Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.25.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash and cash equivalents $ 9,358 $ 8,059
Investments 8,856 10,393
Accounts receivable, net 18,092 16,223
Inventory 5,389 4,782
Prepaid corporate taxes 28 62
Prepaid expenses 2,308 953
Deposits 423 1,717
Other current assets 455
Total current assets 45,482 43,042
Property and equipment, net 1,701 1,521
OTHER ASSETS:    
Intangible assets - customer lists, net 4,170 3,114
Intangible assets - trade name 654
Goodwill 2,321 [1]
Other assets 23 23
Right of use asset - office leases 797 1,336
Total other assets 7,965 4,473
Total assets 55,148 49,036
CURRENT LIABILITIES:    
Accounts payable and accrued expenses 8,919 4,745
Accrued payroll and related 1,513 2,568
Unearned revenue 4,423 1,116
Rewards program liability 6,000 875
Sales tax payable 353 344
Current portion of contingent earn-out liabilities 256 224
Current portion of installment payment liabilities 365 786
Current portion of lease liability 366 528
Total current liabilities 22,195 11,186
LONG-TERM LIABILITIES:    
Long-term contingent earn-out liabilities 455 763
Long-term installment payment liabilities 425 639
Long-term lease liability 432 798
Total long-term liabilities 1,312 2,200
Total liabilities 23,507 13,386
Commitments and contingencies (Note M)
STOCKHOLDER’S EQUITY:    
Preferred stock, $0.0001 par value; 50,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2024 and 2023, respectively
Common stock, $0.0001 par value; 300,000,000 shares authorized, 18,598,574 and 18,539,000 shares issued and outstanding as of December 31, 2024 and 2023, respectively 2 2
Additional paid-in capital 38,391 38,263
Accumulated deficit (6,742) (2,602)
Accumulated other comprehensive loss (10) (13)
Total stockholders’ equity 31,641 35,650
Total liabilities and stockholders’ equity 55,148 49,036
Related Parties    
CURRENT ASSETS:    
Accounts receivable - related parties, net $ 573 $ 853
[1] Net of accumulated impairment loss of $1,992 as of December 31, 2023.