XML 26 R7.htm IDEA: XBRL DOCUMENT v3.19.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:    
Net loss $ (8,677) $ (6,524)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 903 633
Amortization expense, deferred financing costs 351 126
Share-based compensation expense 57 129
Provision for (recovery of) bad debts 71 (67)
(Gain) loss on sale of equipment (21) 25
Unrealized gain on lumber derivatives (6) 0
Deferred income taxes 9 6
Change in fair value of contingent earn-out receivable (361) 4
Goodwill impairment charge 3,020 1,733
Change in fair value of contingent earn-out payable (76) 23
Imputed interest on seller deferred payment obligations 130 23
Paid-in-kind (PIK) interest 1,331 534
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (1,308) 26
Costs and estimated profit in excess of billings 480 (480)
Inventories 119 734
Other current assets 28 (62)
Trade accounts payable 1,079 230
Billings in excess of costs and estimated profit 331 (143)
Accrued compensation 10 262
Other accrued liabilities 496 (40)
Net cash used in operating activities (2,034) (2,828)
Cash flows from investing activities:    
Proceeds from earn-out consideration 488 312
Purchase of property and equipment (443) (72)
Proceeds from sale of equipment 79 109
Purchase of business, net of cash acquired 0 (2,960)
Net cash generated by (used in) investing activities 124 (2,611)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 514 5,000
Proceeds from revolving line of credit 43,800 27,844
Principal payments on revolving line of credit (41,564) (24,090)
Principal payments on long-term debt (1,668) (2,110)
Payment of deferred financing costs (39) (432)
Net cash generated by financing activities 1,043 6,212
Net increase (decrease) in cash, cash equivalents and restricted cash (867) 773
Cash, cash equivalents and restricted cash at beginning of period 1,397 624
Cash, cash equivalents and restricted cash at end of period 530 1,397
Supplemental cash flow information    
Cash paid for interest expense 1,175 857
Supplemental disclosure of non-cash investing and financing activities    
Deferred financing costs recorded in accounts payable 55 55
Capital expenditures financed through debt 53 0
Decrease in fair value of contingent earn-out payable for restructuring of contingent earn-out payable (891) 0
Increase in long-term debt for restructuring of contingent earn-out payable 891 0
Long-term debt exchanged for preferred stock (12,865) 0
Increase in equity for preferred stock exchange 13,255 0
Decrease in other accrued liabilities (accrued interest) for preferred stock exchange (390) 0
Acquisition of equipment - financed by note payable 0 26
Promissory note payable to EBGL Sellers issued as partial consideration for purchase of business 0 941
Contingent earn-out payable to EBGL Sellers as partial consideration for purchase of business 0 943
Accrued purchase price adjustment pair to EBGL Sellers in January 2017 0 218
Issuance of restricted stock to EBGL Sellers as partial consideration for purchase of business 0 149
Assets acquired and liabilities assumed in connection with purchase of business:    
Costs and estimated profit in excess of billings 0 93
Inventories 0 898
Other current assets 0 3
Property, plant and equipment 0 289
Goodwill 0 3,020
Intangible assets 0 1,081
Billings in excess of costs and estimated profit 0 (31)
Accrued compensation 0 (40)
Accrued liabilities 0 (102)
Purchase price $ 0 $ 5,211