Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.6.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Operating activities:    
Net income $ 1,680 $ 536
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 158 33
Amortization of debt discount 3
(Recovery of) bad debt expense (26) (2)
Share-based compensation 46
Inventory reserve 35 8
Provision (benefit) for deferred income taxes (38) 17
(Increase) decrease in operating assets:    
Accounts receivable (6,230) 691
Inventories 191 405
Vendor deposits 1,535
Other assets (228) (825)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses 3,198 (181)
Accrued employee expenses 1,199 (286)
Customer deposits (1,927) 1,699
Billings in excess of costs on uncompleted contracts 1,890
Net cash provided by operating activities 1,486 2,095
Investing activities:    
Capital expenditures (7) (1)
Cash paid for acquisition, net of cash acquired (13,394)
Net cash used by investing activities (13,401) (1)
Financing activities:    
Dividends paid (1,407)
Proceeds from borrowings 12,583
Debt repayments (7,702)
Payment of debt issuance costs (66)
Proceeds from issuance of common shares with related party 6,000
Net cash provided (used) by financing activities 10,815 (1,407)
Net (decrease) increase in cash and cash equivalents (1,100) 687
Cash and cash equivalents at beginning of period 3,942 3,909
Cash and cash equivalents at end of period 2,842 4,596
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 50
Cash paid during the period for income taxes $ 466 $ 265
Supplemental disclosure of non-cash financing activities    
Common stock issued for acquisition 16,053
Dividends payable $ 1,039