Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash Flows from Operating Activities:      
Net loss $ (2,382) $ (5,180) $ (16,821)
Adjustments to reconcile net loss to net cash used in operating activities:      
Deferred income tax benefit   (6,550)  
Depreciation 550 495 263
Amortization of intangible and other assets 4,318 5,149 2,859
Stock-based compensation 2,719 1,711 809
Change in fair value of contingent consideration 864 1,419 88
Change in fair value of embedded derivative     6,990
Gain on bargain purchase of business     (743)
Changes in operating assets and liabilities, net of the effect of the acquisitions (Note 2):      
(Increase) in trade accounts receivable, net (15,111) (10,291) (1,727)
(Increase) in unbilled contract receivables, net (2,246)    
(Increase) in inventories, net (7,234) (60) (697)
(Increase) in other assets (699) (977) (385)
Increase / (decrease) in accounts payable and other accrued liabilities 2,532 (19) 1,218
Net cash used in operating activities (16,689) (14,303) (8,146)
Cash Flows from Investing Activities:      
Acquisitions of businesses, net of cash acquired (10,499) (11,521) (10,437)
Purchase of property and equipment (462) (485) (133)
Net cash used in investing activities (10,961) (12,006) (10,570)
Cash Flows from Financing Activities:      
Proceeds from issuance of common stock, net of issuance costs and other 8,960 8,614 4,950
Proceeds from issuances of preferred stock, net of issuance costs   (94) 9,964
(Repayments) proceeds from short-term borrowings and notes payable (390) (1,552) 860
Proceeds from revolving credit facility, net 13,266 8,760  
Proceeds from loans from affiliates of controlling stockholder, net   14,857  
Net proceeds from exercise of employee stock options and warrants     265
Net cash provided by financing activities 21,836 30,585 16,039
Net (decrease) increase in cash and cash equivalents (5,814) 4,276 (2,677)
Cash and cash equivalents, beginning of period 6,033 1,757 4,434
Cash and cash equivalents, end of period 219 6,033 1,757
Supplemental Disclosure of Cash Flow Information:      
Cash paid during period for interest 688 543 21
Non-cash investing and financing activities:      
Issuance of promissory notes for acquisition 10,000    
Contingent consideration for acquisitions 1,550 9,976 960
Deferred consideration for acquisition 350    
Exchange of trade accounts payable for note   3,736  
Conversion of preferred stock for common stock   36,843 1,006
Accrual of dividends on preferred stock   1,449 1,360
In-kind dividends on Series C preferred stock   1,000  
Common Stock | Contingent Consideration      
Non-cash investing and financing activities:      
Issuance of stock 6,316    
Common Stock | Value Lighting      
Non-cash investing and financing activities:      
Issuance of stock $ 9,702 23,111 9,435
Series D Preferred Stock      
Non-cash investing and financing activities:      
Issuance of stock     $ 62
Series G Preferred Stock      
Non-cash investing and financing activities:      
Issuance of stock   $ 18,000