Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.7.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities:    
Net income $ 2,570 $ 1,310
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 409 47
Amortization of debt discount 6
(Recovery of) bad debt expense (33)
Share-based compensation 200
Inventory reserve (27) 15
Provision for deferred income taxes 89 20
(Increase) decrease in operating assets:    
Accounts receivable (209) (1,561)
Inventories (376) 165
Vendor deposits 1,484 (1,077)
Other assets 789 156
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses (548) 2,667
Accrued employee expenses (311) 96
Customer deposits (1,597) (1,383)
Billings in excess of costs on uncompleted contracts 1,167
Net cash provided by operating activities 3,613 455
Investing activities:    
Capital expenditures (123) (2)
Cash paid for acquisition, net of cash acquired (13,394)
Net cash used by investing activities (13,517) (2)
Financing activities:    
Dividends paid (1,040) (1,407)
Proceeds from borrowings 25,938
Debt repayments (21,236)
Payment of debt issuance costs (88)
Proceeds from issuance of common shares to related party 6,000
Net cash provided (used) by financing activities 9,574 (1,407)
Net decrease in cash and cash equivalents (330) (954)
Cash and cash equivalents at beginning of period 3,942 3,909
Cash and cash equivalents at end of period 3,612 2,955
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 72
Cash paid during the period for income taxes $ 1,370 $ 316
Supplemental disclosure of non-cash financing activities    
Common stock issued for acquisition 16,053