ARCADIA RESOURCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) | |||
Year Ended | |||
March 31, | |||
2010 | 2009 | ||
Operating activities | |||
Net loss for the year | $ (31,086) | $ (46,470) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Provision for doubtful accounts | 1,736 | 4,433 | |
Depreciation of property and equipment | 1,507 | 4,505 | |
Amortization of intangible assets | 722 | 1,850 | |
Goodwill and intangible asset impairment | 14,599 | 26,455 | |
Loss on extinguishment of debt | - | 4,487 | |
Non-cash interest expense | 2,397 | 2,215 | |
(Gain) loss on business disposals | (557) | 1,258 | |
Loss on sale of property and equipment | - | 75 | |
Amortization of deferred financing costs and debt discounts | 332 | 972 | |
Change in fair value of warrant liability | (979) | - | |
Stock-based compensation expense | 1,758 | 1,654 | |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | 3,895 | (856) | |
Inventories | 546 | (1,652) | |
Other assets | 558 | 515 | |
Accounts payable | (596) | 1,278 | |
Accrued expenses | (694) | 7 | |
Due to affiliated agencies | (19) | 81 | |
Deferred revenue | - | (29) | |
Net cash provided by (used in) operating activities | (5,881) | 778 | |
Investing activities | |||
Business acquisitions, net of cash acquired | (281) | (675) | |
Proceeds from business disposal | 9,498 | 670 | |
Increase in restricted cash | (500) | - | |
Purchases of property and equipment | (574) | (1,281) | |
Net cash provided by (used in) investing activities | 8,143 | (1,286) | |
Financing activities | |||
Proceeds from note payable, net of fees | 2,142 | 2,800 | |
Net advances (payments) on lines of credit | (3,550) | (6,416) | |
Payments on notes payable and capital lease obligations | (7,175) | (705) | |
Proceeds from equity financing, net of fees paid in cash of $857 | 10,243 | - | |
Net cash provided by (used in) financing activities | 1,660 | (4,321) | |
Net change in cash and cash equivalents | 3,922 | (4,829) | |
Cash and cash equivalents, beginning of period | 1,522 | 6,351 | |
Cash and cash equivalents, end of period | $ 5,444 | $ 1,522 | |
