| 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 four of 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 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 June 30, 2017 and March 31, 2017; consolidated statements of operations for the three months ended June 30, 2017 and 2016; and condensed consolidated statements of cash flows for the three months ended June 30, 2017 and 2016 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 months ended June 30, 2017 or 2016.
Condensed Consolidated Balance Sheet
as of June 30, 2017 (Unaudited)
(in thousands, except par value and share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Consolidated Total |
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
254 |
|
|
$ |
5,962 |
|
|
$ |
86 |
|
|
$ |
6,302 |
|
Restricted cash |
|
156 |
|
|
175 |
|
|
— |
|
|
331 |
|
Accounts receivable, net of allowance of $671 |
|
— |
|
|
19,121 |
|
|
1,015 |
|
|
20,136 |
|
Deposits |
|
— |
|
|
121 |
|
|
— |
|
|
121 |
|
Prepaid expenses and other current assets |
|
333 |
|
|
245 |
|
|
4 |
|
|
582 |
|
Total current assets |
|
743 |
|
|
25,624 |
|
|
1,105 |
|
|
27,472 |
|
Property and equipment, net |
|
58 |
|
|
2,378 |
|
|
17 |
|
|
2,453 |
|
Deferred tax assets |
|
352 |
|
|
— |
|
|
— |
|
|
352 |
|
Intangible assets, net |
|
— |
|
|
2,270 |
|
|
1,705 |
|
|
3,975 |
|
Goodwill |
|
— |
|
|
70,377 |
|
|
6,244 |
|
|
76,621 |
|
TOTAL ASSETS |
|
$ |
1,153 |
|
|
$ |
100,649 |
|
|
$ |
9,071 |
|
|
$ |
110,873 |
|
INTERCOMPANY |
|
|
|
|
|
|
|
|
Intercompany payable/receivable, net |
|
124,468 |
|
|
(108,411 |
) |
|
(16,057 |
) |
|
— |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,259 |
|
|
$ |
18,770 |
|
|
$ |
234 |
|
|
$ |
20,263 |
|
Accrued license fees and revenue share |
|
— |
|
|
9,761 |
|
|
191 |
|
|
9,952 |
|
Accrued compensation |
|
34 |
|
|
1,233 |
|
|
— |
|
|
1,267 |
|
Short-term debt, net of debt issuance costs and discounts of $307 |
|
1,943 |
|
|
— |
|
|
— |
|
|
1,943 |
|
Other current liabilities |
|
1,248 |
|
|
525 |
|
|
— |
|
|
1,773 |
|
Total current liabilities |
|
4,484 |
|
|
30,289 |
|
|
425 |
|
|
35,198 |
|
Convertible notes, net of debt issuance costs and discounts of $5,975 |
|
10,025 |
|
|
— |
|
|
— |
|
|
10,025 |
|
Convertible note embedded derivative liability |
|
4,526 |
|
|
— |
|
|
— |
|
|
4,526 |
|
Warrant liability |
|
1,540 |
|
|
— |
|
|
— |
|
|
1,540 |
|
Other non-current liabilities |
|
770 |
|
|
79 |
|
|
— |
|
|
849 |
|
Total liabilities |
|
21,345 |
|
|
30,368 |
|
|
425 |
|
|
52,138 |
|
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; 67,342,084 issued and 66,607,628 outstanding at June 30, 2017. |
|
(28 |
) |
|
— |
|
|
36 |
|
|
8 |
|
Additional paid-in capital |
|
300,453 |
|
|
— |
|
|
— |
|
|
300,453 |
|
Treasury stock (754,599 shares at June 30, 2017) |
|
(71 |
) |
|
— |
|
|
— |
|
|
(71 |
) |
Accumulated other comprehensive loss |
|
— |
|
|
(1,709 |
) |
|
1,380 |
|
|
(329 |
) |
Accumulated deficit |
|
(196,099 |
) |
|
(37,347 |
) |
|
(7,980 |
) |
|
(241,426 |
) |
Total stockholders' equity |
|
104,355 |
|
|
(39,056 |
) |
|
