Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net income $ 386,000 $ 4,679,000
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 1,312,000 707,000
Amortization of loan cost 595,000 378,000
Deferred income taxes (211,000) (3,341,000)
Interest added to principal of secured loans (29,000) (34,000)
Change in accrued earn-out (non-cash) 529,000 0
Share-based compensation 738,000 420,000
Earnings from equity method investment (179,000) (79,000)
Changes in assets and liabilities:    
Receivables 923,000 (38,643,000)
Secured loans (289,000) 8,442,000
Secured loans to Former Parent (1,502,000) (1,453,000)
Derivative assets 17,013,000 (5,845,000)
Income tax receivable (663,000) 5,889,000
Inventories (38,035,000) (45,866,000)
Prepaid expenses and other assets (714,000) (147,000)
Accounts payable 15,511,000 19,076,000
Derivative liabilities (7,162,000) 37,904,000
Liabilities on borrowed metals 4,952,000 (881,000)
Accrued liabilities (2,376,000) (3,567,000)
Receivable from/payables to Former Parent 0 203,000
Income taxes payable (1,418,000) 5,745,000
Net cash used in operating activities (11,677,000) (16,413,000)
Cash flows from investing activities:    
Capital expenditures for property and equipment (417,000) (944,000)
Secured loans, net (3,913,000) (17,390,000)
Acquisition of subsidiary, net of cash (9,548,000) (3,421,000)
Net cash used in investing activities (13,878,000) (21,755,000)
Cash flows from financing activities:    
Product financing arrangements, net (15,182,000) 62,108,000
Dividends (1,124,000) (984,000)
Borrowings (repayments) under lines of credit, net 34,000,000 (27,000,000)
Proceeds from issuance of debt obligation payable to related party 7,500,000 0
Repayments on notes payable to related party (500,000) 0
Stock award grant 0 172,000
Debt funding fees (187,000) 0
Net cash provided by financing activities 24,507,000 34,296,000
Net decrease in cash, cash equivalents, and restricted cash (1,048,000) (3,872,000)
Cash, cash equivalents, and restricted cash, beginning of period 13,059,000 17,142,000
Cash, cash equivalents, and restricted cash, end of period 12,011,000 13,270,000
Supplemental disclosures of cash flow information:    
Interest expense 4,775,000 3,968,000
Income taxes 2,908,000 365,000
Non-cash investing and financing activities:    
Interest added to principal of secured loans 29,000 34,000
Debt funding fee 534,000 0
Contribution of assets from minority interest 0 3,454,000
Payable to minority interest partner for acquired business 0 500,000
Earn out obligation payable to minority interest partner $ 0 $ 1,523,000