XML 19 R6.htm IDEA: XBRL DOCUMENT v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
OPERATING ACTIVITIES    
Net loss $ (12,197,000) $ (1,555,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Equity method loss from unconsolidated entities 0 239,000
Stock-based compensation and option amortization 426,000 723,000
Stock-based compensation related to purchase of treasury stock 0 116,000
Gain on disposal of assets (3,938,000) (10,688,000)
Amortization of deferred financing costs 162,000 487,000
Depreciation and amortization expense 1,195,000 673,000
Accretion of mortgage income (313,000) (258,000)
Accretion of discount on note payable 963,000 832,000
Non-cash interest expense funded by loan draw 1,112,000 157,000
Other non-cash recovery of credit losses 0 (5,983,000)
Impairment of real estate owned 581,000 744,000
Unrealized loss on derivatives 218,000 0
Recovery of credit losses (770,000) 0
Changes in operating assets and liabilities, net of business combination:    
Accrued interest receivable (253,000) (181,000)
Other receivables (155,000) (621,000)
Other assets (781,000) 1,222,000
Accrued property taxes 4,000 (47,000)
Accounts payable and accrued expenses 768,000 1,669,000
Customer deposits and funds held for others (2,137,000) 1,621,000
Accrued interest 464,000 (510,000)
Total adjustments, net (2,454,000) (9,805,000)
Net cash used in operating activities (14,651,000) (11,360,000)
INVESTING ACTIVITIES    
Proceeds from sale of real estate owned and operating properties and other assets 8,692,000 104,856,000
Purchases of property and equipment (16,000) (479,000)
Mortgage loan investment and fundings (3,000,000) (19,250,000)
Investment in unconsolidated entities 0 (1,810,000)
Purchase of business and related assets 0 (36,000,000)
Investment in real estate owned and other operating properties (16,676,000) (3,805,000)
Net cash (used in) provided by investing activities (11,000,000) 43,512,000
FINANCING ACTIVITIES    
Proceeds from notes payable 0 19,400,000
Debt issuance costs paid 0 (487,000)
Repayments of notes payable (28,000) (50,417,000)
Repayments of capital leases 0 (2,000)
Dividends paid (3,417,000) (2,140,000)
Purchase of treasury stock 0 (338,000)
Proceeds from Issuance of Preferred Equity 30,000,000 0
Equity issuance costs paid (396,000) 0
Purchase of Interest rate cap (548,000) 0
Loans made to non-controlling interests 0 (650,000)
Contribution of Hotel Fund capital costs (90,000) 0
Contributions from Hotel Fund investors 14,257,000 725,000
Distributions to Hotel Fund investors (408,000) 0
Net cash provided (used in) by financing activities 39,370,000 (33,909,000)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 13,719,000 (1,757,000)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD 11,932,000 13,689,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD 25,650,000 11,932,000
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest 422,000 2,174,000
Cash paid for taxes 16,000 10,000
Non-Cash Investing and Financing Transactions:    
Decrease in investment in unconsolidated entities due to consolidation of VIE’s (Note 6) 0 (4,031,000)
Decrease in mortgage loans due to consolidation of VIE’s (Note 6) 0 (399,000)
Decrease in other receivables due to consolidation of VIE’s (Note 6) 0 (2,166,000)
Increase in other real estate owned due to consolidation of VIE’s (Note 6) 0 18,105,000
Increase in other assets due to consolidation of VIE’s (Note 6) 0 1,143,000
Increase in accounts payable and accrued expenses due to consolidation of VIE’s (Note 6) 0 160,000
Increase in non-controlling interest due to VIE consolidation (Note 6) 0 6,509,000
Capital expenditures in accounts payable and accrued expenses 1,770,000 1,483,000
Capital lease and other liabilities assumed by buyer in sale of property 0 7,179,000
Decrease in non-controlling interest due to profit participation $ (1,939,000) $ (1,537,000)