Quarterly report pursuant to Section 13 or 15(d)

Guarantor and Non-Guarantor Financial Statements (Notes)

v3.5.0.2
Guarantor and Non-Guarantor Financial Statements (Notes)
6 Months Ended
Sep. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Guarantor and Non-Guarantor Financial Statements
Guarantor and Non-Guarantor Financial Statements
On September 28, 2016, the Company sold to the Initial Purchaser, $16,000 principal amount of 8.75% convertible notes maturing on September 23, 2020, unless converted, repurchased or redeemed in accordance with their terms prior to such date. The Notes were issued under the Indenture, between Digital Turbine, Inc., US Bank National Association, as trustee, and certain wholly-owned subsidiaries of the Company, specifically Digital Turbine, Inc. as the parent Company, DT USA, DT Media, and DT APAC. Given the Notes are unconditionally guaranteed as to the payment of principal, premium, if any, and interest on a senior unsecured basis by the wholly-owned subsidiaries of the Company, the Company is required by SEC Reg S-X 210.3-10 to include, in a footnote, condensed consolidating financial information for the same periods with a separate column for:
The parent company;
The subsidiary guarantors on a combined basis;
Any other subsidiaries of the parent company on a combined basis;
Consolidating adjustments; and
The total consolidated amounts.
The following consolidated financial information and condensed consolidated financial information include:
(1) Condensed consolidated balance sheets as of September 30, 2016 and March 31, 2016; consolidated statements of operations for the three and six months ended September 30, 2016 and 2015; and condensed consolidated statements of cash flows for the six months ended September 30, 2016 and 2015 of (a) Digital Turbine, Inc. as the parent, (b) the guarantor subsidiaries, (c) the non-guarantor subsidiaries, and (d) Digital Turbine, Inc. on a consolidated basis; and
(2) Elimination entries necessary to consolidate Digital Turbine, Inc., as the parent, with its guarantor and non-guarantor subsidiaries.
Digital Turbine, Inc. owns 100% of all of the guarantor subsidiaries, and as a result, in accordance with Rule 3-10(d) of Regulation S-X promulgated by the SEC, no separate financial statements are required for these subsidiaries as of and for the three and six months ended September 30, 2016 or 2015.
Condensed Consolidated Balance Sheet
as of September 30, 2016
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Total
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
3,546

 
$
5,815

 
$
55

 
$

 
$
9,416

Restricted cash
 

 
321

 

 

 
321

Accounts receivable, net of allowances of $471
 
7

 
17,035

 
435

 

 
17,477

Deposits
 

 
116

 
36

 

 
152

Prepaid expenses and other current assets
 
380

 
130

 
5

 

 
515

Total current assets
 
3,933

 
23,417

 
531

 

 
27,881

Property and equipment, net
 
69

 
2,333

 
60

 

 
2,462

Cost method investment
 

 
999

 

 

 
999

Deferred tax assets
 
401

 

 

 

 
401

Intangible assets, net
 
1

 
5,475

 
3,253

 

 
8,729

Goodwill
 

 
75,621

 
1,000

 

 
76,621

TOTAL ASSETS
 
4,404

 
107,845

 
4,844

 

 
117,093

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
1,488

 
18,559

 
24

 

 
20,071

Accrued license fees and revenue share
 

 
8,330

 
283

 

 
8,613

Accrued compensation
 
38

 
1,035

 

 

 
1,073

Other current liabilities
 
1,606

 
789

 
(735
)
 

 
1,660

Total current liabilities
 
3,132

 
28,713

 
(428
)
 

 
31,417

Convertible notes, net of debt issuance costs and discounts of $6,616
 
9,384

 

 

 

 
9,384

Convertible note embedded derivative liability
 
4,123

 

 

 

 
4,123

Warrant liability
 
1,363

 

 

 

 
1,363

Other non-current liabilities
 
835

 

 

 

 
835

Total liabilities
 
18,837

 
28,713

 
(428
)
 

 
47,122

Stockholders' equity
 
 
 
 
 
 
 
 
 
 
Preferred stock
 
 
 
 
 
 
 
 
 
 
Series A convertible preferred stock at $0.0001 par value;
2,000,000 shares authorized, 100,000 issued and outstanding
(liquidation preference of $1,000)
 
100

 

 

 

 
100

Common stock
 
 
 
 
 
 
 
 
 
