Cash Flow

v3.21.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 6,000 $ (14,347,000)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Loss (gain) on extingishment of debt 548,000 (12,316,000)
Depreciation and amortization 4,400,000 5,286,000
Goodwill impairment charge 0 8,850,000
Non-cash lease expense 1,344,000 1,623,000
Stock compensation expense 970,000 1,559,000
(Decrease) increase in allowance for doubtful accounts (546,000) 1,557,000
Deferred income taxes 161,000 130,000
Amortization of debt discount 941,000 1,779,000
Interest expense paid with common and preferred stock 0 1,288,000
Paid in kind interest on term loan 1,210,000 1,242,000
Change in acquisition deposit for working capital guarantee 0 (783,000)
Changes in operating assets and liabilities:    
Accounts receivable (6,477,000) 3,222,000
Accrued interest 513,000 95,000
Accounts payable 206,000 (2,156,000)
Accrued compensation 907,000 2,729,000
Change in other assets, net of change in other liabilities (3,813,000) (2,005,000)
Net cash provided by (used in) operating activities 370,000 (2,247,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of property and equipment (126,000) (119,000)
Net cash used in investing activities (126,000) (119,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payments on term loan (44,194,000) (500,000)
Debt issue costs (764,000) 0
Proceeds from the sale of common stock in public offering 52,415,000 0
Net payments on subordinate debt 0 (1,724,000)
Payments on preferred stock redemption 0 (2,931,000)
Net proceeds from CARES Act Paycheck Protection Program Loans 0 19,927,000
Net payments on revolving credit (11,828,000) (2,387,000)
Net cash (used in) provided by financing activities (4,371,000) 12,385,000
Net change in cash (4,127,000) 10,019,000
Cash at beginning of year 14,074,000 4,055,000
Cash at end of year 9,947,000 14,074,000
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 3,670,000 7,785,000
Cash paid for taxes 293,000 80,000
Non-cash investing and financing activities    
Acquisition of equipment with finance lease 76,000 184,000
Conversion of 8% subordinated notes to common stock by related parties 0 1,000,000
Conversion of 10% subordinated notes to common stock 0 4,185,000
Conversion of series C preferred stock to common by related parties 0 93,000
Redemption of series B preferred stock 0 24,441,000
Redemption of series C preferred stock 0 34,000
Accrued fees on term loan 0 4,978,000
Right-of-use assets, net of deferred rent 656,000 6,246,000
Operating lease liability 656,000 6,687,000
Paycheck Protection Program loan forgiveness $ 3,456,000 $ 0

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