(6,564 |
) |
|
58,735 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
125,700 |
|
|
$ |
(8,688 |
) |
|
$ |
(6,139 |
) |
|
$ |
110,873 |
|
Condensed Consolidated Balance Sheet
as of March 31, 2017 (Unaudited)
(in thousands, except par value and share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Consolidated Total |
ASSETS |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
258 |
|
|
$ |
5,333 |
|
|
$ |
558 |
|
|
$ |
6,149 |
|
Restricted cash |
|
156 |
|
|
175 |
|
|
— |
|
|
331 |
|
Accounts receivable, net of allowance of $597 |
|
— |
|
|
15,740 |
|
|
814 |
|
|
16,554 |
|
Deposits |
|
— |
|
|
121 |
|
|
— |
|
|
121 |
|
Prepaid expenses and other current assets |
|
282 |
|
|
226 |
|
|
2 |
|
|
510 |
|
Total current assets |
|
696 |
|
|
21,595 |
|
|
1,374 |
|
|
23,665 |
|
Property and equipment, net |
|
64 |
|
|
2,296 |
|
|
17 |
|
|
2,377 |
|
Deferred tax assets |
|
352 |
|
|
— |
|
|
— |
|
|
352 |
|
Intangible assets, net |
|
— |
|
|
2,647 |
|
|
1,918 |
|
|
4,565 |
|
Goodwill |
|
— |
|
|
70,377 |
|
|
6,244 |
|
|
76,621 |
|
TOTAL ASSETS |
|
$ |
1,112 |
|
|
$ |
96,915 |
|
|
$ |
9,553 |
|
|
$ |
107,580 |
|
INTERCOMPANY |
|
|
|
|
|
|
|
|
Intercompany payable/receivable, net |
|
123,800 |
|
|
(107,348 |
) |
|
(16,452 |
) |
|
— |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,023 |
|
|
$ |
18,697 |
|
|
$ |
148 |
|
|
$ |
19,868 |
|
Accrued license fees and revenue share |
|
— |
|
|
8,312 |
|
|
217 |
|
|
8,529 |
|
Accrued compensation |
|
32 |
|
|
1,041 |
|
|
— |
|
|
1,073 |
|
Other current liabilities |
|
794 |
|
|
510 |
|
|
— |
|
|
1,304 |
|
Total current liabilities |
|
1,849 |
|
|
28,560 |
|
|
365 |
|
|
30,774 |
|
Convertible notes, net of debt issuance costs and discounts of $6,315 |
|
9,685 |
|
|
— |
|
|
— |
|
|
9,685 |
|
Convertible note embedded derivative liability |
|
3,218 |
|
|
— |
|
|
— |
|
|
3,218 |
|
Warrant liability |
|
1,076 |
|
|
— |
|
|
— |
|
|
1,076 |
|
Other non-current liabilities |
|
695 |
|
|
87 |
|
|
— |
|
|
782 |
|
Total liabilities |
|
16,523 |
|
|
28,647 |
|
|
365 |
|
|
45,535 |
|
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; 67,329,262 issued and 66,594,806 outstanding at March 31, 2017 |
|
8 |
|
|
— |
|
|
— |
|
|
8 |
|
Additional paid-in capital |
|
299,580 |
|
|
— |
|
|
— |
|
|
299,580 |
|
Treasury stock (754,599 shares at March 31, 2017) |
|
(71 |
) |
|
— |
|
|
— |
|
|
(71 |
) |
Accumulated other comprehensive loss |
|
— |
|
|
(1,704 |
) |
|
1,383 |
|
|
(321 |
) |
Accumulated deficit |
|
(191,228 |
) |
|
(37,376 |
) |
|
(8,647 |
) |
|
(237,251 |
) |
Total stockholders' equity |
|
108,389 |
|
|
(39,080 |
) |
|
(7,264 |
) |
|
62,045 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
124,912 |
|
|
$ |
(10,433 |
) |
|
$ |
(6,899 |
) |
|
$ |
107,580 |
|
Consolidated Statement of Operations and Comprehensive Loss
for the three months ended June 30, 2017 (Unaudited)
(in thousands, except par value and share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Elimination |
|
Consolidated Total |
Net revenues |
|
$ |
— |
|
|
$ |
37,937 |
|
|
$ |
347 |
|
|
$ |
