• Filing Date: 2020-07-09
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
May 31, 2020
May 31, 2019
Cash flows from operating activities    
Net income/(loss) $ 17,100 $ (63,360)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 18 39
Change in fair value of investment in deconsolidated subsidiaries 0 52,769
Extinguishment of debt (2,815) 0
Stock-based compensation expense 53 195
Interest paid in kind on 8.5% Senior Secured Notes 0 1,749
Change in fair value of life settlements 0 (6)
Change in fair value of investment in limited partnership, net of distributions (16,351) 0
Gain on sale of life settlement (743) 0
Interest income (311) (197)
Deferred tax asset 0 576
Change in assets and liabilities:    
Prepaid expenses and other assets (991) 92
Accounts payable and accrued expenses (697) (500)
Operating lease assets, net of liabilities (7)  
Other liabilities (48) (1,634)
Current tax liability (572) 2,642
Net cash (used in) provided by operating activities (4,363) (6,179)
Cash flows from investing activities    
Purchase of fixed assets, net of disposals 0 (5)
Premiums paid on life settlements 0 (77)
Proceeds from sale of life settlements, net 2,041 0
Distributions from investment in limited partnership 4,000 0
Net cash (used in) provided by investing activities 6,041 (82)
Cash flows from financing activities    
Proceeds from issue of 8.5% Senior Secured Notes 0 6,476
Repayment of 8.5% Convertible Notes (4,677) 0
Net cash provided by financing activities (4,677) 6,476
Net increase (decrease) in cash and cash equivalents (2,999) 215
Cash and cash equivalents, at beginning of the period 24,283 1,209
Cash and cash equivalents, at end of the period 21,284 1,424
Supplemental disclosures of cash flow information:    
Cash paid for interest during the period 3,864 2,246
8.5% Convertible Notes    
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Amortization of discount and deferred costs 0 21
Change in assets and liabilities:    
Interest payable 0 51
5.0% Convertible Notes    
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Amortization of discount and deferred costs 567 622
Change in assets and liabilities:    
Interest payable (109) 0
8.5% Senior Secured Notes    
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Amortization of discount and deferred costs 532 326
Change in assets and liabilities:    
Interest payable $ 11 $ 436