Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (unaudited)

v3.21.2
Consolidated Statements of Cash Flows (unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating Activities:    
Consolidated net income $ 9,936,000 $ 2,913,000
Adjustments to reconcile consolidated net income to net cash (used in) provided by operating activities:    
Depreciation and amortization of intangibles 17,520,000 26,855,000
Asset impairments 3,100,000
Income from loan forgiveness (9,860,000)
Non-cash compensation 2,282,000 2,012,000
Amortization of deferred financing fees 732,000 587,000
Fair value adjustments 7,497,000
Interest added to debt 133,000
Bad debt expense 140,000 1,000
Changes in operating assets and liabilities:    
Accounts receivable (35,072,000) 29,841,000
Inventories (20,192,000) 22,863,000
Prepaid expenses and other assets 12,362,000 (234,000)
Prepaid inventory (4,588,000) 313,000
Operating leases (3,184,000) (2,348,000)
Assets held-for-sale (2,874,000) 1,012,000
Liabilities held-for-sale 1,467,000 9,345,000
Accounts payable and accrued expenses 8,483,000 (25,097,000)
Net cash (used in) provided by operating activities (19,748,000) 75,693,000
Investing Activities:    
Proceeds from Madera Sale 19,500,000
Proceeds from PAL Sale 19,896,000
Additions to property and equipment (12,240,000) (4,864,000)
Net cash provided by investing activities 7,260,000 15,032,000
Financing Activities:    
Net proceeds from (payments on) Kinergy’s line of credit 38,198,000 (39,548,000)
Proceeds from stock option exercises 462,000
Principal payments on borrowings (37,810,000) (52,100,000)
Proceeds from warrant exercises 5,500,000
Proceeds from issuance of common stock 5,296,000
Proceeds from borrowings 9,860,000
Preferred stock dividends paid
Net cash provided by (used in) financing activities 850,000 (70,992,000)
Net change in cash and cash equivalents (11,638,000) 19,733,000
Cash and cash equivalents at beginning of period 47,667,000 [1] 18,997,000
Cash and cash equivalents at end of period 36,029,000 38,730,000
Supplemental Cash Flow Information:    
Interest paid 3,194,000 13,746,000
Accrued preferred stock dividends $ 946,000 $ 949,000
[1] Amounts derived from the audited consolidated financial statements for the year ended December 31, 2020.