compared to $548,000 in Q1 2022.

 

 

 

 

·

Non-GAAP Measures – Q1 2023 EBITDA was $782,000, or 9% of revenue, compared to $850,000 or 16% of revenue, during Q1 2022. Adjusted EBITDA was $1,888,000, or 22% of revenue, for Q1 2023 compared to $1,140,000, or 22%, for Q1 2022. Non-GAAP net income for Q1 2023 was $1,271,000, or $0.33 per diluted share, compared to $830,000, or $0.22 per diluted share, during Q1 2022. Adjusted free-cash flow was $739,000 for Q1 2023 compared to $603,000 for Q1 2022.

 

 
2

 

 

Key Performance Indicators:

 

 

·

As of March 31, 2023 we had 10,052 customers who had an active contract during the past twelve months, compared to 7,813 as of March 31, 2022. March 31, 2023 included 2, 262 customers from Newswire.

 

 

 

 

·

During the quarter, the Company had 1,001 active customers subscribing to our products, compared to 964 customers during the same period last year. The Company defines a subscription as any customer who enters into a contract for a minimum of one year for one or more products.

 

Non-GAAP Information

 

Certain Non-GAAP financial measures are included in this press release. In the calculation of these measures, the Company excludes certain items, such as amortization of intangible assets, stock-based compensation, tax impact of adjustments, other unusual items and discrete items impacting income tax expense. The Company believes that excluding such items provides investors and management with a representation of the Company's core operating performance and with information useful in assessing its prospects for the future and underlying trends in the Company's operating expenditures and continuing operations. Management uses such Non-GAAP measures to evaluate financial results and manage operations. The release and the attachments to this release provide a reconciliation of each of the Non-GAAP measures referred to in this release to the most directly comparable GAAP measure. The Non-GAAP financial measures are not meant to be considered a substitute for the corresponding GAAP financial statements and investors should evaluate them carefully. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies.

 

 
3

 

 

RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES

($ in ‘000's, except per share amounts)

CALCULATION OF EBITDA & ADJUSTED EBITDA

 

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

Amount

 

 

Amount

 

 

 

 

 

 

 

 

Net income (loss):

 

 $ (144 )

 

 $ 516

 

Adjustments:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 736

 

 

 

 162

 

Interest expense (income)

 

 

 238

 

 

 

 (2 )

Income tax expense (benefit)

 

 

 (48 )

 

 

 174

 

EBITDA:

 

 

 782

 

 

 

 850

 

Acquisition and integration expenses (1)

 

 

 234

 

 

 

 16

 

Other non-recurring expenses (2)

 

 

 535

 

 

 

 90

 

Stock-based compensation expense (3)

 

 

 337

 

 

 

 184

 

Adjusted EBITDA:

 

 $ 1,888

 

 

 $ 1,140

 

 

(1)

This adjustment gives effect to one-time corporate projects, including acquisition and integration expenses, incurred during the periods.

(2)

For the three months ended March 31, 2023, this adjustment gives effect to a payment of $370,000 related to the early termination of the note payable associated with the Newswire acquisition and a $165,000 loss related to the change in fair value of our interest rate swap. For the three months ended March 31, 2022, this adjustment gives effect to a one-time executive recruiting fee of $90,000.

(3)

The adjustments represent stock-based compensation expense related to awards of stock options, restricted stock units, or common stock in exchange for services. Although we expect to continue to award stock in exchange for services, the amount of stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects.

 

CALCULATION OF NON-GAAP NET INCOME

 

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

Amount

 

 

Per diluted

share

 

 

Amount

 

 

 Per diluted

share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss):

 

 $ (144 )

 

 $ (0.04 )

 

 $ 516

 

 

 $ 0.13

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets (1)

 

 

 685

 

 

 

 0.18

 

 

 

 108

 

 

 

 0.03

 

Stock-based compensation (2)

 

 

 337

 

 

 

 0.09

 

 

 

 184

 

 

 

 0.05

 

Other unusual items (3)

 

 

 769

 

 

 

 0.20

 

 

 

 106

 

 

 

 0.03

 

Tax impact of adjustments (4)

 

 

 (376 )

 

 

 (0.10 )

 

 

 (84 )

 

 

 (0.02 )

Non-GAAP net income:

 

 $ 1,271

 

 

 $ 0.33

 

 

 $ 830

 

 

 $ 0.22

 

 

 
4

 

 

1)

The adjustments represent the amortization of intangible assets related to acquired assets and companies.

2)

The adjustments represent stock-based compensation expense related to awards of stock options, restricted stock units or common stock in exchange for services. Although the Company expects to continue to award stock in exchange for services, the amount of stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects.

