UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2020
or
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-39334
Progenity, Inc.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
27-3950390 |
|
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
|
|
|
|
|
4330 La Jolla Village Drive, Suite 200, San Diego, CA |
|
92122 |
|
(Address of principal executive offices) |
|
(Zip Code) |
(855) 293-2639
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
|
|
|
Common Stock, par value $0.001 per share |
|
PROG |
|
The Nasdaq Global Market |
|
|
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☐ Yes ☒ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
|
☐ |
|
Accelerated filer |
|
☐ |
|
Non-accelerated filer |
|
☒ |
|
Small reporting company |
|
☐ |
|
Emerging growth company |
|
☒ |
|
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
As of July 31, 2020, the registrant had 46,548,035 shares of common stock, par value $0.001 per share, outstanding.
INDEX
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Item 1. |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets - As of June 30, 2020, and December 31, 2019 |
|
1 |
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Operations - Three and Six Months Ended June 30, 2020, and 2019 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
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|
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Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2020, and 2019 |
|
5 |
|
|
|
|
|
|
|
|
|
|
7 |
|
|
|
|
|
|
|
|
Item 2. |
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|
29 |
|
|
|
|
|
|
|
Item 3. |
|
|
44 |
|
|
|
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Item 4. |
|
|
44 |
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||||
|
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|
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Item 1. |
|
|
45 |
|
|
|
|
|
|
|
|
Item 1A. |
|
|
49 |
|
|
|
|
|
|
|
|
Item 2. |
|
|
97 |
|
|
|
|
|
|
|
|
Item 6. |
|
|
98 |
|
|
|
|
|
|
|
|
|
99 |
|||
TRADEMARKS AND CERTAIN TERMS
In this Quarterly Report on Form 10-Q, “Progenity,” “we,” “us” and “our” refer to Progenity, Inc., and our wholly-owned subsidiaries on a consolidated basis, unless the context otherwise provides.
Progenity® is a registered service mark of Progenity. Any other brand names or trademarks appearing in this Quarterly Report on Form 10-Q are the property of their respective holders.
i
PROGENITY, INC.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
|
|
|
June 30, 2020 |
|
|
December 31, 2019 |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
113,613 |
|
|
$ |
33,042 |
|
|
Accounts receivable, net |
|
|
14,382 |
|
|
|
22,189 |
|
|
Inventory |
|
|
10,246 |
|
|
|
10,937 |
|
|
Income tax receivable |
|
|
15,596 |
|
|
|
634 |
|
|
Prepaid expenses and other current assets |
|
|
6,130 |
|
|
|
7,846 |
|
|
Total current assets |
|
|
159,967 |
|
|
|
74,648 |
|
|
Property and equipment, net |
|
|
15,725 |
|
|
|
15,891 |
|
|
Other assets |
|
|
198 |
|
|
|
198 |
|
|
Goodwill |
|
|
6,219 |
|
|
|
6,219 |
|
|
Other intangible assets, net |
|
|
4,307 |
|
|
|
4,771 |
|
|
Total assets |
|
$ |
186,416 |
|
|
$ |
101,727 |
|
|
Liabilities and Stockholders' Deficit |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
15,679 |
|
|
$ |
15,754 |
|
|
Accrued expenses and other current liabilities |
|
|
78,410 |
|
|
|
83,615 |
|
|
Current portion of mortgages payable |
|
|
247 |
|
|
|
241 |
|
|
Current portion of capital lease obligations |
|
|
516 |
|
|
|
727 |
|
|
Total current liabilities |
|
|
94,852 |
|
|
|
100,337 |
|
|
Capital lease obligations, net of current portion |
|
|
156 |
|
|
|
358 |
