Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net (loss) income attributable to common stockholders $ (1,603,000) $ 6,011,000
Net income attributable to noncontrolling interests 4,000 126,000
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:    
Depreciation and amortization of property and equipment 2,247,000 1,552,000
Amortization of intangible assets 1,337,000 425,000
Stock-based compensation 505,000 5,024,000
Amortization of original debt issuance discount 131,000 0
Amortization of debt discount 888,000 0
Payment-in-kind interest 299,000 0
Present value adjustment of notes payable 719,000 0
Bad debt (income) expense (5,000) 14,000
Obligations settled with common stock 461,000 274,000
Write-off of disposed assets 906,000 0
Gain on finance lease adjustment (13,000) 0
Loss on changes in fair value of investments 30,000 679,000
Other investment income 0 (954,000)
Changes in operating assets and liabilities:    
Accounts receivable, net (1,449,000) (3,554,000)
Deferred rents receivable 37,000 99,000
Inventory (5,309,000) (1,795,000)
Other current assets (1,497,000) (1,267,000)
Other assets 359,000 (142,000)
Accounts payable 1,138,000 2,024,000
Accrued expenses and other (535,000) 180,000
Income taxes payable (1,874,000) (6,467,000)
Net cash (used in) provided by operating activities (3,224,000) 2,229,000
Cash flows from investing activities:    
Purchases of property and equipment (8,786,000) (7,854,000)
Business acquisitions, net of cash acquired (2,987,000) (12,746,000)
Advances toward future business acquisitions (250,000) (250,000)
Purchases of cannabis licenses (601,000) (330,000)
Issuance of notes receivable (879,000) 0
Proceeds from notes receivable 87,000 73,000
Due from related party (6,000) 0
Net cash used in investing activities (13,422,000) (21,107,000)
Cash flows from financing activities:    
Proceeds from mortgages 29,100,000 0
Principal payments of term loan (600,000) 0
Principal payments of mortgages and promissory notes (429,000) (611,000)
Repayment and retirement of mortgage (778,000) 0
Repayment and retirement of promissory notes (5,503,000) 0
Proceeds from exercise of stock options 35,000 3,000
Principal payments of finance leases (200,000) (102,000)
Redemption of minority interests 0 (2,000,000)
Distributions (81,000) (184,000)
Net cash provided by (used in) financing activities 21,544,000 (2,894,000)
Net increase (decrease) in cash and cash equivalents 4,898,000 (21,772,000)
Cash and equivalents, beginning of year 9,737,000 29,683,000
Cash and cash equivalents, end of period 14,635,000 7,911,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,741,000 647,000
Cash paid for income taxes 6,301,000 11,877,000
Non-cash activities:    
Common stock issued as purchase consideration 2,994,000 1,500,000
Common stock issued to purchase minority interests in certain of the Company's subsidiaries 5,000 0
Conversion of promissory notes to equity 0 400,000
Present value of promissory note issued as purchase consideration 4,569,000 0
Warrants to purchase common stock issued with debt 5,454,000 0
Note payable issued to purchase motor vehicle 109,000 0
Entry into new operating leases 5,366,000 322,000
Entry into new finance leases 1,765,000 519,000
Issuance of common stock associated with subscriptions 41,000 0
Conversion of preferred stock to common stock $ 15,823,000 $ 0