Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net (loss) income attributable to common stockholders $ (16,031) $ 13,468
Net income attributable to noncontrolling interests 24 146
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 5,549 3,432
Amortization of intangible assets 3,025 1,282
Stock-based compensation 1,020 6,338
Amortization of original debt issuance discount 232 0
Amortization of debt discount 2,851 0
Payment-in-kind interest 366 0
Present value adjustment of notes payable 0 0
Bad debt expense 118 3,752
Obligations settled with common stock 465 696
Write-off of disposed assets 906 0
Gain on finance lease adjustment (31) 0
Write-down of prepaid purchase consideration 200 0
Loss on extinguishment of debt 10,431 0
Loss on changes in fair value of investments 76 1,082
Other investment income 0 (954)
Changes in operating assets and liabilities:    
Accounts receivable, net (3,160) (6,902)
Inventory (5,829) (5,383)
Deferred rents receivable 74 132
Other current assets 4,500 (5,219)
Other assets (356) (126)
Accounts payable 2,375 1,027
Accrued expenses and other (1,840) (482)
Income taxes payable 2,945 (4,978)
Net cash provided by operating activities 7,910 7,311
Cash flows from investing activities:    
Purchases of property and equipment (20,130) (12,140)
Business acquisitions, net of cash acquired (2,987) (12,847)
Advances toward future business acquisitions (1,125) (800)
Purchases of investments (261) 0
Purchases of cannabis licenses (626) (601)
Issuance of notes receivable (879) 0
Proceeds from notes receivable 99 173
Due from related parties (76) (29)
Net cash used in investing activities (25,985) (26,244)
Cash flows from financing activities:    
Proceeds from term loan 29,100 0
Proceeds from Construction to Permanent Commercial Real Estate Mortgage Loan 53,618 0
Proceeds from mortgages 0 3,000
Payment of third-party debt issuance costs in connection with debt (3,339) 0
Principal payments of term loan (1,800) 0
Repayment and retirement of term loan, including paid-in-kind interest (28,541) 0
Payment of penalties on early retirement of debt (4,251) 0
Principal payments of mortgages (585) (945)
Repayment and retirement of mortgages (12,595) 0
Principal payments of promissory notes (2,370) (592)
Repayment and retirement of promissory notes (5,503) 0
Proceeds from exercise of stock options 109 10
Principal payments of finance leases (702) (227)
Redemption of minority interests 0 (2,000)
Distributions (158) (259)
Net cash provided by (used in) financing activities 22,983 (1,013)
Net increase (decrease) to cash and cash equivalents 4,908 (19,946)
Cash and cash equivalents at beginning of year 9,737 29,683
Cash and cash equivalents at end of year 14,645 9,737
Supplemental disclosure of cash flow information:    
Cash paid for interest 5,654 1,744
Cash paid for income taxes 6,419 14,567
Non-cash activities:    
Trade receivables converted to notes receivable 0 750
Common stock issued to purchase property and equipment 300 300
Conversion of promissory notes to equity 0 400
Present value of promissory notes issued as purchase consideration 4,569 4,348
Entry into new operating leases 5,604 661
Entry into new finance leases 3,235 794
Common stock issued as purchase consideration 2,994 2,212
Common stock issued to purchase minority interest in a subsidiary of the Company 5 0
Warrants to issue common stock issued with debt 5,454 0
Notes payable issued to purchase motor vehicles 158 0
Common stock issued to settle obligations 160 275
Common stock issued under licensing agreement 5 121
Issuance of common stock associated with subscriptions 41 0
Conversion of preferred stock to common stock 18,725 0
Conversion of notes receivable to omnibus long-lived asset 10,233 0
Liability recorded for building improvements $ 1,997 $ 0