Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 23,706,000 $ 303,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 501,000 668,000
Amortization of loan cost 396,000 353,000
Deferred income taxes   92,000
Interest added to principal of secured loans (4,000) (5,000)
Share-based compensation 178,000 166,000
Earnings from equity method investments (4,126,000) (11,000)
Changes in assets and liabilities:    
Receivables (26,526,000) 3,252,000
Secured loans receivable (358,000) 1,543,000
Secured loans made to affiliates 4,642,000 5,154,000
Derivative assets (67,275,000) (17,118,000)
Income tax receivable   (27,000)
Precious metals held under financing arrangements 19,821,000 7,983,000
Inventories (91,900,000) (79,337,000)
Prepaid expenses and other assets (292,000) (17,000)
Accounts payable and other current liabilities 69,992,000 23,225,000
Derivative liabilities (11,917,000) (3,281,000)
Liabilities on borrowed metals (14,454,000) (4,406,000)
Accrued liabilities (1,227,000) (1,016,000)
Income tax payable 771,000  
Net cash used in operating activities (98,072,000) (62,479,000)
Cash flows from investing activities:    
Capital expenditures for property, plant, and equipment (476,000) (137,000)
Secured loans receivable, net (24,793,000) (31,868,000)
Other loans originated   (3,000,000)
Net cash used in investing activities (25,269,000) (35,005,000)
Cash flows from financing activities:    
Product financing arrangements, net 26,921,000 64,625,000
Dividends paid (10,553,000)  
Borrowings and repayments under lines of credit, net 79,000,000 37,000,000
Debt funding issuance costs (398,000)  
Net settlement on issuance of common shares on exercise of options 416,000  
Net cash provided by financing activities 95,386,000 101,625,000
Net (decrease) increase in cash, cash equivalents, and restricted cash (27,955,000) 4,141,000
Cash, cash equivalents, and restricted cash, beginning of period 52,325,000 [1] 8,320,000
Cash, cash equivalents, and restricted cash, end of period 24,370,000 [1] 12,461,000
Supplemental disclosures of cash flow information:    
Interest paid 3,737,000 5,173,000
Income taxes paid 6,726,000 33,000
Income taxes refunded (1,044,000)  
Non-cash investing and financing activities:    
Interest added to principal of secured loans $ 4,000 $ 5,000
[1] Includes amounts of the consolidated variable interest entity, which is presented separately in the table below.