Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

v3.5.0.2
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jul. 02, 2016
Jan. 02, 2016
Current assets:    
Cash and cash equivalents $ 2,249 $ 1,969
Accounts receivable, net of allowance of $28 and $73, respectively 6,656 11,536
Inventories 15,932 16,733
Income taxes receivable 242 1,126
Other current assets 1,073 1,350
Deferred income tax assets 1,301 1,657
Total current assets 27,453 34,371
Property and equipment, net 10,566 10,985
Restricted cash 500 500
Other assets 583 596
Deferred income tax assets 244 327
Total assets (a) [1] 39,346 46,779
Current liabilities:    
Accounts payable 7,427 7,019
Accrued expenses 8,241 8,934
Line of credit 7,786 12,668
Current maturities of long-term obligations 2,803 1,251
Total current liabilities 26,257 29,872
Long-term obligations, less current maturities 3,270 4,506
Other noncurrent liabilities 402 357
Total liabilities (a) [1] 29,929 34,735
Commitments and contingencies
Shareholders' equity:    
Common Stock, no par value; 10,000 shares authorized; issued and outstanding: 5,951 shares and 5,901 shares, respectively 21,607 21,466
Accumulated deficit (12,132) (9,577)
Accumulated other comprehensive loss (522) (565)
Total shareholders' equity 8,953 11,324
Noncontrolling interest 464 720
Total equity 9,417 12,044
Total liabilities and shareholders' equity $ 39,346 $ 46,779
[1] (a) Assets of ARCA Advanced Processing, LLC (AAP), our consolidated variable interest entity that can only be used to settle obligations of AAP were $8,443 and $8,856 as of July 2, 2016 and January 2, 2016, respectively. Liabilities of AAP for which creditors do not have recourse to the general credit of Appliance Recycling Centers of America, Inc. were $3,414 and $2,838 as of July 2, 2016 and January 2, 2016, respectively.