 
$0.0001 par value: 200,000,000 shares authorized;
67,368,462 issued and 66,634,006 outstanding at September 30, 2016
 
8

 

 

 

 
8

Additional paid-in capital
 
297,929

 

 

 

 
297,929

Treasury stock (754,599 shares at September 30, 2016)
 
(71
)
 

 

 

 
(71
)
Accumulated other comprehensive loss
 
16

 
(583
)
 
312

 

 
(255
)
Accumulated deficit
 
(186,766
)
 
(38,742
)
 
(2,232
)
 

 
(227,740
)
Total stockholders' equity
 
111,216

 
(39,325
)
 
(1,920
)
 

 
69,971

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
130,053

 
$
(10,612
)
 
$
(2,348
)
 
$

 
$
117,093

Condensed Consolidated Balance Sheet
as of March 31, 2016
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Total
ASSETS
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
6,712

 
4,466

 
53

 

 
11,231

Restricted cash
 

 


 

 

 

Accounts receivable, net of allowances of $464
 
24

 
17,369

 
126

 

 
17,519

Deposits
 

 
133

 
80

 

 
213

Prepaid expenses and other current assets
 
331

 
239

 
13

 

 
583

Total current assets
 
7,067

 
22,207

 
272

 


 
29,546

Property and equipment, net
 
53

 
1,690

 
41

 

 
1,784

Cost method investment
 

 
999

 

 

 
999

Deferred tax assets
 
500

 

 

 

 
500

Intangible assets, net
 

 
8,660

 
3,830

 

 
12,490

Goodwill
 

 
70,377

 
6,244

 

 
76,621

TOTAL ASSETS
 
7,620

 
103,933

 
10,387

 

 
121,940

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
1,255

 
14,002

 
43

 

 
15,300

Accrued license fees and revenue share
 

 
9,549

 
73

 

 
9,622

Accrued compensation
 
(544
)
 
1,800

 
97

 

 
1,353

Short-term debt, net of debt issuance costs and discounts of $568
 
7,432

 
3,000

 

 

 
10,432

Deferred tax liabilities
 

 


 

 

 

Other current liabilities
 
152

 
737

 
1,258

 

 
2,147

Total current liabilities
 
8,295

 
29,088

 
1,471

 

 
38,854

Other non-current liabilities
 
815

 

 

 

 
815

Total liabilities
 
9,110

 
29,088

 
1,471

 

 
39,669

Stockholders' equity
 
 
 
 
 
 
 
 
 
 
Preferred stock
 
 
 
 
 
 
 
 
 
 
Series A convertible preferred stock at $0.0001 par value;
2,000,000 shares authorized, 100,000 issued and outstanding
(liquidation preference of $1,000)
 
100

 

 

 

 
100

Common stock
 
 
 
 
 
 
 
 
 
 
$0.0001 par value: 200,000,000 shares authorized;
67,019,703 issued and 66,284,606 outstanding at March 31, 2016;
 
8

 

 

 

 
8

Additional paid-in capital
 
295,423

 

 

 

 
295,423

Treasury stock (754,599 shares at March 31, 2016)
 
(71
)
 


 

 

 
(71
)
Accumulated other comprehensive loss
 
26

 
(440
)
 
212

 

 
(202
)
Accumulated deficit
 
(179,131
)
 
(31,231
)
 
(2,625
)
 

 
(212,987
)
Total stockholders' equity
 
116,355

 
(31,671
)
 
(2,413
)
 

 
82,271

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
125,465

 
(2,583
)
 
(942
)
 

 
121,940


Consolidated Statement of Operations and Comprehensive Loss
for the three months ended September 30, 2016
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Total
Net revenues
 

 
30,338

 
462

 
(7,968
)
 
22,832

Cost of revenues
 
 
 
 
 
 
 
 
 
 
License fees and revenue share
 

 
25,547

 
218

 
(7,968
)
 
17,797

Other direct cost of revenues
 

 
1,594

 
288

 

 
1,882

Total cost of revenues
 

 
27,141

 
506

 
(7,968
)
 
19,679

Gross profit
 

 
3,197

 
(44
)
 

 
3,153

Operating expenses
 
 
 
 
 
 
 
 
 
 
Product development
 
9

 
3,079

 
29

 

 
3,117

Sales and marketing
 
42

 
1,480

 
6

 

 
1,528

General and administrative
 
3,083

 
1,704

 
28

 

