Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net income attributable to common stockholders $ 13,468 $ 7,225
Less: Net income attributable to noncontrolling interests 146 399
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 3,432 2,098
Amortization of intangible assets 1,282 690
Stock-based compensation 6,338 13,440
Amortization of standalone warrant issuances 0 776
Amortization of warrants attached to debt 0 539
Amortization of beneficial conversion feature 0 177
Amortization of original issue discount 0 52
Bad debt expense 3,752 1,862
Obligations settled with common stock 696 1,108
Loss on obligations settled with equity 0 3
Gain on sale of investment 0 (309)
Loss on changes in fair value of investments 1,082 1,107
Other investment income (954) 0
Changes in operating assets and liabilities:    
Accounts receivable (6,902) (4,697)
Deferred rents receivable 132 262
Inventory (5,383) (2,937)
Other current assets (5,219) (868)
Other assets (126) (17)
Accounts payable 1,027 105
Accrued expenses and other (482) (732)
Income taxes payable (4,978) 15,572
Net cash provided by operating activities 7,311 35,855
Cash flows from investing activities:    
Purchases of property and equipment (12,140) (17,874)
Business acquisitions, net of cash acquired (12,847) 0
Advances toward future business acquisitions (800) 0
Acquisition of interest in subsidiary 0 (10)
Purchases of cannabis licenses (601) (692)
Proceeds from sale of investment 0 1,475
Proceeds from notes receivable 173 477
Due from related parties (29) 0
Net cash used in investing activities (26,244) (16,624)
Cash flows from financing activities:    
Proceeds from issuance of preferred stock 0 23,000
Equity issuance costs 0 (387)
Proceeds from issuance of promissory notes 0 35
Principal payments of mortgages and promissory notes (1,537) (16,424)
Proceeds from mortgages 3,000 2,700
Proceeds from exercise of stock options 10 39
Proceeds from exercise of warrants 0 93
Repayment of loans from related parties 0 (1,158)
Principal payments of finance leases (227) (35)
Redemption of minority interests (2,000) 0
Distributions (259) (410)
Net cash (used in) provided by financing activities (1,013) 7,453
Net (decrease) increase to cash and cash equivalents (19,946) 26,684
Cash and cash equivalents at beginning of year 29,683 2,999
Cash and cash equivalents at end of year 9,737 29,683
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,744 1,975
Cash paid for income taxes 14,567 621
Non-cash activities:    
Trade receivables converted to notes receivable 750 7,844
Purchases of property and equipment with common stock 300 705
Conversion of promissory notes 400 3,821
Promissory note issued as purchase consideration 4,348 0
Entry into new operating leases 661 466
Entry into new finance leases 794 0
Conversion of debentures payable 0 1,356
Common stock issued as purchase consideration 2,212 975
Common stock issued to settle obligations 275 51
Common stock issued under licensing agreement 121 0
Issuance of common stock associated with subscriptions 0 5
Return of common stock to the Company $ 0 $ 10