• Filing Date: 2018-05-10
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Cash flows from operating activities      
Net income (loss) $ (3,995) $ 1,695  
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 23 26  
Stock-based compensation expense 73 139  
Finance cost and fees withheld by borrower 243 194  
Interest Paid in Kind on 8.5% Convertible Notes 0 3,477  
Change in fair value of life settlements (5,444) (25,540)  
Change in fair value of Revolving Credit Facility (2,389) 11,831  
Interest income (55) (9)  
Change in assets and liabilities:      
Deposits - other 0 (30)  
Prepaid expenses and other assets (403) (1,510)  
Accounts payable and accrued expenses 159 1,373  
Other liabilities 634 (78)  
Net cash used in operating activities (11,767) (8,819) $ 34,800
Cash flows from investing activities      
Certificate of deposit 0 5,025  
Premiums paid on life settlements (22,392) (20,582)  
Proceeds from maturity of life settlements 23,345 10,000  
Net cash provided by/(used in) investing activities 953 (5,557)  
Cash flows from financing activities      
Payment under finance lease obligations 0 (9)  
Net cash provided by financing activities 20,766 21,081  
Net increase (decrease) in cash and cash equivalents 9,952 6,705  
Cash and cash equivalents, at beginning of the period 31,267 11,318 11,318
Cash and cash equivalents, at end of the period 41,219 18,023 $ 31,267
Supplemental disclosures of cash flow information:      
Cash paid for interest during the period 8,217 4,370  
8.50% Senior Unsecured Convertible Notes Due 2019      
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Amortization of discount and deferred costs 21 989  
Change in assets and liabilities:      
Interest payable (25) (1,466)  
15.00% Senior Secured Notes Due 2018      
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Amortization of discount and deferred costs 0 90  
5.0% Senior Unsecured Convertible Notes Due 2023      
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Amortization of discount and deferred costs 275 0  
Change in assets and liabilities:      
Interest payable (948) 0  
8.5% Senior Secured Notes Due 2021      
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Amortization of discount and deferred costs 64 0  
White Eagle Credit Facility      
Cash flows from financing activities      
Borrowings from White Eagle Revolving Credit Facility 22,529 21,090  
Repayment of borrowings under White Eagle Revolving Credit Facility $ (1,763) $ 0