|
|
Mortgages payable, net of current portion |
|
|
2,950 |
|
|
|
3,081 |
|
|
Note payable to related party, net of unamortized discount of $5,930 and $6,034 as of June 30, 2020 and December 31, 2019, respectively |
|
|
69,071 |
|
|
|
68,966 |
|
|
Other long-term liabilities |
|
|
36,547 |
|
|
|
12,859 |
|
|
Total liabilities |
|
$ |
203,576 |
|
|
$ |
185,601 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
Stockholders' deficit: |
|
|
|
|
|
|
|
|
|
Common stock – $0.001 par value. 350,000,000 and 300,000,000 shares authorized as of June 30, 2020 and December 31, 2019, respectively; 50,022,606 and 8,451,415 shares issued as of June 30, 2020 and December 31, 2019, respectively; 46,548,035 and 4,976,843 shares outstanding as of June 30, 2020 and December 31, 2019, respectively |
|
|
50 |
|
|
|
9 |
|
|
Series A Preferred Stock – $0.001 par value. 4,120,000 shares authorized, issued and outstanding as of December 31, 2019; no shares authorized, issued and outstanding as of June 30, 2020 |
|
|
— |
|
|
|
4 |
|
|
Series B Preferred Stock – $0.001 par value. 126,035,000 shares authorized as of December 31, 2019; 101,867,405 shares issued and outstanding as of December 31, 2019, respectively. No shares authorized, issued and outstanding as of June 30, 2020 |
|
|
— |
|
|
|
102 |
|
|
Additional paid-in capital |
|
|
420,242 |
|
|
|
283,260 |
|
|
Accumulated deficit |
|
|
(418,681 |
) |
|
|
(348,478 |
) |
|
Treasury stock – at cost; 3,474,572 shares of common stock as of June 30, 2020 and December 31, 2019 |
|
|
(18,771 |
) |
|
|
(18,771 |
) |
|
Total stockholders' deficit |
|
|
(17,160 |
) |
|
|
(83,874 |
) |
|
Total liabilities and stockholders' deficit |
|
$ |
186,416 |
|
|
$ |
101,727 |
|
See accompanying notes to unaudited condensed consolidated financial statements.
1
Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
||||
|
Revenues |
|
$ |
17,266 |
|
|
$ |
57,230 |
|
|
$ |
34,094 |
|
|
$ |
104,737 |
|
|
Cost of sales |
|
|
21,835 |
|
|
|
26,113 |
|
|
|
48,405 |
|
|
|
50,534 |
|
|
Gross profit (loss) |
|
|
(4,569 |
) |
|
|
31,117 |
|
|
|
(14,311 |
) |
|
|
54,203 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
12,234 |
|
|
|
16,463 |
|
|
|
23,474 |
|
|
|
31,711 |
|
|
Selling and marketing |
|
|
12,736 |
|
|
|
14,680 |
|
|
|
27,172 |
|
|
|
30,247 |
|
|
General and administrative |
|
|
17,181 |
|
|
|
14,272 |
|
|
|
34,289 |
|
|
|
28,550 |
|
|
Total operating expenses |
|
|
42,151 |
|
|
|
45,415 |
|
|
|
84,935 |
|
|
|
90,508 |
|
|
Loss from operations |
|
|
(46,720 |
) |
|
|
(14,298 |
) |
|
|
(99,246 |
) |
|
|
(36,305 |
) |
|
Interest expense |
|
|
(2,507 |
) |
|
|
(2,282 |
) |
|
|
(4,809 |
) |
|
|
(4,551 |
) |
|
Interest and other income (expense), net |
|
|
(3,556 |
) |
|
|
171 |
|
|
|
(3,576 |
) |
|
|
428 |
|
|
Loss before income taxes |
|
|
(52,783 |
) |
|
|
(16,409 |
) |
|
|
(107,631 |
) |
|
|
(40,428 |
) |
|
Income tax benefit |
|
|
— |
|
|
|
— |
|
|
|
(37,696 |
) |
|
|
— |
|
|
Net loss |
|
|
(52,783 |
) |
|
|
(16,409 |
) |
|
|
(69,935 |
) |
|
|
(40,428 |
) |
|
Dividend paid to preferred stockholders |
|
|
(268 |
) |
|
|
— |
|
|
|
(268 |
) |
|
|
(3,652 |
) |
|
Net loss attributable to common stockholders |
|
$ |
(53,051 |
) |
|
$ |
(16,409 |
) |
|
$ |
(70,203 |
) |
|
$ |
(44,080 |
) |
|
Net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(6.11 |
) |
|
$ |
(3.34 |
) |
|
$ |
(10.26 |
) |
|
$ |
(9.16 |
) |
|
Weighted average number of shares outstanding used in calculating net loss per share attributable to common stockholders, basic and diluted |
|
|
8,687,250 |
|
|
|
4,915,485 |
|
|
|
6,840,321 |
|
|
|
4,811,143 |
|
See accompanying notes to unaudited condensed consolidated financial statements.
