Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

v3.20.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2020
Sep. 30, 2019
CURRENT ASSETS:    
Cash $ 14,074 $ 4,055
Accounts receivable, less allowances ($2,072 and $515, respectively) 16,047 20,826
Prepaid expenses and other current assets 1,393 2,221
Total current assets 31,514 27,102
Property and equipment, net 906 852
Goodwill 63,443 72,293
Intangible assets, net 18,843 23,881
Right-of-use assets 4,623 0
Other long-term assets 684 353
TOTAL ASSETS 120,013 124,481
CURRENT LIABILITIES:    
Accounts payable 2,051 3,733
Acquisition deposit for working capital guarantee 0 783
Accrued compensation 5,506 5,212
Short-term portion of term loan, net of discount 0 4,668
Subordinated debt 0 1,000
Current Paycheck Protection Program Loans and accrued interest 2,243 0
Current operating lease liabilities 1,615 0
Other current liabilities 6,748 3,172
Total current liabilities 18,163 18,568
Deferred taxes 430 300
Paycheck Protection Program loans and accrued interest 17,779 0
Revolving credit facility 11,828 14,215
Term loan, net of discount 37,752 36,029
Subordinated convertible debt (includes $0 and $1,269, net of discount, respectively, due to related parties) 0 17,954
Noncurrent operating lease liabilities 3,927 0
Other long-term liabilities 2,756 595
Total long-term liabilities 74,472 69,093
Commitments and contingencies 0 0
MEZZANINE EQUITY    
Total mezzanine equity 0 27,611
SHAREHOLDERS' EQUITY    
Common stock, no-par value; authorized - 200,000 shares; issued and outstanding - 17,667 shares at September 30, 2020 and 12,538 shares at September 30, 2019, respectively 0 0
Additional paid in capital 58,031 49,990
Accumulated deficit (30,653) (40,781)
Total shareholders' equity 27,378 9,209
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 120,013 124,481
Series A Preferred Stock [Member]    
SHAREHOLDERS' EQUITY    
Preferred Stock Value 0 0
Series B Preferred Stock [Member]    
SHAREHOLDERS' EQUITY    
Preferred Stock Value 0 27,551
Series C Preferred Stock [Member]    
SHAREHOLDERS' EQUITY    
Preferred Stock Value $ 0 $ 60