AIR INDUSTRIES GROUP AIRI Cash Flow

Air industries group (AIRI)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)
1,058	-1,261	187	-735	-923	-6,579	-3,130	185	-1,468	-16,545	-2,880	-1,972	-1,154	-11,894	-2,047	-252	-1,430	-672	337	-601	104	-670	380	616	341	700	2,534	226	279	793	616	319	820
Adjustments to reconcile net income (loss) to net cash used in in operating activities
Depreciation of property and equipment
656	917	630	789	666	712	721	722	722	697	584	720	722	539	957	947	904	411	1,045	915	719	684	512	616	552	467	441	398	403	460	382	359	356
Bad debt expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	86
Non-cash employee compensation expense
140	27	25	93	233	-15	83	142	83	323	82	0	-73	-	43	56	27	23	23	37	17	17	10	12	3	23	9	6	0	13	45	21	22
Non-cash directors compensation
55	-	-	-	131	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash other income recognized
-92	-84	-89	0	-109	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash interest expense
28	25	27	0	33	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Abandonment of lease
-	-	-	-	-275	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of Right-of-Use Asset
122	118	116	112	124	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred gain on sale of real estate
10	9	10	9	10	9	10	9	10	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Gain) loss on sale of equipment
-16	-94	0	-84	42	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on assets held for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	4,208	-1,327	-127	-691	435	-633	130	-147	-	-	-	-108	389	-1,625	0	0	-	-	-	-
Amortization of debt discount on convertible notes payable
78	-	-	-	194	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of debt discount on convertible notes payable
-	-	-	-	-	-	152	313	275	-	941	427	176	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of intangible assets
-	-	-	-	-	-	-	-	38	43	49	277	304	319	320	320	320	339	309	307	307	291	290	291	291	291	290	291	291	291	318	42	42
Amortization of capitalized engineering costs
-	-	-	-	-	175	181	167	145	145	110	87	81	82	82	93	105	103	87	74	77	69	92	100	114	114	113	102	101	119	115	115	110
Bad debt expense (recovery)
-	-	-	-	-	-	-	-	-	-	-	-	14	271	32	-29	0	-	-	-	-	-	-	-	-93	-119	-184	-118	27	-	-	-	-
Bad debt expense
268	-	-	-	-	-141	53	-133	270	-	-	-	-	-	-	-	-	-	21	16	39	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of deferred financing costs
30	-	-	-	-	54	89	0	69	88	65	59	55	15	71	115	170	62	59	58	25	16	10	5	18	23	16	15	15	10	15	14	13
Deferred gain on sale of real estate
-	-	-	-	-	-	-	-	-	-	-	-	10	9	10	9	10	10	9	9	10	10	9	9	10	10	9	29	-10	66	-9	-9	-10
Gain on sales of subsidiaries
-	-	-	-	-	-	-	-	-	-138	50	-163	451	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in Assets and Liabilities
Adjustments to Lease Impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-106	0	0	53
(Increase) Decrease in Operating Assets:
Accounts receivable
1,033	1,696	-1,396	-322	1,669	-606	-1,152	1,294	1,025	-2,983	133	2,424	-578	-886	-1,430	1,550	-3,850	-205	2,035	-719	-1,202	2,298	-670	-3,629	4,418	-2,064	1,723	-4,625	2,095	5,913	2,373	-1,836	-1,844
Inventory
1,162	-1,706	189	1,476	-364	-2,231	996	-893	733	-296	-347	1,457	-1,719	-3,487	2,549	14	3,826	-1,619	5,856	2,012	2,163	-2,755	1,481	2,326	594	-1,735	-213	2,233	-725	-1,590	-826	424	856
Prepaid expenses and other current assets
6	-121	26	13	115	50	-171	-21	103	-274	119	-228	102	-109	-107	-39	-139	760	58	218	-288	576	-260	17	-89	324	-170	-315	126	133	-60	155	-12
Prepaid taxes
-	-6	-2	0	-41	-	-	-	-	28	-28	-182	-178	-126	-151	151	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income tax receivable
1,416	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deposits and other assets
-76	-452	-5	7	-263	163	-1,073	-78	-124	1,072	-862	-47	-276	49	-199	-35	35	90	-63	0	-45	-	-	-	-1	9	8	-13	130	-121	113	-83	-41
Other Assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	51	-57	47	90	-100	-48	-60	38	19
Increase (Decrease) in Operating Liabilities:
Accounts payable and accrued expenses
1,216	-1,313	-462	1,322	-517	167	-1,715	76	-97	808	-3,194	-520	-621	2,139	1,602	-187	941	-1,472	5,099	-695	661	218	-1,454	-46	705	-530	-696	121	213	-315	-484	-744	9
