Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating activities:    
Net income $ 3,167 $ 1,740
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation and amortization 576 61
Amortization of debt discount 10
(Recovery of) bad debt expense 61 26
Share-based compensation 421
Inventory reserve 52 (5)
(Benefit) provision for deferred income taxes (3) 5
Gain on sale of assets 15
(Increase) decrease in operating assets:    
Accounts receivable (2,390) 66
Inventories (838) 186
Vendor deposits 1,356 (803)
Other assets 969 (380)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses 2,040 1,483
Accrued employee expenses 335 337
Deferred income (9)
Customer deposit (1,439) (1,266)
Billings in excess of costs on uncompleted contracts (1,742)
Net cash provided by operating activities 2,590 1,441
Investing activities:    
Capital expenditures (237) (1)
Cash paid for acquisitions, net of cash acquired (14,708)
Net cash used in investing activities (14,945) (1)
Financing activities:    
Dividends paid (1,040) (1,407)
Proceeds from borrowings 25,934
Debt repayments (21,666)
Payment of debt issuance costs (88)
Proceeds from issuance of common shares to related party 6,000
Net cash provided (used) by financing activities 9,140 (1,407)
Net (decrease) increase in cash and cash equivalents (3,215) 33
Cash and cash equivalents at beginning of year 3,942 3,909
Cash and cash equivalents at end of year 727 3,942
Supplemental information:    
Cash paid for interest 152
Cash paid for income taxes $ 1,843 $ 913
Supplemental disclosure of non-cash financing activities    
Common stock issued for acquisitions 18,587