Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating activities:    
Net income $ 2,527 $ 3,209
Adjustments to reconcile net income to net cash used by operating activities:    
Depreciation and amortization 1,894 1,023
Amortization of debt discount 82 14
Provision for bad debt expense 181 25
Share-based compensation 1,287 1,164
Inventory reserve 125 77
Provision for deferred income taxes 234 388
(Increase) decrease in operating assets:    
Accounts receivable (4,847) (1,630)
Inventories (5,759) (900)
Vendor deposits (438) 278
Contract assets (2,445) (2,792)
Other assets (1,384) (731)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses 2,899 (4,327)
Accrued employee expenses (1,600) 1,261
Customer deposits (2,629) 1,917
Contract liabilities 255 (466)
Net cash used by operating activities (9,618) (1,490)
Investing activities:    
Capital expenditures (1,741) (395)
Cash paid for acquisitions, net of cash acquired (12,542) (13,352)
Net cash used by investing activities (14,283) (13,747)
Financing activities:    
Dividends paid (1,619) (1,403)
Proceeds from borrowings 110,963 58,387
Debt repayments (79,435) (40,650)
Payment of debt issuance costs (272)
Repurchases of common stock in satisfaction of employee tax withholding obligations (359) (303)
Issuances of common stock 23
Net cash provided by financing activities 29,301 16,031
Net increase in cash and cash equivalents 5,400 794
Cash and cash equivalents at beginning of period 1,330 727
Cash and cash equivalents at end of period 6,730 1,521
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 799 300
Cash paid during the period for income taxes 1,354 855
Supplemental disclosure of non-cash financing activities    
Common stock issued for acquisitions $ 21,290 $ 21,376