Operating Lease Liabilities
167	160	151	154	136	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income Taxes Payable
-12	-	-	0	-20	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred rent
-	-	-	-	-	-1	1	2	1	6	11	11	6	72	4	3	3	3	9	8	9	-11	18	19	19	19	18	19	19	11	24	23	24
Deferred revenue
-7	116	-3	2	15	563	2,036	-698	175	130	523	-19	-224	-28	-175	-65	352	65	440	163	-128	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	20	-19	-6	11	14	0	-104	33	-311	-1,388	-342	616	297	-1,201	459	493	435	387	363	223
Customer Deposits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3	251	0	0	0	-	-	-	-
NET CASH USED IN OPERATING ACTIVITIES
-314	-1,158	1,763	235	-1,728	530	208	-1,292	-1,782	3,768	-4,358	-4,296	900	432	-1,235	-789	900	555	-1,225	-1,212	988	-99	-2,316	1,954	-2,338	5,333	-1,305	1,504	3,357	-1,191	2,803	-644	726
CASH FLOWS FROM INVESTING ACTIVITIES
Capitalized engineering costs
-	-	-	-	-	123	83	153	164	261	241	238	245	319	250	182	212	191	115	201	149	88	119	74	54	64	102	107	107	83	47	85	77
Purchase of property and equipment
78	367	318	49	30	635	117	368	144	907	309	209	89	291	112	874	355	597	596	228	143	187	82	115	187	152	90	1	45	588	228	189	54
Proceeds from sale of equipment
-	-	-	-	84	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of subsidiary
-	-	-	-	-	-	-	-	-	0	0	0	4,260	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for acquisitions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,532	0	5,413	4,454	286	4,190	0	-	-	-	-	-	-	-	-
Cash acquired in acquisitions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	17	0	588	-	5	0	0	-	-	-	-	-	-	-	-
Deposit for new property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6	-35	15	101
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES
-78	-367	-318	-133	54	4,714	-200	-521	-308	-1,168	-550	-447	3,926	-610	-362	615	-567	-788	-2,226	-429	-5,117	-4,561	-482	-4,379	-241	-198	-660	-108	-152	-677	-440	-11,689	-232
CASH FLOWS FROM FINANCING ACTIVITIES
Note payable - revolver, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,999	1,772	3,557	-	-	-	-	-	-	-	-	-	-	-	-
Note payable - revolver - net - Sterling National Bank
1,033	-	-	-	-	-	-	-	-	0	0	2,334	1,850	975	2,720	0	0	-3,500	0	0	3,500	6,000	0	1,328	0	-	-	-	-	-	-	-	-
Note payable - revolver - net - PNC
-	-	-1,715	1,099	19	-	817	1,309	1,489	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of note payable - term loans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-95	-214	-450	-450	-450	-450	-450	120	-6,173	4,150	-250
Deferred financing costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-40	12	-334	-	0	-25	0	-	-	-	-	-	-	-	-
Note payable - revolver, net - PNC
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	41	178	174	171	168	165	162	160	157	154	152	149	146
Payments of note payable - term notes - Sterling National Bank
-90	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Note payable - revolver, net
-	-	-	-	-	-	-	-	-	-	-	-	5,545	1,429	1,114	3,126	-458	-	-	-	-	60	-4,624	5,605	-4,183	4,801	-3,296	218	1,914	-1,837	447	-2,994	-403
Payments of note payable - term notes - PNC
-	464	369	369	370	791	369	370	369	370	369	370	2,069	370	369	1,882	563	564	563	563	340	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of future proceeds from disposition of subsidiary
-	0	0	0	800	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transaction costs from sale of future proceeds from disposition of subsidiary
-	0	0	0	3	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of finance lease obligations
7	865	306	309	284	328	312	336	310	464	313	447	173	318	304	291	313	230	220	176	91	-105	76	64	108	97	525	189	185	182	144	143	139
Payments related to Lease Impairment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16	14	14	16	12	17	19	19	20	20	22	23	23	23	27	28
Dividends paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,134	1,134	1,066	-	-	-	-	-	-	-	-	-	-	-	-
Dividends Paid
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-885	-733	-717	-358	-358	0	-	-	-	-
Proceeds from issuance of common stock
