Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.10.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net income $ 1,434,000 $ 444,000
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 697,000 529,000
Amortization of loan cost 211,000 233,000
Deferred income taxes 453,000 4,687,000
Interest added to principal of secured loans (5,000) (15,000)
Share-based compensation 272,000 436,000
Earnings from equity method investment (248,000) (57,000)
Changes in assets and liabilities:    
Receivables (21,476,000) (1,792,000)
Secured loans 93,000 (77,000)
Secured loans to Former Parent 6,824,000 (2,215,000)
Derivative assets 4,689,000 (1,914,000)
Income tax receivable (8,000) (5,881,000)
Precious metals held under financing arrangements 30,090,000 0
Inventories (9,689,000) (14,384,000)
Prepaid expenses and other assets (208,000) (802,000)
Accounts payable 14,996,000 1,417,000
Derivative liabilities 15,517,000 (10,593,000)
Liabilities on borrowed metals (53,148,000) 436,000
Accrued liabilities (792,000) (3,147,000)
Earn-out payment related to acquisition of joint venture 0 (208,000)
Income taxes payable 0 (1,418,000)
Net cash used in operating activities (10,298,000) (34,321,000)
Cash flows from investing activities:    
Capital expenditures for property and equipment (122,000) (318,000)
Secured loans, net 21,621,000 4,674,000
Acquisition of subsidiary, net of cash 0 (9,548,000)
Net cash provided by (used in) investing activities 21,499,000 (5,192,000)
Cash flows from financing activities:    
Product financing arrangements, net (60,814,000) (10,478,000)
Dividends 0 (562,000)
Borrowings and repayments under lines of credit, net (21,000,000) 39,000,000
Proceeds from issuance of debt obligation payable to related party 0 7,500,000
Repayments on notes payable to related party 0 (500,000)
Proceeds from issuance of notes payable 90,000,000 0
Debt funding issuance costs (2,964,000) (149,000)
Net cash provided by financing activities 5,222,000 34,811,000
Net increase (decrease) in cash, cash equivalents, and restricted cash 16,423,000 (4,702,000)
Cash, cash equivalents, and restricted cash, beginning of period 6,291,000 [1] 13,059,000
Cash, cash equivalents, and restricted cash, end of period 22,714,000 [1] 8,357,000
Supplemental disclosures of cash flow information:    
Interest 2,963,000 1,856,000
Income taxes 47,000 2,869,000
Non-cash investing and financing activities:    
Interest added to principal of secured loans 5,000 15,000
Debt funding issuance costs 0 534,000
Investment transactions with non-controlling interest $ 639,000 $ 0
[1] Includes amounts of the consolidated variable interest entity, which is presented separately in the table below.