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 ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net (loss) income attributable to common stockholders $ (5,862) $ 8,717
Net (loss) income attributable to noncontrolling interests (6) 142
Adjustments to reconcile net (loss) income to cash provided by operating activities:    
Depreciation and amortization of property and equipment 3,838 2,469
Amortization of intangible assets 2,181 854
Stock-based compensation 801 6,396
Amortization of original debt issuance discount 206 0
Amortization of debt discount 1,840 0
Payment-in-kind interest 301 0
Present value adjustment of notes payable 719 0
Bad debt (income) expense (127) 54
Obligations settled with common stock 463 637
Write-off of disposed assets 906 0
Gain on finance lease adjustment (31) 0
(Gain) loss on changes in fair value of investments (16) 930
Write-down of prepaid purchase consideration 200 0
Other investment income 0 (954)
Changes in operating assets and liabilities:    
Accounts receivable, net (2,065) (4,856)
Deferred rents receivable 55 111
Inventory (4,728) (4,215)
Other current assets 2,040 (1,973)
Other assets (300) (113)
Accounts payable 1,868 2,372
Accrued expenses and other (132) (193)
Income taxes payable 2,525 (4,804)
Net cash provided by operating activities 4,676 5,574
Cash flows from investing activities:    
Purchases of property and equipment (14,749) (9,985)
Business acquisitions, net of cash acquired (2,987) (12,746)
Advances toward future business acquisitions (250) (800)
Purchases of investments (187) 0
Purchases of cannabis licenses (626) (330)
Issuance of notes receivable (879) 0
Proceeds from notes receivable 99 130
Due from related party (58) 0
Net cash used in investing activities (19,637) (23,731)
Cash flows from financing activities:    
Proceeds from term loan 29,100 0
Payment of third-party debt issuance costs in connection with term loan (1,798) 0
Principal payments of term loan (1,500) 0
Principal payments of mortgages and promissory notes (519) (1,033)
Repayment and retirement of mortgage (778) 0
Repayment and retirement of promissory notes (5,503) 0
Proceeds from mortgages 0 3,000
Proceeds from exercise of stock options 109 10
Principal payments of finance leases (500) (166)
Redemption of minority interests 0 (2,000)
Distributions (128) (224)
Net cash provided by (used in) financing activities 18,483 (413)
Net increase (decrease) in cash and cash equivalents 3,522 (18,570)
Cash and equivalents, beginning of year 9,737 29,683
Cash and cash equivalents, end of period 13,259 11,113
Supplemental disclosure of cash flow information:    
Cash paid for interest 4,766 1,120
Cash paid for income taxes 6,904 12,582
Non-cash activities:    
Common stock issued as purchase consideration 2,994 1,500
Common stock issued to purchase minority interests in certain of the Company's subsidiaries 5 0
Conversion of promissory notes to equity 0 400
Present value of promissory note issued as purchase consideration 4,569 0
Warrants to purchase common stock issued with debt 5,454 0
Liability recorded for building improvements 1,997 0
Notes payable issued to purchase motor vehicles 158 0
Entry into new operating leases 5,366 378
Entry into new finance leases 2,309 781
Issuance of common stock associated with subscriptions 41 0
Conversion of preferred stock to common stock $ 18,725 $ 0