984	-	-	-	-	1,000	460	360	1,065	-29	7,762	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred financing costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-24	0	-124	-75	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Costs related to issuance of stock
145	-	-	-	58	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from note payable - related party
-	-	-	-	-	2,000	33	-230	1,000	107	0	1,703	850	1,600	1,500	1,400	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of notes payable issuances- related party
1,012	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of notes payable - third party
100	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of loan payable - financed asset
71	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
NET CASH PROVIDED BY FINANCING ACTIVITIES
592	2,486	-2,469	813	104	-4,149	504	803	2,875	-2,378	4,890	4,126	-5,087	185	2,135	564	-493	-29	3,028	397	5,169	4,510	3,197	2,907	2,705	-5,345	1,781	-1,407	-2,729	1,238	-2,478	12,657	-160
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
200	961	-1,024	915	-1,570	1,095	512	-1,010	785	222	-18	-617	-261	7	538	390	-160	-262	-423	-1,244	1,040	-150	399	482	126	-210	-184	-11	476	-630	-115	324	334
Supplemental cash flow information
Cash paid during the period for interest
205	1,014	500	475	285	456	213	450	390	351	692	349	643	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid during the period for interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	411	505	477	445	417	310	321	214	288	251	253	602	-48	381	1,513	-796	423	437
Cash paid during the period for income taxes
-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0	13	0	0	262	183	483	1,667	258	86	0	1,061	0	0	-	-	-	-
Classification of Assets Held for Sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Liabilities directly associated with assets held for sale
-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fair Value of Tangible Assets acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-7,875	0	8,281	-	-	-	-	-	-	-	-	-	-	-	-
Goodwill
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,403	0	1,963	-	-	-	-	-	-	-	-	-	-	-	-
Liabilities assumed
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,121	0	-1,216	-453	0	0	0	-	-	-	-	-	-	-	-
Fair Value of Tangible Assets acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,637	0	0	0	-	-	-	-	-	-	-	-
Cash paid during the period for income taxes
-	-	-	-	-	-	-	0	2	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	64
Right of Use Asset additions under ASC 842
-	-	0	0	4,368	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Lease Liabilities under ASC 842
-	-	0	0	5,397	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Write-off deferred rent under ASC 842
-	-	0	0	1,165	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock issued in lieu of cash for services
-	-	-	-	-	-	-	-	200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Classification of assets held for sale
-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	9	1,125	1,066	-1,064	184	880	1	358	0	358	0	0	0	0
Acquisition of property and equipment financed by capital lease
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,687	0	124	0	0	0	0	-	-	-	-	-	-	-	-
Issuance of Convertible notes payable - related party
-	-	-	-	-	-	-	-	-	-	0	1,503	382	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock issued for conversion of notes payable and accrued interest
885	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Classification of assets held for sale
-	-	-	-	-	-	-	-	2	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Liabilities directly associated with assets held for sale
-	-	-	-	-	-	-	-	330	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Goodwill
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	635	0	0	0	-	-	-	-	-	-	-	-
Cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	883	0	588	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock issued
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-463	0	-4,203	-290	0	0	0	-	-	-	-	-	-	-	-
Cash paid for acquisition
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	61	0	5,413	4,453	0	0	0	-	-	-	-	-	-	-	-