Investor Relations

Financials

v3.20.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 782 $ 342
Restricted cash 1,351
Accounts receivable, net 742 1,449
Other current assets 649 1,575
Assets of discontinued operations 157,677
Total current assets 3,531 161,043
Investment in single-family residential properties    
Land 48,264
Buildings 181,564
Total investment in single-family residential properties 229,828
Property and equipment, net 1,038 3,247
Operating lease right-of-use assets 1,038
Total assets 235,435 164,290
Current liabilities:    
Accounts payable 2,986 3,402
Accrued expenses and other current liabilities 12,836 4,964
Operating lease liabilities, current portion 557
Financing lease liabilities, current portion 69
Senior note payable, current portion, net of original issue discount and deferred financing costs 34,322
Convertible notes payable, net of original issue discount and deferred financing costs 4,147 4,498
Merchant credit agreements, net of original issue discount and deferred financing costs 2,102
Notes payable, current portion, net of original issue discount and deferred financing costs 29,839 3,639
Notes payable, Benchmark Sellers, current portion, net of original issue discount and deferred financing costs 25,049 13,397
Notes payable, related party, current portion, net of original issue discount 10,750
Debt derivative liability 4,169 8,038
Warrant derivative liability 6,689 3,558
Liabilities of discontinued operations 115,408
Total current liabilities 97,091 193,328
Notes payable and financing leases, non-current portion, net of original issue discount and deferred financing costs 62,962 1,268
Notes payable, Benchmark Sellers, non-current portion, net of original issue discount and deferred financing costs 29,153
Notes payable, related party, non-current portion, net of original issue discount and deferred financing costs 230
Operating lease liabilities, non-current portion 482
Financing lease liabilities, non-current portion 44
Total liabilities 160,809 223,749
Commitments and contingencies (Note 17)
Stockholders' equity (deficit):    
Preferred stock; $0.01 par value, 5,000,000 shares authorized:
Common stock, $0.001 par value, 100,000,000 shares authorized 21,218,464 and 12,286,847 shares issued and outstanding at December 31, 2019 and 2018, respectively 21 12
Additional paid-in capital 131,366 113,881
Shares to be issued 133,311 1,280
Accumulated deficit (190,072) (174,632)
Total stockholders' equity (deficit) 74,626 (59,459)
Total liabilities and stockholders' equity (deficit) 235,435 164,290
Series A Convertible Preferred Stock [Member]    
Stockholders' equity (deficit):    
Preferred stock; $0.01 par value, 5,000,000 shares authorized:
Series A-1 Convertible Preferred Shares [Member]    
Stockholders' equity (deficit):    
Preferred stock; $0.01 par value, 5,000,000 shares authorized:
Series I Convertible Preferred Shares [Member]    
Stockholders' equity (deficit):    
Preferred stock; $0.01 par value, 5,000,000 shares authorized:

Source

v3.20.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Income Statement [Abstract]    
Revenue, net of discounts $ 7,518 $ 15,103
Cost of revenues 7,540 13,720
Gross (deficit) profit (22) 1,383
Operating expenses    
Compensation expense 6,869 28,583
Selling, general and administrative expenses 14,065 31,103
Loss (gain) on sale of asset 399 (13)
Loss on lease termination (Note 9) 3,708
Total operating expenses 25,041 59,673
Operating loss (25,063) (58,290)
Other income (expenses)    
Interest expense (10,355) (9,067)
Amortization of deferred financing costs and debt discount (27,173) (48,248)
(Loss) gain on debt derivative (1,602) 17,177
Change in warrant fair value (426) 11,678
(Loss) on issuance of debt (67) (5,391)
Gain on troubled debt restructuring 5,028
Gain on senior lender foreclosure 31,538
Extinguishment (loss) gain (1,287) 26,718
Other (expense) income, net (287) (129)
Total other income (expenses), net (4,631) (7,262)
Loss from continuing operations before income taxes (29,694) (65,552)
Income taxes expense
Net loss from continuing operations (29,694) (65,552)
Discontinued operations, net of tax 14,254 18,960
Net loss (15,440) (46,592)
Preferred stock dividends (80) (80)
Net loss attributable to common shareholders $ (15,520) $ (46,672)
Basic and diluted income (loss) per common share    
Continuing operations $ (1.57) $ (8.53)
Discontinued operations 0.75 2.47
Net loss per common share $ (0.82) $ (6.06)
Weighted average number of common shares outstanding    
Basic and diluted 18,964,886 7,688,796

