XML 15 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
1 Months Ended 5 Months Ended 6 Months Ended
Jan. 31, 2017
Jun. 30, 2017
Jun. 30, 2018
Cash flows from operating activities:      
Net income (loss)   $ (6,487,784) $ 1,304,583
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization   7,503,944 7,607,374
Share-based compensation   1,247,215 712,597
Provision for bad debts   571,347 384,766
Debt origination cost amortization   17,142 463,925
Deferred taxes   1,144,902 (1,030,534)
Loss on disposals of property and equipment   46,214 104,146
Total adjustments   10,530,764 8,242,274
Changes in operating assets and liabilities:      
Accounts receivable   (3,891,443) (4,820,933)
Prepaid wires   (12,725,342) (6,661,522)
Other prepaid expenses and assets   (337,483) (19,292)
Wire transfer and money order payables   3,912,942 1,787,276
Accounts payable and accrued other   (2,068,748) 7,098,488
Net cash provided by (used in) operating activities   (11,067,094) 6,930,874
Cash flows from investing activities:      
Purchases of property and equipment   (1,807,964) (2,238,143)
Net cash used in acquisition   (923,654) 0
Net cash used in investing activities   (2,731,618) (2,238,143)
Cash flows from financing activities:      
Borrowings under term loan   5,000,000 0
Borrowings/(repayments) under revolving loan, net   2,000,000 0
Repayment of term loan   (2,825,017) (2,425,000)
Debt origination costs   (199,554) 0
Net cash (used in) provided by financing activities   3,975,429 (2,425,000)
Effect of exchange rate changes on cash   440,805 (87,381)
Net increase (decrease) in cash and restricted cash   (9,382,478) 2,180,350
Cash and restricted cash, beginning of the period   44,628,247 59,795,280
Cash and restricted cash, end of the period $ 44,628,247 35,245,769 $ 61,975,630
Predecessor Company [Member]      
Cash flows from operating activities:      
Net income (loss) (3,318,421)    
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 381,746    
Share-based compensation 2,916,324    
Provision for bad debts 83,695    
Debt origination cost amortization 39,298    
Deferred taxes (2,214,351)    
Loss on disposals of property and equipment 13,472    
Total adjustments 1,220,184    
Changes in operating assets and liabilities:      
Accounts receivable 3,612,332    
Prepaid wires 7,848,641    
Other prepaid expenses and assets 70,927    
Wire transfer and money order payables (1,884,922)    
Accounts payable and accrued other 1,103,326    
Net cash provided by (used in) operating activities 8,652,067    
Cash flows from investing activities:      
Purchases of property and equipment (249,382)    
Net cash used in acquisition 0    
Net cash used in investing activities (249,382)    
Cash flows from financing activities:      
Borrowings under term loan 0    
Borrowings/(repayments) under revolving loan, net (2,000,000)    
Repayment of term loan 0    
Debt origination costs 0    
Net cash (used in) provided by financing activities (2,000,000)    
Effect of exchange rate changes on cash (15,196)    
Net increase (decrease) in cash and restricted cash 6,387,489    
Cash and restricted cash, beginning of the period 38,240,758 $ 44,628,247  
Cash and restricted cash, end of the period $ 44,628,247