Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.19.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities:    
Net income $ 3,743 $ 3,966
Adjustments to reconcile net income to net cash and cash equivalents (used) provided by operating activities:    
Depreciation and amortization 2,743 1,579
Amortization of debt discount 95 18
Provision for bad debt expense 283 105
Share-based compensation 1,740 1,575
Inventory reserve 86 77
Provision for deferred income taxes 861 682
(Increase) decrease in operating assets:    
Accounts receivable (8,934) 3,773
Inventories (4,335) (1,884)
Vendor deposits 203 826
Contract assets (1,475) (926)
Other assets (988) (533)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses 2,381 (4,321)
Accrued employee expenses 241 2,702
Customer deposits (5,964) 5,593
Contract liabilities 595 (1,887)
Net cash (used) provided by operating activities (8,725) 11,345
Investing activities:    
Capital expenditures (2,979) (829)
Cash paid for acquisitions, net of cash acquired (12,542) (13,352)
Net cash used by investing activities (15,521) (14,181)
Financing activities:    
Dividends paid (1,619) (1,403)
Proceeds from borrowings 112,963 71,628
Debt repayments (82,435) (66,079)
Payment of debt issuance costs (272)
Repurchases of common stock in satisfaction of employee tax withholding obligations (728) (707)
Issuances of common stock under employee stock purchase plan 45
Net cash provided by financing activities 27,954 3,439
Net increase in cash and cash equivalents 3,708 603
Cash and cash equivalents at beginning of year 1,330 727
Cash and cash equivalents at end of year 5,038 1,330
Supplemental information:    
Cash paid for interest 1,231 499
Cash paid for income taxes $ 1,737 $ 1,223
Supplemental disclosure of non-cash financing activities    
Common stock issued for acquisitions 21,290 21,376