3)

For the three months ended March 31, 2023, this adjustment gives effect to one-time corporate projects, including acquisition and integration expenses of $234,000, $370,000 related to the early termination of the note payable associated with the Newswire acquisition, and $165,000 loss related to the change in fair value of our interest rate swap. For the three months ended March 31, 2022, this adjustment gives effect to one-time corporate projects, including acquisition and integration expenses of $16,000 and a one-time executive recruiting fee of $90,000.

4)

This adjustment gives effect to the tax impact of all non-GAAP adjustments at the current Federal rate of 21%.

 

CALCULATION OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW

 

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

 

 

Amount

 

 

Amount

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

 $ 272

 

 

 $ 548

 

Payments for purchase of fixed assets and capitalized software

 

 

 (5 )

 

 

 (21 )

Free cash flow

 

 

 267

 

 

 

 527

 

Cash paid for acquisition and integration items(1)

 

 

 77

 

 

 

 16

 

Cash paid for other unusual items(2)

 

 

 395

 

 

 

 60

 

Adjusted free cash flow

 

 $ 739

 

 

 $ 603

 

 

1)

This adjustment gives effect to one-time corporate projects, including acquisition and integration expenses, paid during the periods.

2)

For the three months ended March 31, 2023, this adjustment is primarily related to a one-time payment of $370,000 related to the early termination of the note payable associated with the Newswire acquisition. For the three months ended March 31, 2022, this adjustment gives effect to payment of a one-time executive recruiting fee of $60,000.

 

 
5

 

 

Conference Call Information

 

To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.

 

Date:

May 11, 2023

Time:

4:30 p.m. eastern time

Toll & Toll Free:

973-528-0002 | 877-545-0320

Access Code:

470124

Live Webcast:

https://www.webcaster4.com/Webcast/Page/1/48324

 

Conference Call Replay Information

 

The replay will be available beginning approximately 1 hour after the completion of the live event.

 

Toll & Toll Free:

919-882-2331| 877-481-4010

Passcode:

48324

Webcast Replay & Transcript

http://www.issuerdirect.com/earnings-calls-and-scripts/

 

About Issuer Direct Corporation

 

Issuer Direct® is a leading communications and compliance company, providing solutions for both Public Relations and Investor Relations Professionals. Our comprehensive solutions are used by thousands of customers from emerging startups to multi-billion dollar global brands, ensuring their most important moments are reaching the right audiences, via our industry leading newswire, IR website solutions, events technology, and compliance solutions. For more information, please visit www.issuerdirect.com.

 

 
6

 

 

Forward-Looking Statements

 

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs, such as "will," "should," "would," "may," and "could," are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance, or achievements to be materially different from any anticipated results, performance, or achievements for many reasons. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2022, including but not limited to the discussion under "Risk Factors" therein, which the Company filed with the SEC and which may be viewed at http://www.sec.gov/.

 

For Further Information:

 

Issuer Direct Corporation

Brian R. Balbirnie

(919)-481-4000

brian.balbirnie@issuerdirect.com

 

Hayden IR

Brett Maas

(646)-536-7331

brett@haydenir.com

 

Hayden IR

James Carbonara

(646)-755-7412

 

 
7

 

 

ISSUER DIRECT CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

 

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

ASSETS

 

(unaudited)

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

 $ 3,349

 

 

 $ 4,832

 

Accounts receivable (net of allowance for doubtful accounts of $858 and $745, respectively)

 

 

 3,546

 

 

 

 2,978

 

Income tax receivable

 

 

 139

 

 

 

 51

 

Other current assets

 

 

 1,416

 

 

 

 1,559

 

Total current assets

 

 

 8,450

 

 

 

 9,420

 

Capitalized software (net of accumulated amortization of $3,379 and $3,364, respectively)

 

 

 123

 

 

 

 138

 

Fixed assets (net of accumulated depreciation of $646 and $610, respectively)

 

 

 594

 

 

 

 625

 

Right-of-use asset – leases

 

 

 1,213

 

 

 

 1,277

 

Other long-term assets

 

 

 176

 

 

 

 136

 

Goodwill

 

 

 22,498

 

 

 

 22,498

 

Intangible assets (net of accumulated amortization of $7,507 and $6,821, respectively)

 

 

 31,545

 

 

 

 32,231

 

Total assets

 

 $ 64,599

 

 

 $ 66,325

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 $ 1,560

 

 

 $ 1,374

 

Accrued expenses

 

 

 2,344

 

 

 

 2,255

 

Income taxes payable

 

 

 170

 

 

 

 157

 

Current portion of long-term debt

 

 

 1,000

 

 

 

 22,000

 

Deferred revenue

 

 

 5,166

 

 

 

 5,405

 

Total current liabilities

 

 

 10,240

 

 

 

 31,191

 

Long-term debt (net of debt discount of $80 and $0, respectively)

 

 

 18,920

 

 

 

 —

 

Deferred income tax liability

 

 

 599

 

 

 

 572

 

Lease liabilities – long-term

 

 

 1,258

 

 

 

 1,339

 

Other long-term liabilities

 

 

 165

 

 

 

 —

 

Total liabilities

 

 

 31,182

 

 

 

 33,102

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.

