Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net income $ 2,587 $ 1,604
Adjustments to reconcile net income to net cash (used) provided by operating activities:    
Depreciation and amortization 3,795 3,388
Amortization of debt discount 41 41
Provision for bad debt expense 231 252
Non-cash lease expense 138 47
Stock compensation 1,947 1,834
Inventory reserve (274) (178)
(Benefit) provision for deferred income taxes (51) 953
Other (24) (277)
(Increase) decrease in operating assets:    
Accounts receivable (3,129) 2,799
Inventories (13,476) (674)
Vendor deposits (1,485) (1,459)
Contract assets (10) (8,873)
Other assets (1,214) (2,153)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses (829) 3,323
Accrued employee expenses (1,170) 684
Customer deposits 10,081 2,062
Contract liabilities (3,212) 2,117
Net cash (used) provided by operating activities (6,054) 5,490
Investing activities:    
Capital expenditures (3,066) (1,934)
Cash paid for acquisitions, net of cash acquired (3,187) (4,818)
Net cash used by investing activities (6,253) (6,752)
Financing activities:    
Proceeds from long-term debt 46,000 37,500
Debt repayments (34,000) (42,500)
Repurchases of common stock in satisfaction of employee tax withholding obligations (205) (629)
Issuances of common stock under employee stock purchase plan 59 21
Net cash provided (used) by financing activities 11,854 (5,608)
Net decrease in cash (453) (6,870)
Cash at beginning of period 6,057 9,789
Cash at end of period 5,604 2,919
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 320 388
Cash paid during the period for income taxes $ 261 $ 526
Supplemental disclosure of non-cash financing activities:    
Common stock issued for acquisitions 3,840 8,877
Forgiveness of PPP Loan $ 916