Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss attributable to common stockholders $ (12,164) $ (16,031)
Net income attributable to noncontrolling interests 37 24
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 7,910 5,549
Amortization of intangible assets 2,948 3,025
Stock-based compensation 1,050 1,020
Amortization of warrants issued as payment for services received 218 0
Amortization of original debt issuance discount 0 232
Amortization of debt discount 358 2,851
Amortization of debt issuance costs 73 0
Payment-in-kind interest 104 366
Bad debt (income) expense (336) 118
Obligations settled with common stock 10 465
Loss on disposal of assets 13 906
Gain on finance lease adjustment 0 (31)
Writedown of prepaid purchase consideration 0 200
Loss on extinguishment of debt 0 10,431
Loss on changes in fair value of investments 145 76
Changes in operating assets and liabilities:    
Accounts receivable, net (1,207) (3,160)
Inventory (8,182) (5,829)
Deferred rents receivable 74 74
Other current assets 883 4,500
Other assets 1,421 (356)
Accounts payable 4,188 2,375
Accrued expenses and other 1,754 (1,840)
Income taxes payable 7,488 2,945
Net cash provided by operating activities 6,785 7,910
Cash flows from investing activities:    
Purchases of property and equipment (11,960) (20,130)
Business acquisitions, net of cash acquired (4,250) (2,987)
Advances toward future business acquisitions (100) (1,125)
Purchases of investments 0 (261)
Purchases and renewals of cannabis licenses (712) (626)
Issuance of notes receivable 0 (879)
Proceeds from notes receivable 50 99
Return on investment 44 0
Proceeds from disposal of assets 22 0
Due from third party (227) (76)
Net cash used in investing activities (17,133) (25,985)
Cash flows from financing activities:    
Proceeds from term loan 0 29,100
Proceeds from Construction to Permanent Commercial Real Estate Mortgage Loan 5,077 53,618
Proceeds from mortgages 1,163 0
Payment of third-party debt issuance costs in connection with debt 0 (3,339)
Principal payments of term loan 0 (1,800)
Repayment and retirement of term loan, including paid-in-kind interest 0 (28,541)
Payment of penalties on early retirement of debt 0 (4,251)
Principal payments of mortgages (382) (585)
Repayment and retirement of mortgages 0 (12,595)
Principal payments of promissory notes (1,177) (2,370)
Repayment and retirement of promissory notes 0 (5,503)
Proceeds from exercise of stock options 0 109
Principal payments of finance leases (1,557) (702)
Distributions (139) (158)
Net cash provided by financing activities 2,985 22,983
Net (decrease) increase to cash and cash equivalents (7,363) 4,908
Cash and cash equivalents at beginning of year 14,645 9,737
Cash and cash equivalents at end of year 7,282 14,645
Supplemental disclosure of cash flow information:    
Cash paid for interest 6,689 5,654
Cash paid for income taxes 877 6,419
Non-cash activities:    
Common stock issued to purchase property and equipment 0 300
Present value of promissory notes issued as purchase consideration 3,000 4,569
Entry into new operating leases 0 5,604
Entry into new finance leases 2,881 3,235
Writeoff of finance leases 1,112 0
Common stock issued as purchase consideration 991 2,994
Common stock issued to purchase minority interest in a subsidiary of the Company 0 5
Warrants to issue 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
Common stock issued to settle obligations 0 160
Common stock issued under licensing agreement 10 5
Issuance of common stock associated with subscriptions 0 41
Conversion of preferred stock to common stock 0 18,725
Conversion of notes receivable to omnibus long-lived asset 0 10,233
Return of common stock to the Company in connection with withholding taxes 41 0
Adjustment to purchase price allocation to reclassify certain acquired intangible assets to goodwill $ 3,819 $ 0