(12,164 |
) |
|
$ |
26,120 |
|
Cost of revenues |
|
|
|
|
|
|
|
|
|
|
License fees and revenue share |
|
— |
|
|
30,869 |
|
|
176 |
|
|
(12,164 |
) |
|
18,881 |
|
Other direct cost of revenues |
|
— |
|
|
409 |
|
|
214 |
|
|
— |
|
|
623 |
|
Total cost of revenues |
|
— |
|
|
31,278 |
|
|
390 |
|
|
(12,164 |
) |
|
19,504 |
|
Gross profit |
|
— |
|
|
6,659 |
|
|
(43 |
) |
|
— |
|
|
6,616 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
Product development |
|
5 |
|
|
2,741 |
|
|
12 |
|
|
— |
|
|
2,758 |
|
Sales and marketing |
|
102 |
|
|
1,403 |
|
|
53 |
|
|
— |
|
|
1,558 |
|
General and administrative |
|
2,325 |
|
|
1,425 |
|
|
74 |
|
|
— |
|
|
3,824 |
|
Total operating expenses |
|
2,432 |
|
|
5,569 |
|
|
139 |
|
|
— |
|
|
8,140 |
|
Income / (loss) from operations |
|
(2,432 |
) |
|
1,090 |
|
|
(182 |
) |
|
— |
|
|
(1,524 |
) |
Interest and other income / (expense), net |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(710 |
) |
|
3 |
|
|
— |
|
|
— |
|
|
(707 |
) |
Foreign exchange transaction loss |
|
— |
|
|
(144 |
) |
|
— |
|
|
— |
|
|
(144 |
) |
Change in fair value of convertible note embedded derivative liability |
|
(1,308 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,308 |
) |
Change in fair value of warrant liability |
|
(464 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(464 |
) |
Other income |
|
3 |
|
|
— |
|
|
— |
|
|
— |
|
|
3 |
|
Total interest and other income / (expense), net |
|
(2,479 |
) |
|
(141 |
) |
|
— |
|
|
— |
|
|
(2,620 |
) |
Income / (loss) from operations before income taxes |
|
(4,911 |
) |
|
949 |
|
|
(182 |
) |
|
— |
|
|
(4,144 |
) |
Income tax provision |
|
31 |
|
|
— |
|
|
— |
|
|
— |
|
|
31 |
|
Net income / (loss) |
|
$ |
(4,942 |
) |
|
$ |
949 |
|
|
$ |
(182 |
) |
|
$ |
— |
|
|
$ |
(4,175 |
) |
Other comprehensive income / (loss) |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
— |
|
|
(224 |
) |
|
216 |
|
|
— |
|
|
(8 |
) |
Comprehensive income / (loss) |
|
$ |
(4,942 |
) |
|
$ |
725 |
|
|
$ |
34 |
|
|
$ |
— |
|
|
$ |
(4,183 |
) |
Consolidated Statement of Operations and Comprehensive Loss
for the three months ended June 30, 2016 (Unaudited)
(in thousands, except par value and share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Elimination |
|
Consolidated Total |
Net revenues |
|
$ |
— |
|
|
$ |
29,604 |
|
|
$ |
118 |
|
|
$ |
(5,683 |
) |
|
$ |
24,039 |
|
Cost of revenues |
|
|
|
|
|
|
|
|
|
|
License fees and revenue share |
|
— |
|
|
24,877 |
|
|
30 |
|
|
(5,683 |
) |
|
19,224 |
|
Other direct cost of revenues |
|
— |
|
|
1,805 |
|
|
75 |
|
|
— |
|
|
1,880 |
|
Total cost of revenues |
|
— |
|
|
26,682 |
|
|
105 |
|
|
(5,683 |
) |
|
21,104 |
|
Gross profit |
|
— |
|
|
2,922 |
|
|
13 |
|
|
— |
|
|
2,935 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
Product development |
|
— |
|
|
2,809 |
|
|
26 |
|
|
— |
|
|
2,835 |
|
Sales and marketing |
|
41 |
|
|
1,429 |
|
|
(26 |
) |
|
— |
|
|
1,444 |
|
General and administrative |
|
4,012 |
|
|
1,395 |
|
|
(302 |
) |
|
— |
|
|
5,105 |
|
Total operating expenses |
|
4,053 |
|
|
