Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net Income $ 1,939 $ 5,619
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 321 303
Amortization of loan cost 204 0
Deferred income taxes 1,868 1,601
Interest added to principal of secured loans (17) (26)
Share-based compensation 191 53
Earnings from equity method investment 14 (412)
Changes in assets and liabilities:    
Receivables 22,556 (17,223)
Secured loans (3,262) 340
Secured loans to Former Parent 1,369 (710)
Derivative assets 4,957 738
Income tax receivable (1,023) 1,822
Inventories (52,558) (63,005)
Prepaid expenses and other current assets (357) 128
Accounts payable 14,606 27,860
Derivative liabilities (22,935) (5,004)
Liabilities on borrowed metals (156) (5,491)
Accrued liabilities (3,787) (1,088)
Receivable from/payables to Former Parent 203 0
Net cash used in operating activities (35,867) (54,495)
Cash flows from investing activities:    
Capital expenditures for property and equipment (336) (189)
Secured loans, net (10,368) (1,355)
Acquisition of majority-owned subsidiary, net of cash (3,421) 0
Net cash used in investing activities (14,125) (1,544)
Cash flows from financing activities:    
Product financing arrangements, net 58,431 10,605
Dividends 0 (349)
(Repayments) borrowings under lines of credit, net (9,000) 29,900
Release of common stock 172 0
Net cash provided by financing activities 49,603 40,156
Net (decrease) increase in cash and cash equivalents (389) (15,883)
Cash and cash equivalents, beginning of period 17,142 20,927
Cash and cash equivalents, end of period 16,753 5,044
Cash paid during the period for:    
Interest expense 1,456 1,134
Income taxes 307 0
Non-cash investing and financing activities:    
Interest added to principal of secured loans 17 26
Contribution of assets from minority interest 3,454 0
Payable to minority interest partner for acquired business 500 0
Earn out obligation payable to minority interest partner $ 1,523 $ 0