Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities:    
Net income (loss) $ 10,659 $ (4,012)
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition:    
Depreciation and amortization 5,862 5,673
Gain on lease settlement, net (307) 0
Gain on bargain purchase of acquisition (1,507) 0
Impairment charges 525 3,222
(Gain) Loss on disposal of property and equipment 0 1,063
Charge off and amortization of debt issuance cost 471 283
Stock based compensation expense 86 142
Warrant extension fair value adjustment 462 128
Amortization of right of use assets 1,461 0
Deferred rent 0 274
Change in reserve for uncollectible accounts 421 (589)
Change in reserve for obsolete inventory (139) 665
Change in deferred income taxes 4,069 (1,648)
Change in other 133 (399)
Changes in assets and liabilities:    
Trade receivables (951) 1,985
Inventories 12,308 7,160
Prepaid expenses and other current assets 0 931
Deposits and other assets 128 193
Accounts payable (9,387) (444)
Accrued liabilities 3,526 4,412
Income taxes payable 971 14
Net cash provided by operating activities 28,791 19,053
Investing activities:    
Purchase of intangible assets (4) (222)
Proceeds from the sale of property and equipment 0 2,701
Purchases of property and equipment (3,882) (2,379)
Net cash provided by (used in) investing activities (8,776) 100
Financing activities:    
Net borrowings (payments) under revolver loans (5,974) (7,034)
Payments of debt issuance costs 0 (223)
Purchase of Series E preferred treasury stock (3) 0
Proceeds from issuance of notes payable 4,768 913
Purchase of common treasury stock (1,660) (888)
Proceeds from (payments of) related party notes payable 2,000 (661)
Payments on notes payable (12,709) (11,321)
Debtor in possession cash (134) 0
Net cash used in financing activities (13,712) (19,214)
Net increase (decrease) in cash and cash equivalents, including restricted cash 6,303 (61)
Cash and cash equivalents, including restricted cash, beginning of period 2,681 2,742
Cash and cash equivalents, including restricted cash, end of period 8,984 2,681
Supplemental cash flow disclosures:    
Interest paid 4,445 5,805
Income taxes refunded, net 30 43
Lonesome Oak    
Investing activities:    
Payment for acquisition (550) 0
Precision Marshall    
Investing activities:    
Payment for acquisition $ (4,340) $ 0