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 ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net (loss) income attributable to common stockholders $ (645,000) $ 4,188,000
Less: Net (loss) income attributable to noncontrolling interests (19,000) 53,000
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities:    
Depreciation and amortization of property and equipment 986,000 702,000
Amortization of intangible assets 557,000 140,000
Stock-based compensation 208,000 2,471,000
Amortization of original issue discount 55,000 0
Amortization of debt discount 328,000 0
Payment-in-kind interest 118,000 0
Present value adjustment of notes payable 719,000 0
Bad debt (income) expense (44,000) 14,000
Obligations settled with common stock 1,000 274,000
Write-off of disposed assets 906,000 0
Gain on finance lease adjustment (13,000) 0
Loss (gain) on changes in fair value of investments 20,000 (48,000)
Other investment income 0 (954,000)
Changes in operating assets and liabilities:    
Accounts receivable, net (132,000) (1,810,000)
Deferred rents receivable 18,000 92,000
Inventory (3,246,000) (2,470,000)
Other current assets 639,000 (739,000)
Other assets 19,000 0
Accounts payable (1,961,000) 3,212,000
Accrued expenses and other (207,000) (227,000)
Income taxes payable (2,806,000) 3,592,000
Net cash (used in) provided by operating activities (4,499,000) 8,490,000
Cash flows from investing activities:    
Purchases of property and equipment (3,052,000) (4,015,000)
Business acquisitions, net of cash acquired (2,995,000) 0
Advances toward future business acquisitions (300,000) (100,000)
Purchases of cannabis licenses (601,000) (305,000)
Proceeds from notes receivable 43,000 43,000
Due from related party (20,000) 0
Net cash used in investing activities (6,925,000) (4,377,000)
Cash flows from financing activities:    
Proceeds from issuance of term loan 29,100,000 0
Principal payments of mortgages and promissory notes (212,000) (176,000)
Repayment of promissory notes (5,503,000) 0
Proceeds from exercise of stock options 0 3,000
Principal payments of finance leases (69,000) (55,000)
Distributions (34,000) (101,000)
Net cash provided by (used in) financing activities 23,282,000 (329,000)
Net increase in cash and cash equivalents 11,858,000 3,784,000
Cash and equivalents, beginning of year 9,737,000 29,683,000
Cash and cash equivalents, end of period 21,595,000 33,467,000
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,100,000 302,000
Cash paid for income taxes 5,296,000 68,000
Non-cash activities:    
Common stock issued as purchase consideration 2,994,000 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 49,000 0
Entry into new operating leases 5,366,000 0
Entry into new finance leases 224,000 514,000
Issuance of common stock associated with subscriptions $ 39,000 $ 0