Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net income (loss) $ 6,273,000 $ (2,125,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Realized (gain) loss on marketable debt securities 165,000 (2,000)
Gain on discontinued operations, net of taxes (201,000)
Depreciation and amortization 3,234,000 449,000
Amortization of debt discount 5,000 1,000
Amortization on right-of-use assets 329,000 9,000
Lower of cost or net realizable value inventory adjustment 68,000
Consulting expense paid through reduction of secured promissory note receivable 250,000
Impairment of secured promissory note receivable 3,750,000
Stock-based compensation expense 3,183,000 1,459,000
Change in fair value of investment securities 240,000
Non-cash interest income on secured promissory note receivable (316,000)
Gain on sale of real estate (1,892,000)
Accounts receivable allowances 3,866,000 97,000
Inventory valuation reserve 267,000 (193,000)
Changes in operating assets and liabilities:    
Accounts receivable (38,197,000) (1,136,000)
Inventory (1,746,000) (1,275,000)
Prepaid and other assets 1,445,000 (3,005,000)
Other assets (368,000) (240,000)
Accounts payable and accrued expenses 2,450,000 3,339,000
Accrued diagnostic services 1,890,000
Deferred revenue 2,608,000
Lease liabilities 130,000 (9,000)
Other liabilities (2,827,000) 1,814,000
Net cash used in operating activities (13,619,000) (2,592,000)
Cash flows from investing activities    
Business acquisitions, net of cash acquired (9,066,000)
Issuance of secured promissory note receivable (1,000,000) (3,000,000)
Purchase of marketable securities (21,527,000) (4,560,000)
Proceeds from sale of marketable debt securities 15,858,000 3,840,000
Proceeds from promissory note 300,000
Escrow receivable 4,812,000
Acquisition of Confucius Labs (2,500,000)
Proceeds from sale of building, net 2,081,000
Capital expenditures (4,231,000) (1,689,000)
Net cash used in investing activities (19,666,000) (1,016,000)
Cash flows from financing activities    
Proceeds from issuance of common stock from public offering, net 35,135,000
Proceeds from issuance of common stock and warrants from private offering 5,500,000
Proceeds from unsecured convertible promissory notes 10,000,000
Issuance costs on unsecured convertible promissory notes (10,000)
Repayment of note payable (45,000)  
Repurchases of common shares (917,000)  
Payment of dividends (4,546,000)
Net cash provided by financing activities 35,127,000 9,990,000
Increase in cash, cash equivalents and restricted cash 1,842,000 6,382,000
Cash, cash equivalents and restricted cash, at the beginning of the year 6,816,000 434,000
Cash, cash equivalents and restricted cash, at the end of the year 8,658,000 6,816,000
Supplemental disclosures:    
Cash paid for income taxes
Interest payment on the promissory notes 1,000,000 250,000
Supplemental disclosure of non-cash investing and financing activities:    
Issuance of common shares related to business acqusition 3,608,000
Right-of-use assets and lease liability recorded upon adoption of ASC 842 4,740,000
Net unrealized loss, investments in marketable debt securities (164,000) (9,000)
Recognize additional goodwill related to deferred tax liability $ 362,000