Source

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (15,440) $ (46,592)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation expense 1,562 934
Amortization of intangible assets 6,759 8,004
Amortization of debt discount and deferred financing costs 27,172 52,259
Provision for bad debts (101) (351)
Gain on disposal of assets - foreclosure (31,538)
Loss on sale and disposal of asset 399 3,310
Payment in-kind interest- convertible debt 860 2,167
Payment in-kind interest, Benchmark Sellers 2,711 1,730
Share-based compensation 1,388 18,438
Common shares issued for board of director fees 248 533
Common shares issued for convertible note modifications, amendments, redemption agreements and settlements 805
Common shares issued for consulting services 8,686
Loss on issuance of convertible debt 67 5,319
Prepayment and late fee penalties on convertible note payments 2,728 1,078
Loss on debt conversion and repayment 3,741
Gain on troubled debt restructuring, net (5,028)
Gain on extinguishment of debt (35,425)
Gain on extinguishment of Benchmark Sellers notes (530)
(Loss) gain on merchant credit and note payable settlement, net (288) 987
(Gain) loss on warrant derivative liability 426 (11,678)
Loss (gain) on convertible derivative liability 1,601 (17,177)
Loss on lease termination 3,708
Accrued dividends, preferred stock (80) (80)
Benefit from deferred income taxes 1,591
Changes in operating assets and liabilities:    
Decrease (increase) in receivables 16,580 (11,998)
Decrease (increase) in cost and estimated earnings in excess of billings on uncompleted contracts 6,210 (3,530)
Net decrease in other current assets 871 3,229
Net (decrease) increase in accounts payable and accrued liabilities (28,853) 36,120
Increase in due to related party 25
Net cash (used in) provided by operating activities (4,297) 17,854
Cash flows from investing activities:    
Net cash paid for US Home Rentals asset acquisition (250)
Net cash received from US Home Rentals asset acquisition 109
Net restricted cash received from US Home Rentals asset acquisition 1,351
Purchase of property and equipment (22) (631)
Cash transferred to Benchmark Builders upon foreclosure (8,029)
Net cash used in investing activities (6,841) (631)
Cash flows from financing activities:    
Proceeds from issuance of convertible notes 550 15,226
Payments on convertible notes (952) (5,947)
Proceeds from issuance of merchant credit agreements 2,755 17,356
Payments on merchant credit agreements (13,957) (47,545)
Proceeds from issuance of notes payable, net 5,835 650
Payments on notes payable, financing leases and settlement notes (3,850) (1,981)
Proceeds from issuance of senior note payable, net 12,632 2,115
Payment of Benchmark Seller notes (7,541)
Payments on notes payable - related parties (16) (420)
Proceeds from sale of common stock 7,370
Proceeds from exercise of warrants 562
Payment of deferred financing costs (1,889) (540)
Net cash provided by (used in) financing activities 1,108 (20,695)
Net decrease in cash and cash equivalents (10,030) (3,472)
Cash and cash equivalents at beginning of year 12,170 15,642
Cash and cash equivalents at the end of year 2,140 12,170
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,114 5,083
Cash paid for income taxes
Non-cash investing and financing activities:    
Debt issued for US Home Rentals asset acquisition 85,507
Related party debt issued for acquisition of US Home Rentals asset acquisition 10,980
Preferred Series I shares to be issued for acquisition of US Home Rentals asset acquisition 117,782
Common shares to be issued for acquisition of US Home Rentals asset acquisition 15,529
Common shares issued for convertible note conversions 3,045 16,338
Common shares issued for convertible note inducement 94 2,156
Common shares issued to noteholder for debt discount 7,009 1,097
Common shares issued for note payable and other accrued debt conversions and inducement 613 853
Common shares issued for cashless warrant exercise   1,256
Common shares issued to investors held in shares to be issued 1,280
Common shares issued for debt modification 156
Note payable issued for settlement of convertible notes 5,012
Note payable issued for settlement of litigation 60
Debt discount and deferred financing costs from issuance of merchant credit agreements 1,535 34,602
Debt discount and deferred financing costs from issuance of convertible notes payable 591 2,082
Debt discount from warrant and conversion derivative liability 2,264 14,647
Debt discount and deferred financing costs from issuance of notes payable 166 741
Issuance of notes payable and financing leases for the purchase of fixed assets 25
Receivable from merchant credit agreement overdraw 131 885
Senior lender accrued interest converted to principal 2,816
Effect of adopting the new leasing standard 2,242
Notes payable classification from related party $ 48,169

Source

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