Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2017
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:      
Net income (loss)   $ (9,063) $ (2,158)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Amortization of deferred financing costs   2,331 219
Financing costs   563
Depreciation   289 237
Amortization of original issue discount   182 109
Amortization of intangible assets   2,310
Payment in kind interest - Senior debt   446 163
Stock based compensation   1,970 190
Provision for bad debts   300
Change in fair value of warrant derivative liability   1,179
Loss on sale of asset   472
Changes in operating assets and liabilities:      
Accounts receivable   (13,961) (2,653)
Other current assets   (423) (288)
Due to related party   54
Accounts payable and accrued liabilities   5,818 565
Billings in excess of costs and estimated earnings on uncompleted contracts   8,617
Net cash provided by (used in) operating activities   1,084 (3,616)
Cash flows from investing activities:      
Net cash paid for Benchmark Builders, Inc. acquisition   (14,834)
Purchase of property and equipment   (2,391) (114)
Proceeds Investments / Restricted Cash   2,873
Net cash (used in) provided by investing activities   (17,225) 2,759
Cash flows from financing activities:      
Proceeds from issuance of notes payable, net   4,728 275
Payments on notes payable   (1,305) (446)
Proceeds from issuance of senior notes payable, net   11,000
Proceeds from series C notes   7,500
Proceeds from issuance of notes payable -related parties   176
Payments on notes payable - related parties   (32)
Payment of deferred financing costs   (21)
Proceeds for shares to be issued   615
Distributions to stockholders  
Net proceeds from sale of common stock   26
Proceeds from sale of preferred stock   775
Net cash provided by (used in) financing activities   22,564 727
Net change in cash   6,423 (130)
Cash, beginning of period $ 1,412 1,412 205
Cash, end of period   7,835 75
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid for interest   2,528 644
Cash paid for income taxes   173
Non-cash investing and financing activities:      
Issuance of notes payable for the purchase of fixed assets   631
Common stock shares issued to settled legal matter   14
Common stock shares issued for notes payable and other debt   264 10
Common shares issued to senior lender   5,651
Issuance of notes to settle accrued litigation   146
Issuance of notes to settle accounts payables   123
Preferred shares issued -Investors incentive   155
Accrued dividends, preferred stock   40 40
Common shares issued to employees under employment agreement for future services   3,795
Common shares issued to consultants for services to be rendered   1,219
Common shares issued to investor relation firm for services to be rendered   125
Series A, B notes consideration for Benchmark acquisition   42,500
Common shares issued as consideration for Benchmark acquisition   21,658
Common Shares Reclassified from Temporary Equity   437
Predecessor [Member]      
Cash flows from operating activities:      
Net income (loss) 254 [1]   16,396
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Amortization of deferred financing costs [1]  
Financing costs [1],[2]  
Depreciation 5 [1]  
Amortization of original issue discount [1]  
Amortization of intangible assets [1],[2]  
Payment in kind interest - Senior debt [1]  
Stock based compensation [1]  
Provision for bad debts [1]   14
Change in fair value of warrant derivative liability [1]  
Loss on sale of asset [2]  
Changes in operating assets and liabilities:      
Accounts receivable 37,076 [1]   (30,940)
Other current assets (1,061) [1]   2,809
Due to related party [1]  
Accounts payable and accrued liabilities (37,498) [1]   353
Billings in excess of costs and estimated earnings on uncompleted contracts 5,514 [1]   32,429
Net cash provided by (used in) operating activities 4,290 [1]   21,061
Cash flows from investing activities:      
Net cash paid for Benchmark Builders, Inc. acquisition [1]  
Purchase of property and equipment (28) [1]   (3)
Proceeds Investments / Restricted Cash [1]  
Net cash (used in) provided by investing activities (28) [1]   (3)
Cash flows from financing activities:      
Proceeds from issuance of notes payable, net [1]  
Payments on notes payable [1]  
Proceeds from issuance of senior notes payable, net [1]  
Proceeds from series C notes [1]  
Proceeds from issuance of notes payable -related parties [1]  
Payments on notes payable - related parties [1]  
Payment of deferred financing costs [1]  
Proceeds for shares to be issued [1]  
Distributions to stockholders (6,599) [1]   (11,894)
Net proceeds from sale of common stock [1]  
Proceeds from sale of preferred stock [1]  
Net cash provided by (used in) financing activities (6,599) [1]   (11,894)
Net change in cash (2,337) [1]   9,164
Cash, beginning of period 4,753 [1] $ 4,753 [1] 14,021
Cash, end of period 2,416 [1]   23,185
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid for interest [1]  
Cash paid for income taxes 68 [1]   242
Non-cash investing and financing activities:      
Issuance of notes payable for the purchase of fixed assets [1]  
Common stock shares issued to settled legal matter [1]  
Common stock shares issued for notes payable and other debt [1]  
Common shares issued to senior lender [1]  
Issuance of notes to settle accrued litigation [1]  
Issuance of notes to settle accounts payables [1]  
Preferred shares issued -Investors incentive [1]  
Accrued dividends, preferred stock [1]  
Common shares issued to employees under employment agreement for future services [1]  
Common shares issued to consultants for services to be rendered  
Common shares issued to investor relation firm for services to be rendered  
Series A, B notes consideration for Benchmark acquisition [1]  
Common shares issued as consideration for Benchmark acquisition [1]  
Common Shares Reclassified from Temporary Equity [1]  
[1] The Series D (39,883,500) and Series F (19,415,460) preferred shares are convertible at a rate of 400 pre-split shares of common stock for each share of preferred stock but not until the Company has effected a sufficient increase in the authorized common shares. The Series D and Series F preferred shares were mandatorily converted to common shares at a ratio of 1 to 20 when the reverse split of common shares was effectuated on May 26, 2016.
[2] Activity for the period April 1, 2017 through April 20, 2017 was not material.