 
4,815

Total operating expenses
 
3,134

 
6,263

 
63

 

 
9,460

Income / (loss) from operations
 
(3,134
)
 
(3,066
)
 
(107
)
 

 
(6,307
)
Interest and other expense, net
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
(6
)
 
(616
)
 

 

 
(622
)
Foreign exchange transaction loss
 

 
(1
)
 


 

 
(1
)
Change in fair value of convertible note embedded derivative liability
 
(430
)
 

 

 

 
(430
)
Change in fair value of warrant liability
 
(140
)
 

 

 

 
(140
)
Loss on extinguishment of debt
 
(293
)
 

 

 

 
(293
)
Other income
 
14

 
1

 

 

 
15

Total interest and other expense, net
 
(855
)
 
(616
)
 

 

 
(1,471
)
Income / (loss) from operations before income taxes
 
(3,989
)
 
(3,682
)
 
(107
)
 

 
(7,778
)
Income tax benefit
 
(437
)
 

 

 

 
(437
)
Net gain / (loss)
 
(3,552
)
 
(3,682
)
 
(107
)
 

 
(7,341
)
Other comprehensive income / (loss)
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
(80
)
 

 

 

 
(80
)
Comprehensive income / (loss)
 
(3,632
)
 
(3,682
)
 
(107
)
 

 
(7,421
)
Consolidated Statement of Operations and Comprehensive Loss
for the six months ended September 30, 2016
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Total
Net revenues
 

 
59,942

 
580

 
(13,651
)
 
46,871

Cost of revenues
 
 
 
 
 
 
 
 
 
 
License fees and revenue share
 

 
50,424

 
248

 
(13,651
)
 
37,021

Other direct cost of revenues
 

 
3,185

 
577

 

 
3,762

Total cost of revenues
 

 
53,609

 
825

 
(13,651
)
 
40,783

Gross profit
 

 
6,333

 
(245
)
 

 
6,088

Operating expenses
 
 
 
 
 
 
 
 
 
 
Product development
 
9

 
5,885

 
58

 

 
5,952

Sales and marketing
 
82

 
2,910

 
(20
)
 

 
2,972

General and administrative
 
7,094

 
3,072

 
(246
)
 

 
9,920

Total operating expenses
 
7,185

 
11,867

 
(208
)
 

 
18,844

Income / (loss) from operations
 
(7,185
)
 
(5,534
)
 
(37
)
 

 
(12,756
)
Interest and other expense, net
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
(6
)
 
(1,298
)
 

 

 
(1,304
)
Foreign exchange transaction loss
 

 
(2
)
 
(2
)
 

 
(4
)
Change in fair value of convertible note embedded derivative liability
 
(430
)
 

 

 

 
(430
)
Change in fair value of warrant liability
 
(140
)
 

 

 

 
(140
)
Loss on extinguishment of debt
 
(293
)
 

 

 

 
(293
)
Other income
 
31

 
2

 

 

 
33

Total interest and other expense, net
 
(838
)
 
(1,298
)
 
(2
)
 

 
(2,138
)
Income / (loss) from operations before income taxes
 
(8,023
)
 
(6,832
)
 
(39
)
 

 
(14,894
)
Income tax benefit
 
(141
)
 

 

 

 
(141
)
Net income / (loss)
 
(7,882
)
 
(6,832
)
 
(39
)
 

 
(14,753
)
Other comprehensive income / (loss)
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
(53
)
 

 

 

 
(53
)
Comprehensive income / (loss)
 
(7,935
)
 
(6,832
)
 
(39
)
 

 
(14,806
)
Consolidated Statement of Operations and Comprehensive Loss
for the three months ended September 30, 2015
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Total
Net revenues
 

 
23,808

 
52

 
(3,126
)
 
20,734

Cost of revenues
 
 
 
 
 
 
 
 
 
 
License fees and revenue share
 

 
19,208

 
17

 
(3,126
)
 
16,099

Other direct cost of revenues
 

 
4,056

 
502

 

 
4,558

Total cost of revenues
 

 
23,264

 
519

 
(3,126
)
 
20,657

Gross profit
 

 
544

 
(467
)
 

 
77

Operating expenses
 
 
 
 
 
 
 
 
 
 
Product development
 
(560
)
 
2,803

 
163

 

 
2,406

Sales and marketing
 
(206
)
 
1,628

 
46

 

