Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
9 Months Ended |
Mar. 31, 2020 |
Dec. 31, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2020 |
Mar. 31, 2019 |
Sep. 30, 2019 |
| Cash flows from operating activities: |
|
|
|
|
|
|
|
| Net income |
$ (72,000)
|
$ 1,045,000
|
$ 1,773,000
|
$ 1,275,000
|
$ 973,000
|
$ 3,048,000
|
$ 6,910,000
|
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
|
48,000
|
44,000
|
|
| Deferred income taxes |
|
|
|
|
241,000
|
305,000
|
|
| Impairment of consumer receivables acquired for liquidation |
|
|
|
|
23,000
|
|
|
| Stock based compensation |
|
|
|
|
|
7,000
|
|
| Unrealized (gain)loss on equity securities |
|
|
|
|
162,000
|
(21,000)
|
|
| Provision/ (recoveries) for bad debts – personal injury claims |
|
|
|
|
(59,000)
|
158,000
|
|
| Loss from equity method investment |
53,000
|
|
56,000
|
|
57,000
|
86,000
|
|
| Changes in: |
|
|
|
|
|
|
|
| Prepaid and income taxes receivable |
|
|
|
|
196,000
|
(3,109,000)
|
|
| Due from third party collection agencies and attorneys |
|
|
|
|
238,000
|
87,000
|
|
| Accounts receivable |
|
|
|
|
54,000
|
(209,000)
|
|
| Settlement receivable |
|
|
|
|
|
(223,000)
|
|
| Other assets |
|
|
|
|
(619,000)
|
(449,000)
|
|
| Other liabilities |
|
|
|
|
627,000
|
(648,000)
|
|
| Right of use assets |
|
|
|
|
182,000
|
|
|
| Right of use liabilities |
|
|
|
|
(180,000)
|
|
|
| Income taxes payable |
|
|
|
|
(396,000)
|
|
11,319,000
|
| Net cash provided by (used in) operating activities |
|
|
|
|
1,547,000
|
(924,000)
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
| Principal collected on receivables acquired for liquidation |
|
|
|
|
411,000
|
1,026,000
|
|
| Purchase of available for sale debt securities and investments in equity securities |
|
|
|
|
(97,248,000)
|
(38,474,000)
|
|
| Proceeds from sale of available for sale debt securities |
|
|
|
|
97,569,000
|
30,480,000
|
|
| Proceeds from note receivable |
|
|
|
|
|
482,000
|
|
| Proceeds from settlement receivable |
|
|
|
|
801,000
|
925,000
|
|
| Personal injury claims - advances |
|
|
|
|
(116,000)
|
|
|
| Personal injury claims - receipts |
|
|
|
|
1,656,000
|
3,957,000
|
|
| Change in equity method investment |
|
|
|
|
|
(61,000)
|
|
| Capital expenditures |
|
|
|
|
|
(112,000)
|
|
| Net cash (used in) provided by investing activities |
|
|
|
|
3,073,000
|
(1,777,000)
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
| Net cash provided by financing activities |
|
|
|
|
|
|
|
| Foreign currency effect on cash |
|
|
|
|
54,000
|
111,000
|
|
| Net increase (decrease) in cash and cash equivalents |
|
|
|
|
4,674,000
|
(2,590,000)
|
|
| Cash and cash equivalents at beginning of period |
|
$ 4,308,000
|
|
$ 6,284,000
|
4,308,000
|
6,284,000
|
|
| Cash and cash equivalents at end of period |
$ 8,982,000
|
|
$ 3,694,000
|
|
8,982,000
|
3,694,000
|
$ 4,308,000
|
| Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
| Cash paid for: Income taxes |
|
|
|
|
700,000
|
4,000,000
|
|
| Initial recognition of right of use assets |
|
|
|
|
$ 636,000
|
|
|