v3.25.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss attributable to common stockholders $ (9,853) $ (4,200)
Net income attributable to noncontrolling interests 38 34
Adjustments to reconcile net loss to cash provided by operating activities:    
Depreciation and amortization of property and equipment 6,036 5,749
Amortization of intangible assets 2,592 2,065
Stock-based compensation 1,478 772
Amortization of warrants issued as payment for services received 0 218
Amortization of debt discount 339 265
Amortization of debt issuance costs 54 55
Payment-in-kind interest 30 151
Bad debt expense (income) 1,522 (131)
Obligations settled with common stock 3 7
Loss (gain) on disposal of assets 245 (20)
Loss on changes in fair value of investments 0 145
Changes in operating assets and liabilities:    
Accounts receivable, net 973 9
Deferred rents receivable 12 55
Inventory (2,933) (9,669)
Other current assets (270) 404
Other assets (2,707) 1,434
Accounts payable (2,690) 4,220
Accrued expenses and other 2,903 2,786
Deferred revenue 283 240
Income taxes payable 6,211 2,609
Net cash provided by operating activities 4,266 7,198
Cash flows from investing activities:    
Purchases of property and equipment (1,134) (10,902)
Business combinations, net of cash acquired, and asset purchases 231 (4,250)
Advances toward future business combinations and asset purchases (50) 0
Purchases and renewals of cannabis licenses (301) (663)
Proceeds from notes receivable 26 13
Return on investment 0 44
Proceeds from disposal of assets 45 22
Due from third party 0 (197)
Net cash used in investing activities (1,183) (15,933)
Cash flows from financing activities:    
Proceeds from Construction to Permanent Commercial Real Estate Mortgage Loan 0 5,077
Proceeds from mortgages 2,000 1,163
Payment of third-party debt issuance costs in connection with debt (9) 0
Principal payments of mortgages (1,105) (207)
Repayment and retirement of mortgages (689) 0
Principal payments of promissory notes (2,876) (783)
Principal payments of finance leases (975) (1,252)
Distributions (115) (120)
Net cash (used in) provided by financing activities (3,769) 3,878
Net decrease in cash and cash equivalents (686) (4,857)
Cash and equivalents, beginning of year 7,282 14,645
Cash and cash equivalents, end of period 6,596 9,788
Supplemental disclosure of cash flow information:    
Cash paid for interest 5,193 4,901
Cash paid for income taxes 72 877
Non-cash activities:    
Common stock issued as purchase consideration 0 991
Present value of promissory notes issued as purchase consideration 0 3,000
Notes payable issued to purchase property and equipment 447 396
Entry into new finance leases 1,264 2,816
Write-off of finance leases (1,112)
Conversion of preferred stock to common stock 4,275 15
Return of stock to the Company in connection with withholding taxes 52 0
Adjustment to purchase price allocation to reclassify certain acquired intangible assets to goodwill $ 0 $ 3,819

Source

10-Q XBRL Zip