|
Consolidated Statements of Cash Flows (Unaudited) (USD $)
|
3 Months Ended |
4 Months Ended |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2013
Successor [Member]
|
Apr. 30, 2013
RMG [Member]
|
Apr. 19, 2013
Predecessor [Member]
|
Jul. 31, 2012
Predecessor [Member]
|
| Cash flows from operating activities |
|
|
|
|
| Net income (loss) |
$ (7,274,477) |
$ (7,216,166) |
$ (2,553,556) |
$ 1,347,738 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
| Change in warrant liability |
3,920,000 |
2,733,334 |
|
|
| Non-cash stock issuance |
|
2,200,000 |
|
|
| Cancellation of non-cash stock issuance |
|
(1,200,000) |
|
|
| Interest capitalized as debt |
60,000 |
|
|
|
| Depreciation and amortization |
1,292,276 |
8,139 |
140,293 |
651,362 |
| Deferred tax provision (benefit) |
|
|
(12,294) |
(88,087) |
| Other non-cash expense (income), net |
|
|
(2,054) |
(4,590) |
| Changes in operating assets and liabilities: |
|
|
|
|
| Accounts receivable |
(4,412,699) |
(335,961) |
2,846,332 |
936,316 |
| Inventory |
(74,919) |
|
(488,722) |
747,248 |
| Other current assets |
211,440 |
(38,929) |
(154,529) |
76,503 |
| Other assets, net |
(1,073) |
|
12,572 |
38,241 |
| Accounts payable |
1,708,576 |
45,078 |
(2,978,808) |
(1,034,332) |
| Accrued liabilities |
362,830 |
(358,726) |
(765,937) |
136,008 |
| Deferred revenue |
330,532 |
|
(372,579) |
(55,387) |
| Net cash (used in) provided by operating activities |
(3,877,514) |
(4,163,231) |
(4,329,282) |
2,751,020 |
| Cash flows from investing activities |
|
|
|
|
| Purchases of property and equipment |
(172,244) |
|
(86,470) |
(205,272) |
| Net cash used in investing activities |
(381,323) |
(64,486,749) |
(86,470) |
(205,272) |
| Cash flows from financing activities |
|
|
|
|
| Proceeds from Trust Account |
|
80,010,661 |
|
|
| Payment for public shares tendered |
|
(45,512,280) |
|
|
| Proceeds from debt |
|
34,000,000 |
|
|
| Proceeds from stock issuance |
|
5,000,000 |
|
|
| Proceeds from sponsor notes payable |
|
635,000 |
|
|
| Payment of sponsor note payable |
|
(295,000) |
|
|
| Payment of stockholder note payable |
|
(200,000) |
|
|
| Loan origination fees |
|
(980,000) |
|
|
| Repayments of debt |
(600,000) |
|
|
|
| Net cash (used in) provided by financing activities |
(600,000) |
72,658,381 |
|
|
| Effect of exchange rate changes on cash |
13,157 |
|
(121,144) |
49,450 |
| Net increase (decrease) in cash and cash equivalents |
(4,845,680) |
4,008,401 |
(4,536,896) |
2,595,198 |
| Cash and cash equivalents, beginning of period |
10,824,943 |
1,150,269 |
10,203,169 |
3,836,691 |
| Cash and cash equivalents, end of period |
5,979,263 |
5,158,670 |
5,666,273 |
6,431,889 |
| Supplemental disclosures of cash flow information: |
|
|
|
|
| Cash paid during the year for interest |
|
|
2,053 |
7,236 |
| Cash paid during the year for income taxes |
|
|
150,000 |
234,000 |
| Deferred Underwriters’ fees |
|
$ 500,000 |
|
|