5,633 |
|
|
(302 |
) |
|
— |
|
|
9,384 |
|
Loss from operations |
|
(4,053 |
) |
|
(2,711 |
) |
|
315 |
|
|
— |
|
|
(6,449 |
) |
Interest and other income / (expense), net |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
— |
|
|
(682 |
) |
|
— |
|
|
— |
|
|
(682 |
) |
Foreign exchange transaction loss |
|
— |
|
|
(2 |
) |
|
(1 |
) |
|
— |
|
|
(3 |
) |
Other income |
|
18 |
|
|
— |
|
|
— |
|
|
— |
|
|
18 |
|
Total interest and other income / (expense), net |
|
18 |
|
|
(684 |
) |
|
(1 |
) |
|
— |
|
|
(667 |
) |
Income / (loss) from operations before income taxes |
|
(4,035 |
) |
|
(3,395 |
) |
|
314 |
|
|
— |
|
|
(7,116 |
) |
Income tax provision |
|
296 |
|
|
— |
|
|
— |
|
|
— |
|
|
296 |
|
Net income / (loss) |
|
$ |
(4,331 |
) |
|
$ |
(3,395 |
) |
|
$ |
314 |
|
|
$ |
— |
|
|
$ |
(7,412 |
) |
Other comprehensive income / (loss) |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
— |
|
|
27 |
|
|
— |
|
|
— |
|
|
27 |
|
Comprehensive income / (loss) |
|
$ |
(4,331 |
) |
|
$ |
(3,368 |
) |
|
$ |
314 |
|
|
$ |
— |
|
|
$ |
(7,385 |
) |
Condensed Consolidated Statement of Cash Flows
for the three months ended June 30, 2017 (Unaudited)
(in thousands, except par value and share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Consolidated Total |
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,942 |
) |
|
$ |
949 |
|
|
$ |
(182 |
) |
|
$ |
(4,175 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
34 |
|
|
667 |
|
|
187 |
|
|
888 |
|
Change in allowance for doubtful accounts |
|
— |
|
|
75 |
|
|
— |
|
|
75 |
|
Amortization of debt discount and debt issuance costs |
|
353 |
|
|
— |
|
|
— |
|
|
353 |
|
Accrued interest |
|
344 |
|
|
— |
|
|
— |
|
|
344 |
|
Stock-based compensation |
|
788 |
|
|
— |
|
|
— |
|
|
788 |
|
Restricted shares and warrants compensation for services rendered
|
|
76 |
|
|
— |
|
|
— |
|
|
76 |
|
Change in fair value of convertible note embedded derivative liability |
|
1,308 |
|
|
— |
|
|
— |
|
|
1,308 |
|
Change in fair value of warrant liability |
|
464 |
|
|
— |
|
|
— |
|
|
464 |
|
(Increase) / decrease in assets: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
— |
|
|
(3,456 |
) |
|
(200 |
) |
|
(3,656 |
) |
Prepaid expenses and other current assets |
|
(52 |
) |
|
(18 |
) |
|
(2 |
) |
|
(72 |
) |
Increase / (decrease) in liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
236 |
|
|
73 |
|
|
86 |
|
|
395 |
|
Accrued license fees and revenue share |
|
— |
|
|
1,449 |
|
|
(26 |
) |
|
1,423 |
|
Accrued compensation |
|
— |
|
|
194 |
|
|
— |
|
|
194 |
|
Other current liabilities |
|
110 |
|
|
17 |
|
|
(3 |
) |
|
124 |
|
Other non-current liabilities |
|
67 |
|
|
— |
|
|
— |
|
|
67 |
|
Intercompany movement of cash |
|
(729 |
) |
|
1,061 |
|
|
(332 |
) |
|
— |
|
Net cash used in operating activities |
|
(1,943 |
) |
|
1,011 |
|
|
(472 |
) |
|
(1,404 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Capital expenditures |
|
— |
|
|
(374 |
) |
|
— |
|
|
(374 |
) |
Net cash used in investing activities |
|
— |
|
|
(374 |
) |
|
— |
|
|