2
Condensed Consolidated Statements of Stockholders’ Deficit
(In thousands, except share data)
(Unaudited)
|
|
|
Common Stock |
|
|
Series A and A-1 Preferred Stock |
|
|
Series B Preferred Stock |
|
|
Additional Paid-In |
|
|
Accumulated |
|
|
Treasury Stock |
|
|
Total Stockholders' |
|
|||||||||||||||||||||||
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Shares |
|
|
Amount |
|
|
Deficit |
|
|||||||||||
|
Balance at December 31, 2019 |
|
|
8,451,415 |
|
|
$ |
9 |
|
|
|
4,120,000 |
|
|
$ |
4 |
|
|
|
101,867,405 |
|
|
$ |
102 |
|
|
$ |
283,260 |
|
|
$ |
(348,478 |
) |
|
|
(3,474,572 |
) |
|
$ |
(18,771 |
) |
|
$ |
(83,874 |
) |
|
Issuance of common stock upon exercise of options |
|
|
56,729 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
103 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
103 |
|
|
Issuance of Series B Preferred Stock, net of issuance cost |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,033,796 |
|
|
|
6 |
|
|
|
14,066 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,072 |
|
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,057 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,057 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,152 |
) |
|
|
— |
|
|
|
— |
|
|
|
(17,152 |
) |
|
Balance at March 31, 2020 |
|
|
8,508,144 |
|
|
$ |
9 |
|
|
|
4,120,000 |
|
|
$ |
4 |
|
|
|
107,901,201 |
|
|
$ |
108 |
|
|
$ |
299,486 |
|
|
$ |
(365,630 |
) |
|
|
(3,474,572 |
) |
|
$ |
(18,771 |
) |
|
$ |
(84,794 |
) |
|
Issuance of common stock upon exercise of options |
|
|
20,880 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
45 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
45 |
|
|
Issuance of common stock upon initial public offering, net |
|
|
6,666,667 |
|
|
|
7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
88,658 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
88,665 |
|
|
Issuance of Series B Preferred Stock, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,444,444 |
|
|
|
4 |
|
|
|
9,929 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,933 |
|
|
Automatic conversion of preferred stock |
|
|
33,443,562 |
|
|
|
33 |
|
|
|
(4,120,000 |
) |
|
|
(4 |
) |
|
|
(112,345,645 |
) |
|
|
(112 |
) |
|
|
83 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Issuance of common stock upon conversion of debt |
|
|
1,250,000 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,749 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,750 |
|
|
Issuance of Stock Purchase Warrant |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
268 |
|
|
|
(268 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Issuance of common stock upon vesting of restricted stock unit awards |
|
|
133,353 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,024 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,024 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(52,783 |
) |
|
|
— |
|
|
|
— |
|
|
|
(52,783 |
) |
|
Balance at June 30, 2020 |
|
|
50,022,606 |
|
|
$ |
50 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
420,242 |
|
|
$ |
(418,681 |
) |
|
|
(3,474,572 |
) |
|
$ |
(18,771 |
) |
|
$ |
(17,160 |
) |
3
Condensed Consolidated Statements of Stockholders’ Deficit
(In thousands, except share data)
(Unaudited)
|
|
|
Common Stock |
|
|
Series A and A-1 Preferred Stock |
|
|
Series B Preferred Stock |
|
|
Additional Paid-In |
|
|
Accumulated |
|
|
Treasury Stock |
|
|
Total Stockholders' |
|
|||||||||||||||||||||||
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Shares |
|
|
Amount |
|
|
Deficit |
|
|||||||||||
|
Balance at December 31, 2018 |
|
|
8,112,581 |
|
|
$ |
8 |
|
|
|
5,620,000 |
|
|
$ |
6 |
|
|
|
14,164,306 |
|
|
$ |
14 |
|
|
$ |
124,244 |
|
|
$ |
(142,469 |
) |
|
|
(3,474,572 |
) |
|
$ |
(18,771 |
) |
|
$ |
(36,968 |
) |
|
Adoption of accounting standard |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23,666 |
|
|
|
— |
|
|
|
— |
|
|
|
23,666 |
|
|
Issuance of common stock upon exercise of options |
|
|
268,549 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
322 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
322 |
|
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
555 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
555 |
|
|
Dividends paid |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,500 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,500 |
) |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(24,019 |
) |
|
|
— |
|
|
|
— |
|
|
|
(24,019 |
) |
|
Balance at March 31, 2019 |
|
|
8,381,130 |
|
|
$ |
8 |
|
|
|
5,620,000 |
|
|
$ |
6 |
|
|
|
14,164,306 |
|
|
$ |
14 |
|
|
$ |
125,121 |
|
|
$ |
(147,322 |
) |
|
|
(3,474,572 |
) |
|
$ |
(18,771 |
) |
|
$ |
(40,944 |
) |
|
Issuance of common stock upon exercise of options |
|
|
15,936 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
120 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
120 |
|
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
597 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
597 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(16,409 |
) |
|
|
— |
|
|
|
— |
|
|
|
(16,409 |
) |
|
Balance at June 30, 2019 |
|
|
8,397,066 |
|
|
$ |
8 |
|
|
|
5,620,000 |
|
|
$ |
6 |
|
|
|
14,164,306 |
|
|
$ |
14 |
|
|
$ |
125,838 |
|
|
$ |
(163,731 |
) |
|
|
(3,474,572 |
) |
|
$ |
(18,771 |
) |
|
$ |
(56,636 |
) |
See accompanying notes to unaudited condensed consolidated financial statements.
