Who is Williams Industrial

Cash Flow

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net loss $ (56,290) $ (6,762)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Net income from discontinued operations (630) (576)
Deferred income tax provision (benefit) (2,395) 3
Depreciation and amortization on plant, property, and equipment 98 112
Amortization of deferred financing costs 415 415
Amortization of debt discount 100 100
Loss on disposals of property, plant and equipment 86  
Bad debt expense (205) (101)
Stock-based compensation   577
Paid-in-kind interest 883  
Impairment expense 47,900  
Changes in operating assets and liabilities:    
Accounts receivable 10,505 2,137
Contract assets 4,724 (787)
Other current assets 2,478 177
Other assets 1,493 (2,219)
Accounts payable (561) (1,251)
Accrued and other liabilities (1,872) (601)
Contract liabilities (5,603) (1,122)
Net cash provided by (used in) operating activities, continuing operations 1,126 (9,898)
Net cash used in operating activities, discontinued operations (94) (365)
Net cash provided by (used in) operating activities 1,032 (10,263)
Investing activities:    
Proceeds from sale of property, plant and equipment 235  
Purchase of property, plant, and equipment   (438)
Net cash provided by (used in) investing activities 235 (438)
Financing activities:    
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation (90) (163)
Proceeds from short-term borrowings 196,675 144,220
Repayments of short-term borrowings (205,052) (134,673)
Proceeds from long-term debt 6,750  
Repayments of long-term debt   (525)
Net cash (used in) provided by financing activities (1,717) 8,859
Effect of exchange rate change on cash   16
Net change in cash, cash equivalents and restricted cash (450) (1,826)
Cash, cash equivalents and restricted cash, beginning of period 963 2,950
Cash, cash equivalents and restricted cash, end of period 513 1,124
Supplemental Disclosures:    
Cash paid for interest 3,095 $ 2,292
Cash paid for income taxes, net of refunds $ 44  

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