Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss attributable to common stockholders $ (3,960) $ (5,862)
Net income (loss) attributable to noncontrolling interests 34 (6)
Adjustments to reconcile net loss to cash provided by operating activities:    
Depreciation and amortization of property and equipment 5,749 3,838
Amortization of intangible assets 2,065 2,181
Stock-based compensation 772 801
Amortization of warrants issued as payment for services received 218 0
Amortization of original debt issuance discount 0 206
Amortization of debt discount 265 2,559
Amortization of debt issuance costs 55 0
Payment-in-kind interest 151 301
Bad debt income (131) (127)
Obligations settled with common stock 7 463
(Gain) loss on disposal of assets (20) 906
Gain on finance lease adjustment 0 (31)
Write-down of prepaid purchase consideration 0 200
Loss (gain) on changes in fair value of investments 145 (16)
Changes in operating assets and liabilities:    
Accounts receivable, net 9 (2,065)
Deferred rents receivable 55 55
Inventory (9,669) (4,728)
Other current assets 404 2,040
Other assets 1,434 (300)
Accounts payable 4,220 1,868
Accrued expenses and other 2,786 (132)
Income taxes payable 2,609 2,525
Net cash provided by operating activities 7,198 4,676
Cash flows from investing activities:    
Purchases of property and equipment (10,902) (14,749)
Business combinations, net of cash acquired, and asset purchases (4,250) (2,987)
Advances toward future business combinations and asset purchases 0 (250)
Purchases of investments 0 (187)
Purchases and renewals of cannabis licenses (663) (626)
Issuance of notes receivable 0 (879)
Proceeds from notes receivable 13 99
Return on investment 44 0
Proceeds from disposal of assets 22 0
Due from related party (197) (58)
Net cash used in investing activities (15,933) (19,637)
Cash flows from financing activities:    
Proceeds from term loan 0 29,100
Proceeds from Construction to Permanent Commercial Real Estate Mortgage Loan 5,077 0
Proceeds from mortgages 1,163 0
Payment of third-party debt issuance costs in connection with debt 0 (1,798)
Principal payments of term loan 0 (1,500)
Principal payments of mortgages (207) (489)
Repayment and retirement of mortgages 0 (778)
Principal payments of promissory notes (783) (30)
Repayment and retirement of promissory notes 0 (5,503)
Proceeds from exercise of stock options 0 109
Principal payments of finance leases (1,252) (500)
Distributions (120) (128)
Net cash provided by financing activities 3,878 18,483
Net (decrease) increase in cash and cash equivalents (4,857) 3,522
Cash and equivalents, beginning of year 14,645 9,737
Cash and cash equivalents, end of period 9,788 13,259
Supplemental disclosure of cash flow information:    
Cash paid for interest 4,901 4,766
Cash paid for income taxes 877 6,904
Non-cash activities:    
Common stock issued as purchase consideration 991 2,994
Common stock issued to purchase minority interests in certain of the Company's subsidiaries 0 5
Present value of promissory notes issued as purchase consideration 3,000 4,569
Warrants to purchase common stock issued with debt 0 5,454
Liability recorded for building improvements 0 1,997
Notes payable issued to purchase property and equipment 396 158
Entry into new operating leases 0 5,366
Entry into new finance leases 2,816 2,309
Write-off of finance leases 1,112 0
Return of stock to the Company 15 0
Issuance of common stock associated with subscriptions 0 41
Conversion of preferred stock to common stock 0 18,725
Adjustment to purchase price allocation to reclassify certain acquired intangible assets to goodwill $ 3,819 $ 0