4
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
|
|
Six Months Ended June 30, |
|
|||||
|
|
|
2020 |
|
|
2019 |
|
||
|
Operating Activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(69,935 |
) |
|
$ |
(40,428 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
Non-cash revenue reserve |
|
|
23,729 |
|
|
513 |
|
|
|
Depreciation and amortization |
|
|
2,501 |
|
|
|
2,303 |
|
|
Stock-based compensation expense |
|
|
5,081 |
|
|
|
1,152 |
|
|
Loss on extinguishment of convertible note |
|
|
3,401 |
|
|
|
— |
|
|
Amortization of debt discount |
|
|
1,330 |
|
|
|
802 |
|
|
Inventory write-down |
|
|
7 |
|
|
|
64 |
|
|
Loss on disposal of property and equipment |
|
|
18 |
|
|
|
— |
|
|
Change in fair value of derivative liability |
|
|
126 |
|
|
|
— |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
7,808 |
|
|
|
(3,565 |
) |
|
Inventory |
|
|
685 |
|
|
|
(2,494 |
) |
|
Income tax receivable |
|
|
(14,961 |
) |
|
|
5,795 |
|
|
Prepaid expenses and other current assets |
|
|
674 |
|
|
|
(3,680 |
) |
|
Other assets |
|
|
— |
|
|
|
(62 |
) |
|
Accounts payables |
|
|
380 |
|
|
|
3,011 |
|
|
Accrued expenses and other liabilities |
|
|
(5,879 |
) |
|
|
(805 |
) |
|
Other long-term liabilities |
|
|
632 |
|
|
|
(132 |
) |
|
Net cash used in operating activities |
|
|
(44,403 |
) |
|
|
(37,526 |
) |
|
Investing Activities: |
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(1,627 |
) |
|
|
(1,753 |
) |
|
Purchases of short-term investments |
|
|
— |
|
|
|
(11,214 |
) |
|
Proceeds from sale of short-term investments |
|
|
— |
|
|
|
31,414 |
|
|
Proceeds from sale of equity method investment |
|
|
— |
|
|
|
50 |
|
|
Net cash (used in) provided by investing activities |
|
|
(1,627 |
) |
|
|
18,497 |
|
|
Financing Activities: |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock, net |
|
|
90,937 |
|
|
|
442 |
|
|
Proceeds from issuance of Series B Preferred Stock, net |
|
|
21,307 |
|
|
|
— |
|
|
Proceeds from issuance of convertible note, net |
|
|
14,895 |
|
|
|
— |
|
|
Dividends paid |
|
|
— |
|
|
|
(4,500 |
) |
|
Principal payments on mortgages payable |
|
|
(125 |
) |
|
|
(114 |
) |
|
Principal payments on capital lease obligations |
|
|
(413 |
) |
|
|
(599 |
) |
|
Net cash provided by (used in) financing activities |
|
|
126,601 |
|
|
|
(4,771 |
) |
|
Net increase (decrease) in cash and cash equivalents |
|
|
80,571 |
|
|
|
(23,800 |
) |
|
Cash and cash equivalents at beginning of period |
|
|
33,042 |
|
|
|
49,005 |
|
|
Cash and cash equivalents at end of period |
|
$ |
113,613 |
|
|
$ |
25,205 |
|
See accompanying notes to unaudited condensed consolidated financial statements.
5
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
|
|
Six Months Ended June 30, |
|
|||||
|
|
|
Six Months Ended |
|
|
June 30, 2019 |
|
||
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
1,901 |
|
|
$ |
3,749 |
|
|
Cash paid for income taxes |
|
|
54 |
|
|
|||