(374 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Proceeds from short-term borrowings |
|
2,250 |
|
|
— |
|
|
— |
|
|
2,250 |
|
Payment of debt issuance costs |
|
(320 |
) |
|
— |
|
|
— |
|
|
(320 |
) |
Options exercised |
|
9 |
|
|
— |
|
|
— |
|
|
9 |
|
Net cash provided by (used in) financing activities |
|
1,939 |
|
|
— |
|
|
— |
|
|
1,939 |
|
Effect of exchange rate changes on cash |
|
— |
|
|
(8 |
) |
|
— |
|
|
(8 |
) |
Net change in cash |
|
(4 |
) |
|
629 |
|
|
(472 |
) |
|
153 |
|
Cash, beginning of period |
|
258 |
|
|
5,333 |
|
|
558 |
|
|
6,149 |
|
Cash, end of period |
|
$ |
254 |
|
|
$ |
5,962 |
|
|
$ |
86 |
|
|
$ |
6,302 |
|
Condensed Consolidated Statement of Cash Flows
for the three months ended June 30, 2016 (Unaudited)
(in thousands, except par value and share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parent |
|
Guarantor Subsidiaries |
|
Non-Guarantor Subsidiaries |
|
Consolidated Total |
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,331 |
) |
|
$ |
(3,395 |
) |
|
$ |
314 |
|
|
$ |
(7,412 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
2 |
|
|
1,802 |
|
|
290 |
|
|
2,094 |
|
Change in allowance for doubtful accounts |
|
— |
|
|
(82 |
) |
|
(27 |
) |
|
(109 |
) |
Amortization of debt discount and debt issuance costs |
|
— |
|
|
342 |
|
|
— |
|
|
342 |
|
Accrued interest |
|
— |
|
|
1 |
|
|
— |
|
|
1 |
|
Stock-based compensation |
|
1,223 |
|
|
— |
|
|
— |
|
|
1,223 |
|
Restricted shares and warrants compensation for services rendered
|
|
80 |
|
|
— |
|
|
— |
|
|
80 |
|
(Increase) / decrease in assets: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
22 |
|
|
1,952 |
|
|
6 |
|
|
1,980 |
|
Deposits |
|
— |
|
|
69 |
|
|
(3 |
) |
|
66 |
|
Prepaid expenses and other current assets |
|
16 |
|
|
68 |
|
|
5 |
|
|
89 |
|
Increase / (decrease) in liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
(190 |
) |
|
37 |
|
|
(16 |
) |
|
(169 |
) |
Accrued license fees and revenue share |
|
— |
|
|
401 |
|
|
18 |
|
|
419 |
|
Accrued compensation |
|
699 |
|
|
(674 |
) |
|
(97 |
) |
|
(72 |
) |
Other current liabilities |
|
109 |
|
|
718 |
|
|
(455 |
) |
|
372 |
|
Intercompany movement of cash |
|
1,286 |
|
|
(1,351 |
) |
|
65 |
|
|
— |
|
Net cash used in operating activities |
|
(1,084 |
) |
|
(112 |
) |
|
100 |
|
|
(1,096 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Capital expenditures |
|
— |
|
|
(472 |
) |
|
— |
|
|
(472 |
) |
Net cash used in investing activities |
|
— |
|
|
(472 |
) |
|
— |
|
|
(472 |
) |
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Payment of debt issuance costs |
|
— |
|
|
(280 |
) |
|
— |
|
|
(280 |
) |
Options exercised |
|
2 |
|
|
— |
|
|
— |
|
|
2 |
|
Net cash provided by (used in) financing activities |
|
2 |
|
|
(280 |
) |
|
— |
|
|
(278 |
) |
Effect of exchange rate changes on cash |
|
— |
|
|
27 |
|
|
— |
|
|
27 |
|
Net change in cash |
|
(1,082 |
) |
|
(837 |
) |
|
100 |
|
|
(1,819 |
) |
Cash, beginning of period |
|
6,712 |
|
|
4,470 |
|
|
49 |
|
|
11,231 |
|
Cash, end of period |
|
$ |
5,630 |
|
|
$ |
3,633 |
|
|
$ |
149 |
|
|
$ |
9,412 |
|
|