• Filing Date: 2018-08-20
  • Form Type: 10-Q
  • Description: Quarterly report
v3.10.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
[1]
ASSETS    
Cash and cash equivalents $ 8,314 $ 18,131
Certificates of deposit 1,014 1,010
Prepaid expenses and other assets 934 617
Deposits - other 1,377 1,377
Life settlements, at estimated fair value (Note 15) 1,006 750
Fixed assets, net 104 145
Investment in affiliates 2,384 2,384
Total assets 649,459 634,390
Liabilities    
Accounts payable and accrued expenses 2,019 2,015
Other liabilities 182 451
Current tax liability 3,120 0
Total liabilities 466,200 437,748
Commitments and Contingencies (Note 17)
Stockholders’ Equity    
Common stock (par value $0.01 per share, 415,000,000 authorized at June 30, 2018 and December 31, 2017; 159,028,458 issued and 158,420,458 outstanding as of June 30, 2018;158,495,399 issued and 157,887,399 outstanding as of December 31, 2017) 1,590 1,585
Preferred stock (par value $0.01 per share, 40,000,000 authorized; 0 issued and outstanding as of June 30, 2018 and December 31, 2017) 0 0
Treasury Stock, net of issuance cost (608,000 shares as of June 30, 2018 and December 31, 2017) (2,534) (2,534)
Additional paid-in-capital 333,844 333,629
Accumulated deficit (149,641) (136,038)
Total stockholders’ equity 183,259 196,642
Total liabilities and stockholders’ equity 649,459 634,390
8.50% Senior Unsecured Convertible Notes    
Liabilities    
Interest payable 46 46
Convertible Notes, net of discount and deferred debt costs 1,139 1,098
5.0% Senior Unsecured Convertible Notes Due 2023    
Liabilities    
Interest payable 1,432 1,432
Convertible Notes, net of discount and deferred debt costs 69,222 68,654
8.5% Senior Secured Notes    
Liabilities    
Interest payable 124 132
Senior Secured Notes, net of deferred debt costs 34,056 33,927
Variable Interest Entity    
ASSETS    
Cash and cash equivalents 17,949 13,136
Prepaid expenses and other assets 30 53
Life settlements, at estimated fair value (Note 15) 568,367 566,742
Receivable for maturity of life settlements (VIE Note 4) 47,980 30,045
Liabilities    
Accounts payable and accrued expenses 1,425 753
Other liabilities 48 0
Variable Interest Entity | White Eagle Revolving Credit Facility    
Liabilities    
White Eagle Revolving Credit Facility, at estimated fair value (VIE Note 4 & Note 9) $ 353,387 $ 329,240
[1] Derived from audited consolidated financial statements.