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 9 Months Ended
Mar. 31, 2017
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:      
Net (loss) income   $ (35,749) $ (6,513)
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Depreciation   1,251 444
Amortization of debt discount   23,928 4,408
Amortization of intangible assets   6,759 5,324
Payment in kind interest - senior debt   954 613
Payment in kind interest - note payable   504
Payment in kind interest - related party   1,303
Share-based compensation   1,683 1,670
Change in fair value of warrant derivative liability   (854)
(Gain) loss on sale of asset   (13) 376
Deferred tax income taxes   608
Provision for bad debts   2,599 300
Changes in operating assets and liabilities:      
Accounts receivable   (13,612) (30,446)
Cost and estimated earnings in excess of billings on uncompleted contracts   6,864
Other current assets   160 (1,394)
Due to related party   (42) 243
Accounts payable and accrued liabilities   (4,543) 13,493
Contract liabilities   (2,320) 7,378
Net cash (used in) provided by operating activities   (9,666) (4,958)
Cash flows from investing activities:      
Net cash paid for Benchmark Builders, Inc. acquisition   (14,834)
Purchase of property and equipment   (3,213) (4,031)
Net cash used in investing activities   (3,213) (18,865)
Cash flows from financing activities:      
Proceeds from issuance of notes payable, net   20,960 7,070
Payments on notes payable   (21,788) (1,506)
Proceeds from issuance of notes payable - senior notes   945 11,610
Proceeds from notes payable - related party  
Payments on notes payable - related parties   (3,276)
Payment of deferred financing costs   (378)
Series C notes consideration for Benchmark acquisition   7,500
Distribution to stockholders  
Net proceeds for shares to be issued   6,232 865
Net proceeds from sale of common stock   26
Net cash provided by (used in) financing activities   2,695 25,565
Net change in cash   (9,920) 1,742
Cash and cash equivalents, beginning of period $ 1,412 15,642 1,412
Cash and cash equivalents, end of period   5,722 3,154
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Cash paid for interest   2,050 4,352
Cash paid for income taxes   3 404
Non-cash investing and financing activities:      
Common stock shares issued to settle legal matter   272 125
Common stock shares issued for notes payable and other debt   5,331 444
Common stock shares issued to senior lender   5,650
Common stock shares issued to board members   551 62
Accrued dividends, preferred stock   60 60
Common stock shares issued to employees under employment agreement for future services   3,841
Common stock shares issued to consultants for services to be rendered   1,408 1,568
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   21,659
Common stock shares reclassified from Temporary Equity   437
Capital leases issued for the purchase of fixed assets   $ 25
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]    
Series C notes consideration for Benchmark acquisition    
Distribution 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 (used in) 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]    
Capital leases issued for the purchase of fixed assets [1]    
[1] Activity for the period April 1, 2017 through April 20, 2017 was not material.