Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income attributable to common stockholders $ 8,717,000 $ 13,733,000
Less: Net income attributable to noncontrolling interests 142,000 289,000
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization of property and equipment 2,469,000 1,499,000
Amortization of intangible assets 854,000 518,000
Stock-based compensation 6,396,000 7,152,000
Amortization of standalone warrant issuances 0 776,000
Amortization of warrants attached to debt 0 539,000
Amortization of beneficial conversion feature 0 177,000
Amortization of original issue discount 0 52,000
Bad debt expense 54,000 1,855,000
Obligations settled with common stock 637,000 375,000
Loss on obligations settled with equity 0 3,000
Gain on sale of investment 0 (309,000)
Loss on changes in fair value of investments 930,000 937,000
Other investment income (954,000) 0
Changes in operating assets and liabilities:    
Accounts receivable, net (4,856,000) (3,886,000)
Deferred rents receivable 111,000 192,000
Inventory (4,215,000) (4,163,000)
Other current assets (1,973,000) (1,641,000)
Other assets (113,000) (17,000)
Accounts payable 2,372,000 2,098,000
Accrued expenses and other (193,000) 8,069,000
Income taxes payable (4,804,000) 0
Net cash provided by operating activities 5,574,000 28,248,000
Cash flows from investing activities:    
Purchases of property and equipment (9,985,000) (14,649,000)
Business acquisitions, net of cash acquired (12,746,000) 0
Advances toward future business acquisitions (800,000) 0
Purchases of cannabis licenses (330,000) (638,000)
Proceeds from sale of investment 0 1,475,000
Proceeds from notes receivable 130,000 407,000
Net cash used in investing activities (23,731,000) (13,405,000)
Cash flows from financing activities:    
Proceeds from issuance of preferred stock 0 23,000,000
Equity issuance costs 0 (387,000)
Proceeds from issuance of promissory notes 0 35,000
Principal payments of mortgages and promissory notes (1,033,000) (16,248,000)
Proceeds from mortgages 3,000,000 2,700,000
Proceeds from exercise of stock options 10,000 31,000
Proceeds from exercise of warrants 0 93,000
Repayment of loans from related parties 0 (1,158,000)
Principal payments of finance leases (166,000) (26,000)
Redemption of minority interests (2,000,000) 0
Distributions (224,000) (301,000)
Net cash (used in) provided by financing activities (413,000) 7,739,000
Net (decrease) increase in cash and cash equivalents (18,570,000) 22,582,000
Cash and equivalents, beginning of year 29,683,000 2,999,000
Cash and cash equivalents, end of period 11,113,000 25,581,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,120,000 1,705,000
Cash paid for income taxes 12,582,000 419,000
Non-cash activities:    
Stock issued as purchase consideration 1,500,000 0
Conversion of promissory notes 400,000 3,346,000
Conversion of debentures payable 0 1,356,000
Acquisition of interest in subsidiary 0 975,000
Purchases of property and equipment with stock 0 705,000
Operating lease right-of-use assets and liabilities 378,000 466,000
Finance lease right-of-use assets and liabilities 781,000 0
Common stock issued to settle obligations 0 51,000
Return of stock 0 10,000
Issuance of common stock associated with subscriptions 0 5,000
Cashless exercise of warrants 235,000 180,000
Cashless exercise of stock options $ 200,000 $ 53,000