Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.19.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 303,000 $ 1,434,000
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 668,000 697,000
Amortization of loan cost 353,000 211,000
Deferred income taxes 92,000 453,000
Interest added to principal of secured loans (5,000) (5,000)
Share-based compensation 166,000 272,000
Earnings from equity method investments (11,000) (248,000)
Changes in assets and liabilities:    
Receivables 3,252,000 (21,476,000)
Secured loans receivable 1,543,000 93,000
Secured loans made to affiliates 5,154,000 6,824,000
Derivative assets (17,118,000) 4,689,000
Income taxes receivable (27,000) (8,000)
Precious metals held under financing arrangements 7,983,000 30,090,000
Inventories (79,337,000) (9,689,000)
Prepaid expenses and other assets (17,000) (208,000)
Accounts payable 23,225,000 14,996,000
Derivative liabilities (3,281,000) 15,517,000
Liabilities on borrowed metals (4,406,000) (53,148,000)
Accrued liabilities (1,016,000) (792,000)
Net cash used in operating activities (62,479,000) (10,298,000)
Cash flows from investing activities:    
Capital expenditures for plant, property, and equipment (137,000) (122,000)
Secured loans receivable, net (31,868,000) 21,621,000
Other loans originated (3,000,000) 0
Net cash (used in) provided by investing activities (35,005,000) 21,499,000
Cash flows from financing activities:    
Product financing arrangements, net 64,625,000 (60,814,000)
Borrowings and repayments under lines of credit, net 37,000,000 (21,000,000)
Proceeds from issuance of notes payable 0 90,000,000
Debt funding issuance costs 0 (2,964,000)
Net cash provided by financing activities 101,625,000 5,222,000
Net increase in cash, cash equivalents, and restricted cash 4,141,000 16,423,000
Cash, cash equivalents, and restricted cash, beginning of period 8,320,000 [1] 6,291,000
Cash, cash equivalents, and restricted cash, end of period 12,461,000 [1] 22,714,000
Supplemental disclosures of cash flow information:    
Interest 5,173,000 2,963,000
Income taxes paid 33,000 47,000
Non-cash investing and financing activities:    
Interest added to principal of secured loans 5,000 5,000
Investment transactions with non-controlling interest $ 0 $ 639,000
[1] Includes amounts of the consolidated variable interest entity, which is presented separately in the table below.