Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.6.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net income $ 4,679 $ 7,008
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 707 606
Amortization of loan cost 378 0
Deferred income taxes (3,341) 1,748
Interest added to principal of secured loans (34) (46)
Share-based compensation 420 107
Earnings from equity method investment (79) (506)
Changes in assets and liabilities:    
Receivables (38,643) 7,468
Secured loans 8,442 2,361
Secured loans to Former Parent (1,453) (881)
Derivative assets (5,845) (5,759)
Income tax receivable 5,889 864
Inventories (45,866) (48,278)
Prepaid expenses and other current assets (147) 554
Accounts payable 19,076 5,420
Derivative liabilities 37,904 2,033
Liabilities on borrowed metals (881) (5,266)
Accrued liabilities (3,567) 263
Receivable from/payables to Former Parent 203 1,605
Income taxes payable 5,745 0
Net cash used in operating activities (16,413) (30,699)
Cash flows from investing activities:    
Capital expenditures for property and equipment (944) (574)
Purchase of long-term investments 0 (2,336)
Secured loans, net (17,390) (9,826)
Acquisition of majority-owned subsidiary, net of cash (3,421) 0
Net cash used in investing activities (21,755) (12,736)
Cash flows from financing activities:    
Product financing arrangements, net 62,108 11,079
Dividends (984) (696)
(Repayments) borrowings under lines of credit, net (27,000) 15,500
Stock award grant 172 0
Net cash provided by financing activities 34,296 25,883
Net decrease in cash and cash equivalents (3,872) (17,552)
Cash and cash equivalents, beginning of period 17,142 20,927
Cash and cash equivalents, end of period 13,270 3,375
Cash paid during the period for:    
Interest expense 3,968 2,393
Income taxes 365 113
Non-cash investing and financing activities:    
Interest added to principal of secured loans 34 46
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