• Filing Date: 2018-08-20
  • Form Type: 10-Q
  • Description: Quarterly report
v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Cash flows from operating activities          
Net income (loss) $ (9,607) $ (6,509) $ (13,603) $ (4,813)  
Adjustments to reconcile net income (loss) to net cash used in operating activities:          
Depreciation and amortization     46 52  
Stock-based compensation expense     211 264  
Finance cost and fees withheld by borrower     484 441  
Interest Paid in Kind on 8.5% Convertible Notes     0 3,477  
Change in fair value of life settlements (5,475) (3,382) (10,920) (28,922)  
Change in fair value of White Eagle Revolving Credit Facility 12 (1,785) (2,377) 10,046  
Interest income     (57) (12)  
Change in assets and liabilities:          
Deposits - other     0 (30)  
Prepaid expenses and other assets     (291) (3,473)  
Accounts payable and accrued expenses     685 3,749  
Other liabilities     (221) (115)  
Current tax liability     3,120 0  
Interest payable     0 11  
Net cash used in operating activities     (22,193) (16,995) $ 34,800
Cash flows from investing activities          
Certificate of deposit     0 5,025  
Premiums paid on life settlements     (44,896) (42,033)  
Proceeds from maturity of life settlements     36,045 26,173  
Net cash used in investing activities     (8,851) (10,835)  
Cash flows from financing activities          
Payment under finance lease obligations     0 (18)  
Net cash provided by financing activities     26,040 39,177  
Net increase (decrease) in cash and cash equivalents     (5,004) 11,347  
Cash and cash equivalents, at beginning of the period     31,267 11,318 11,318
Cash and cash equivalents, at end of the period $ 26,263 $ 22,665 26,263 22,665 $ 31,267
Supplemental disclosures of cash flow information:          
Cash paid for interest during the period     14,662 9,813  
8.50% Senior Unsecured Convertible Notes          
Adjustments to reconcile net income (loss) to net cash used in operating activities:          
Amortization of discount and deferred costs     41 2,048  
Change in assets and liabilities:          
Interest payable     0 111  
15.0% Senior Secured Notes          
Adjustments to reconcile net income (loss) to net cash used in operating activities:          
Amortization of discount and deferred costs     0 184  
Change in assets and liabilities:          
Interest payable     0 (13)  
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     568 0  
8.5% Senior Secured Notes          
Adjustments to reconcile net income (loss) to net cash used in operating activities:          
Amortization of discount and deferred costs     129 0  
Change in assets and liabilities:          
Interest payable     (8) 0  
White Eagle Credit Facility          
Cash flows from financing activities          
Borrowings from White Eagle Revolving Credit Facility     45,583 42,959  
Repayment of borrowings under White Eagle Revolving Credit Facility     (19,543) (5,656)  
15.0% Promissory Note          
Cash flows from financing activities          
Borrowings from White Eagle Revolving Credit Facility     $ 0 $ 1,892