 

 

 —

 

 

 

 —

 

Common stock $0.001 par value, 20,000,000 shares authorized, 3,791,020 shares issued and outstanding as of March 31, 2023 and December 31, 2022.

 

 

 4

 

 

 

 4

 

Additional paid-in capital

 

 

 22,484

 

 

 

 22,147

 

Other accumulated comprehensive loss

 

 

 (95 )

 

 

 (96 )

Retained earnings

 

 

 11,024

 

 

 

 11,168

 

Total stockholders' equity

 

 

 33,417

 

 

 

 33,223

 

Total liabilities and stockholders’ equity

 

 $ 64,599

 

 

 $ 66,325

 

 

 
8

 

 

ISSUER DIRECT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except share and per share amounts)

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Revenues

 

 $ 8,619

 

 

 $ 5,288

 

Cost of revenues

 

 

 1,829

 

 

 

 1,232

 

Gross profit

 

 

 6,790

 

 

 

 4,056

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

General and administrative

 

 

 2,332

 

 

 

 1,683

 

Sales and marketing

 

 

 2,381

 

 

 

 1,264

 

Product development

 

 

 774

 

 

 

 275

 

Depreciation and amortization

 

 

 722

 

 

 

 146

 

Total operating costs and expenses

 

 

 6,209

 

 

 

 3,368

 

Operating income

 

 

 581

 

 

 

 688

 

Interest income (expense), net

 

 

 (238 )

 

 

 2

 

Other expense

 

 

 (535 )

 

 

 —

 

(Loss) income before taxes

 

 

 (192 )

 

 

 690

 

Income tax (benefit) expense

 

 

 (48 )

 

 

 174

 

Net (loss) income

 

 $ (144 )

 

 $ 516

 

(Loss) income per share – basic

 

 $ (0.04 )

 

 $ 0.14

 

(Loss) income per share – fully diluted

 

 $ (0.04 )

 

 $ 0.13

 

Weighted average number of common shares outstanding – basic

 

 

 3,791

 

 

 

 3,794

 

Weighted average number of common shares outstanding – fully diluted

 

 

 3,810

 

 

 

 3,834

 

 

 
9

 

  

ISSUER DIRECT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

 

March 31,

 

 

 

2023

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

 

Net (loss) income

 

 $ (144 )

 

 $ 516

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 736

 

 

 

 162

 

Bad debt expense

 

 

 151

 

 

 

 101

 

Deferred income taxes

 

 

 26

 

 

 

 (35 )

Stock-based compensation expense

 

 

 337

 

 

 

 184

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Decrease (increase) in accounts receivable

 

 

 (719 )

 

 

 (752 )

Decrease (increase) in other assets

 

 

 (250 )

 

 

 (55 )

Increase (decrease) in accounts payable

 

 

 186

 

 

 

 154

 

Increase (decrease) in accrued expenses and other liabilities

 

 

 187

 

 

 

 (53 )

Increase (decrease) in deferred revenue

 

 

 (238 )

 

 

 326

 

Net cash provided by operating activities

 

 

 272

 

 

 

 548

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchase of acquired business, net of cash received (See Note 3)

 

 

 350

 

 

 

 —

 

Purchase of fixed assets

 

 

 (5 )

 

 

 (21 )

Net cash provided by (used in) investing activities

 

 

 345

 

 

 

 (21 )

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

 —

 

 

 

 58

 

Payment for stock repurchase and retirement

 

 

 —

 

 

 

 (182 )

Payment of note payable

 

 

 (22,000 )

 

 

 —

 

Proceeds from issuance of term loan

 

 

 19,968

 

 

 

 —

 

Payments for capitalized debt issuance costs

 

 

 (68 )

 

 

 —

 

Net cash used in financing activities

 

 

 (2,100 )

 

 

 (124 )

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

 

 (1,483 )

 

 

 403

 

Cash and cash equivalents – beginning

 

 

 4,832

 

 

 

 23,852

 

Currency translation adjustment

 

 

 —

 

 

 

 16

 

Cash and cash equivalents – ending

 

 $ 3,349

 

 

 $ 24,271

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures:

 

 

 

 

 

 

 

 

Cash paid for income taxes

 

 $ —

 

 

 $ —

 

Cash paid for interest

 

 $ 510

 

 

 $ —

 

 

 
10

 

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Entity Tax Identification Number 26-1331503
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Entity File Number 1-10185
Entity Address Address Line 1 One Glenwood Drive
Entity Address Address Line 2 Suite 1001
Entity Address City Or Town Raleigh
Entity Address State Or Province NC
Entity Address Postal Zip Code 27603
City Area Code 919
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Security 12b Title Common Stock, par value $0.001
Trading Symbol ISDR
Security Exchange Name NYSEAMER
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