 
1,468

General and administrative
 
2,338

 
1,872

 
137

 

 
4,347

Total operating expenses
 
1,571

 
6,303

 
346

 

 
8,221

Loss from operations
 
(1,571
)
 
(5,759
)
 
(813
)
 

 
(8,144
)
Interest and other expense, net
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 

 
(405
)
 

 

 
(405
)
Foreign exchange transaction loss
 
(1
)
 
(12
)
 

 

 
(13
)
Other income
 
10

 
(97
)
 
98

 

 
11

Total interest and other expense, net
 
9

 
(514
)
 
98

 

 
(407
)
Loss from operations before income taxes
 
(1,562
)
 
(6,273
)
 
(715
)
 

 
(8,551
)
Income tax provision / (benefit)
 
(229
)
 

 

 

 
(229
)
Net loss
 
(1,333
)
 
(6,273
)
 
(715
)
 

 
(8,322
)
Other comprehensive income / (loss)
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
111

 

 

 

 
111

Comprehensive loss
 
(1,222
)
 
(6,273
)
 
(715
)
 

 
(8,211
)
Consolidated Statement of Operations and Comprehensive Loss
for the six months ended September 30, 2015
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Total
Net revenues
 

 
44,586

 
134

 
(5,300
)
 
39,420

Cost of revenues
 
 
 
 
 
 
 
 
 
 
License fees and revenue share
 

 
35,579

 
41

 
(5,300
)
 
30,320

Other direct cost of revenues
 

 
6,165

 
584

 


 
6,749

Total cost of revenues
 

 
41,744

 
625

 
(5,300
)
 
37,069

Gross profit
 

 
2,842

 
(491
)
 

 
2,351

Operating expenses
 
 
 
 
 
 
 
 
 
 
Product development
 
(559
)
 
5,384

 
335

 

 
5,160

Sales and marketing
 
(204
)
 
2,858

 
96

 

 
2,750

General and administrative
 
6,096

 
3,334

 
306

 

 
9,736

Total operating expenses
 
5,333

 
11,576

 
737

 

 
17,646

Loss from operations
 
(5,333
)
 
(8,734
)
 
(1,228
)
 

 
(15,295
)
Interest and other expense, net
 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
1

 
(802
)
 
(95
)
 

 
(896
)
Foreign exchange transaction loss
 
(1
)
 
(11
)
 

 

 
(12
)
Loss on disposal of fixed assets
 
(22
)
 
(1
)
 

 

 
(23
)
Other income
 
19

 
(98
)
 
107

 

 
28

Total interest and other expense, net
 
(3
)
 
(912
)
 
12

 

 
(903
)
Loss from operations before income taxes
 
(5,336
)
 
(9,646
)
 
(1,216
)
 

 
(16,198
)
Income tax provision / (benefit)
 
159

 
84

 

 

 
243

Net loss
 
(5,495
)
 
(9,730
)
 
(1,216
)
 

 
(16,441
)
Other comprehensive income / (loss)
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
62

 

 

 

 
62

Comprehensive loss
 
(5,433
)
 
(9,730
)
 
(1,216
)
 

 
(16,379
)

Condensed Consolidated Statement of Cash Flows
for the six months ended September 30, 2016
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Total
Cash flows from operating activities
 
 
 
 
 
 
 
 
 
 
Net loss
 
(7,882
)
 
(6,832
)
 
(39
)
 

 
(14,753
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
5

 
3,616

 
578

 

 
4,199

Change in allowance for doubtful accounts
 

 
7

 

 

 
7

Amortization of debt discount
 

 
237

 

 

 
237

Amortization of debt issuance costs
 

 
444

 

 

 
444

Accrued interest
 

 
(91
)
 

 

 
(91
)
Stock-based compensation
 
2,310

 

 

 

 
2,310

Stock-based compensation for services rendered
 
166

 

 

 

 
166

Change in fair value of convertible note embedded derivative liability
 
430

 

 

 

 
430

Change in fair value of warrant liability
 
140

 

 

 

 
140

Loss on extinguishment of debt
 
293

 

 

 

 
293

(Increase) / decrease in assets:
 
 
 
 
 
 
 
 
 
 
Restricted cash transferred to / (from) operating cash
 

 
(321
)
 

 

 
(321
)
Accounts receivable
 
17

 
325

 
(307
)
 

 
35

Deposits
 

 
17

 
44

 

