XML 30 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
Supporting Financial Information (Tables)
 9 Months Ended
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounts Receivable
Accounts receivable
 
 
 
 
(in thousands)
 
 
 
 
June 30,
 
September 30,
 
Ref
 
 
2016
 
 
 
2015
 
Billed receivables
 
 
 
$
6,117

 
 
 
$
2,498

 
Unbilled receivables
 
 
 
1,159

 
 
 
788

 
Total accounts receivable
 
 
 
7,276

 
 
 
3,286

 
Less: Allowance for doubtful accounts
(a)
 
 
—

 
 
 
—

 
Accounts receivable, net
 
 
 
$
7,276

 
 
 
$
3,286

 

Ref (a): Accounts receivable are non-interest bearing, unsecured and carried at fair value, which is net of an allowance for doubtful accounts. We evaluate our receivables on a quarterly basis and determine whether an allowance is appropriate based on specific collection issues. Our allowance for doubtful accounts was zero at both June 30, 2016 and September 30, 2015.
Accrued Payroll
Accrued payroll
 
 
 
 
(in thousands)
 
 
 
 
June 30,
 
September 30,
 
Ref
 
 
2016
 
 
 
2015
 
Accrued payroll related to billed receivables
 
 
 
$
2,980

 
 
 
$
2,259

 
Accrued payroll related to unbilled accounts receivable
 
 
 
783

 
 
 
536

 
Total accrued payroll
 
 
 
$
3,763

 
 
 
$
2,795

 
Schedule of Other Current Assets
 
 
 
 
(in thousands)
 
 
 
 
June 30,
 
September 30,
 
Ref
 
 
2016
 
 
 
2015
 
Prepaid insurance and benefits
 
 
 
$
227

 
 
 
$
156

 
Due from seller, net working capital adjustment
 
 
 
452

 
 
 
—

 
Other prepaid expenses
 
 
 
620

 
 
 
273

 
Other current assets
 
 
 
$
1,299

 
 
 
$
429

 
Equipment and Improvemnts, Net
Equipment and improvements, net
 
 
 
 
(in thousands)
 
 
 
 
June 30,
 
September 30,
 
Ref
 
 
2016
 
 
 
2015
 
Furniture and equipment
 
 
 
$
217

 
 
 
$
197

 
Computer equipment
 
 
 
469

 
 
 
162

 
Computer software
 
 
 
404

 
 
 
297

 
Leasehold improvements
 
 
 
66

 
 
 
63

 
Total fixed assets
 
 
 
1,156

 
 
 
719

 
Less accumulated depreciation and amortization
 
 
 
(465
)
 
 
 
(383
)
 
Equipment and improvements, net
(a)
 
 
$
691

 
 
 
$
336

 


Ref (a): Equipment and improvements are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful asset lives (3 to 7) and the shorter of the initial lease term or estimated useful life for leasehold improvements. Maintenance and repair costs are expensed as incurred.
Accounts Payable, Accrued Expenses, and Other Current Liabilities
ccrued expenses and other current liabilities
 
 
 
 
(in thousands)
 
 
 
 
June 30,
 
September 30,
 
Ref
 
 
2016
 
 
 
2015
 
Accounts payable
 
 
 
$
2,983

 
 
 
$
87

 
Accrued benefits
 
 
 
1,152

 
 
 
267

 
Accrued bonus and incentive compensation
 
 
 
160

 
 
 
858

 
Accrued workers compensation insurance
 
 
 
805

 
 
 
945

 
Other accrued expenses
 
 
 
2,616

 
 
 
694

 
Accounts payable, accrued expenses, and other current liabilities
(a)
 
 
$
7,716

 
 
 
$
2,851

 
Long-term Debt Instruments
Debt obligations

 
 
 
 
(in thousands)
 
 
 
 
June 30,
 
September 30,
 
Ref
 
 
2016
 
 
 
2015
 
Bank revolving line of credit
 
 
 
$
813

 
 
 
$
—

 
Bank term loan
 
 
 
24,687

 
 
 
—

 
Gross bank debt obligations
 
 
 
25,500

 
 
 
—

 
Less unamortized debt issuance costs
 
 
 
(1,288
)
 
 
 
—

 
Net bank debt obligation
(a)
 
 
24,212

 
 
 
—

 
Less current portion of bank debt obligations
 
 
 
(4,363
)
 
 
 
—

 
Long term portion of bank debt obligation
 
 
 
19,849

 
 
 
—

 

 
 
 

 
 
 

 
Subordinated debt
 
 
 
2,500

 
 
 
—

 
Less unamortized debt issuance costs
 
 
 
(171
)
 
 
 
—

 
Net subordinated debt
(b)
 
 
2,329

 
 
 
—

 
Total long term debt obligations
 
 
 
$
22,178

 
 
 
$
—

 
 
 
 
 
 
 
 
 
 
 
Ref (a): Maturity of the net bank debt obligation is as follows:
Year 1
 
 
 
$
4,363

 
 
 
$
—

 
Year 2
 
 
 
3,555

 
 
 
—

 
Year 3
 
 
 
3,555

 
 
 
—

 
Year 4
 
 
 
3,555

 
 
 
—

 
Year 5
 
 
 
9,184

 
 
 
—

 
Total net bank debt obligation
 
 
 
$
24,212

 
 
 
$
—

 
 
 
 
 
 
 
 
 
 
 
Ref (b): Required maturity of the subordinated debt is beyond 5 years.
Other Income (Expense)
Other Income (Expense)
 
 
 
(in thousands)
 
(in thousands)
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
June 30,
 
June 30,
 
Ref
 
2016

 
2015

 
2016

 
2015

Interest income (expense), net
(a)
 
$
(206
)
 
$
(23
)
 
$
(206
)
 
$
(72
)
Amortization of deferred financing costs
(b)
 
(50
)
 
—

 
(50
)
 
—

Other income (expense), net
(c)
 
(25
)
 
(11
)
 
(25
)
 
(651
)
Acquisition expense
(d)
 
(93
)
 
—

 
(795
)
 
—

Total other income (expense), net
 
 
$
(374
)
 
$
(34
)
 
$
(1,076
)
 
$
(723
)


Ref (a): Interest expense on borrowing related to acquisition of Danya
Ref (b): Amortizations of expenses related to securing financing to acquire Danya
Ref (c): Prior year reflects a one-time charge related to settlement of the retroactive payment claim in March 2015.
Ref (d): Reflects non-operational expenses related to the acquisition Danya