Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 31, 2017
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:      
Net (loss) income   $ (23,722) $ (9,063)
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Depreciation   863 289
Amortization of debt discount   18,371 3,166
Amortization of intangible assets   4,506 2,310
Payment in kind interest - senior debt   1,491 446
Payment in kind interest - note payable   111
Payment in kind interest - related party   874
Share-based compensation   1,216 1,970
Change in fair value of warrant derivative liability   1,179
(Gain) loss on sale of asset   (13) 472
Deferred tax income taxes   486
Provision for bad debts   300
Changes in operating assets and liabilities:      
Accounts receivable   (10,493) (13,961)
Cost and estimated earnings in excess of billings on uncompleted contracts   9,019
Other current assets   (369) (423)
Due to related party   552 54
Accounts payable and accrued liabilities   2,481 5,818
Contract liabilities   (8,550) 8,617
Net cash (used in) provided by operating activities   (3,177) 1,084
Cash flows from investing activities:      
Net cash paid for Benchmark Builders, Inc. acquisition   (14,834)
Purchase of property and equipment   (2,059) (2,391)
Net cash used in investing activities   (2,059) (17,225)
Cash flows from financing activities:      
Proceeds from issuance of notes payable, net   13,698 4,728
Payments on notes payable   (14,981) (1,305)
Proceeds from issuance of notes payable – senior notes   935 11,000
Payments on notes payable - related parties   (2,650) 7,500
Payment of deferred financing costs   (257)
Distributions to stockholders  
Net proceeds for shares to be issued   615
Net proceeds from sale of common stock   5,733 26
Net cash provided by financing activities   2,478 22,564
Net change in cash   (2,758) 6,423
Cash and cash equivalents, beginning of period $ 1,412 15,642 1,412
Cash and cash equivalents, end of period   12,884 7,835
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid for interest   1,039 2,528
Cash paid for income taxes   10 173
Non-cash investing and financing activities:      
Common stock shares issued to settle legal matter   300 14
Common stock shares issued for notes payable and other debt   7,600 264
Common stock shares issued to senior lender   5,651
Common stock shares issued to board members   447
Accrued dividends, preferred stock   40 40
Common stock shares issued to employees under employment agreement for future services   3,795
Common stock shares issued to consultants for services to be rendered   734 1,219
Common stock shares issued to investor relation firm for services to be rendered   125
Series A, B notes considerations for Benchmark acquisition   42,500
Common stock issued as consideration for Benchmark acquisition   21,658
Common stock shares reclassified from Temporary Equity   437
Predecessor [Member]      
Cash flows from operating activities:      
Net (loss) income [1] 254    
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Depreciation [1] 5    
Amortization of debt discount [1]    
Payment in kind interest - senior debt [1]    
Payment in kind interest - note payable [1]    
Payment in kind interest - related party [1]    
Share-based compensation [1]    
Change in fair value of warrant derivative liability [1]    
(Gain) loss on sale of asset    
Deferred tax income taxes [1]    
Changes in operating assets and liabilities:      
Accounts receivable [1] 37,076    
Cost and estimated earnings in excess of billings on uncompleted contracts [1]    
Due to related party [1] (1,061)    
Accounts payable and accrued liabilities [1] (37,498)    
Contract liabilities [1] 5,514    
Net cash (used in) provided by operating activities [1] 4,290    
Cash flows from investing activities:      
Net cash paid for Benchmark Builders, Inc. acquisition [1]    
Purchase of property and equipment [1] (28)    
Net cash used in investing activities [1] (28)    
Cash flows from financing activities:      
Proceeds from issuance of notes payable, net [1]    
Payments on notes payable [1]    
Proceeds from issuance of notes payable – senior notes [1]    
Payments on notes payable - related parties    
Payment of deferred financing costs [1]    
Distributions to stockholders [1] (6,599)    
Net proceeds for shares to be issued [1]    
Net proceeds from sale of common stock [1]    
Net cash provided by financing activities [1] (6,599)    
Net change in cash [1] (2,337)    
Cash and cash equivalents, beginning of period [1] 4,753   $ 4,753
Cash and cash equivalents, end of period [1] 2,416    
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid for interest [1]    
Cash paid for income taxes [1] 68    
Non-cash investing and financing activities:      
Common stock shares issued to settle legal matter [1]    
Common stock shares issued for notes payable and other debt [1]    
Common stock shares issued to senior lender [1]    
Common stock shares issued to board members [1]    
Accrued dividends, preferred stock [1]    
Common stock shares issued to employees under employment agreement for future services [1]    
Common stock shares issued to consultants for services to be rendered [1]    
Common stock shares issued to investor relation firm for services to be rendered [1]    
Series A, B notes considerations for Benchmark acquisition [1]    
Common stock issued as consideration for Benchmark acquisition [1]    
Common stock shares reclassified from Temporary Equity [1]    
[1] Activity for the period April 1, 2017 through April 20, 2017 was not material.