 
61

Deferred tax assets
 
99

 

 

 

 
99

Prepaid expenses and other current assets
 
(49
)
 
108

 
9

 

 
68

Increase / (decrease) in liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
233

 
4,562

 
(24
)
 

 
4,771

Accrued license fees and revenue share
 

 
(1,219
)
 
210

 

 
(1,009
)
Accrued compensation
 
582

 
(765
)
 
(97
)
 

 
(280
)
Other current liabilities
 
1,539

 
61

 
(1,993
)
 

 
(393
)
Other non-current liabilities
 
(1,004
)
 
(617
)
 
1,641

 

 
20

Net cash used in operating activities
 
(3,121
)
 
(468
)
 
22

 

 
(3,567
)
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 
(3
)
 
(1,092
)
 
(20
)
 

 
(1,115
)
Net cash used in investing activities
 
(3
)
 
(1,092
)
 
(20
)
 

 
(1,115
)
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
Cash received in convertible notes issuance
 

 
16,000

 

 

 
16,000

Repayment of debt obligations
 

 
(11,000
)
 

 

 
(11,000
)
Payment of debt issuance costs
 

 
(2,091
)
 

 

 
(2,091
)
Options exercised
 
11

 

 

 

 
11

Warrant exercised
 

 

 

 

 

Net cash provided / (used) in financing activities
 
11

 
2,909

 

 

 
2,920

 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
 
(53
)
 

 

 

 
(53
)
 
 
 
 
 
 
 
 
 
 
 
Net change in cash and cash equivalents
 
(3,166
)
 
1,349

 
2

 

 
(1,815
)
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, beginning of period
 
6,712

 
4,466

 
53

 

 
11,231

 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, end of period
 
3,546

 
5,815

 
55

 

 
9,416

Condensed Consolidated Statement of Cash Flows
for the six months ended September 30, 2015
(dollars in thousands)
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Consolidated Total
Cash flows from operating activities
 
 
 
 
 
 
 
 
 
 
Net loss
 
(5,495
)
 
(9,730
)
 
(1,216
)
 

 
(16,441
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
2,408

 
3,994

 
448

 

 
6,850

Loss on disposal of fixed assets
 
23

 

 

 

 
23

Change in allowance for doubtful accounts
 

 

 
3

 

 
3

Amortization of debt issuance costs
 

 
236

 

 

 
236

Accrued interest
 

 
(16
)
 

 

 
(16
)
Stock-based compensation
 
2,524

 

 

 

 
2,524

Stock-based compensation for services rendered
 
600

 

 

 

 
600

Stock issued for settlement of liability
 
283

 

 

 

 
283

(Increase) / decrease in assets:
 
 
 
 
 
 
 
 
 
 
Restricted cash transferred to / (from) operating cash
 
200

 

 

 

 
200

Accounts receivable
 

 
(2,276
)
 
(37
)
 

 
(2,313
)
Deposits
 
8

 
(8
)
 
(1
)
 

 
(1
)
Deferred financing costs
 
(187
)
 

 

 

 
(187
)
Prepaid expenses and other current assets
 
46

 
188

 
9

 

 
243

Increase / (decrease) in liabilities:
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
114

 
5,085

 
(22
)
 

 
5,177

Accrued license fees and revenue share
 

 
2,317

 
19

 

 
2,336

Accrued compensation
 
(977
)
 
365

 
15

 

 
(597
)
Other current liabilities
 
(345
)
 
(1,000
)
 
760

 

 
(585
)
Net cash used in operating activities
 
(798
)
 
(845
)
 
(22
)
 

 
(1,665
)
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 

 
(610
)
 

 

 
(610
)
Net cash used in investing activities
 

 
(610
)
 

 

 
(610
)
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
Repayment of debt obligations
 

 
(300
)
 

 

 
(300
)
Options exercised
 
49

 

 

 

 
49

Net cash provided / (used) in financing activities
 
49

 
(300
)
 

 

 
(251
)
 
 
 
 
 
 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
 
39

 

 

 

 
39

 
 
 
 
 
 
 
 
 
 
 
Net change in cash and cash equivalents
 
(710
)
 
(1,755
)
 
(22
)
 

 
(2,487
)
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, beginning of period
 
4,156

 
2,827

 
86

 

 
7,069

 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents, end of period
 
3,446

 
1,072

 
64

 

 
4,582