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
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss attributable to common stockholders $ (2,949) $ (1,603)
Net income attributable to noncontrolling interests 18 4
Adjustments to reconcile net loss to cash provided by operating activities:    
Depreciation and amortization of property and equipment 3,946 2,247
Amortization of intangible assets 1,183 1,337
Stock-based compensation 492 505
Amortization of warrants issued to as payment for services received 218 0
Amortization of original debt issuance discount 0 131
Amortization of debt discount 175 1,607
Amortization of debt issuance costs 37 0
Payment-in-kind interest 69 299
Bad debt income (15) (5)
Obligations settled with common stock 2 461
Write-off of disposed assets 36 906
Gain on finance lease adjustment 0 (13)
Loss on changes in fair value of investments 144 30
Changes in operating assets and liabilities:    
Accounts receivable, net (530) (1,449)
Deferred rents receivable 37 37
Inventory (5,833) (5,309)
Other current assets 930 (1,497)
Other assets 1,919 359
Accounts payable 3,607 1,138
Accrued expenses and other 955 (535)
Income taxes payable 1,954 (1,874)
Net cash provided by (used in) operating activities 6,395 (3,224)
Cash flows from investing activities:    
Purchases of property and equipment (8,336) (8,786)
Business acquisitions, net of cash acquired (4,250) (2,987)
Advances toward future business acquisitions (485) (250)
Purchases of cannabis licenses (623) (601)
Issuance of notes receivable 0 (879)
Proceeds from notes receivable 13 87
Due from related party (128) (6)
Net cash used in investing activities (13,809) (13,422)
Cash flows from financing activities:    
Proceeds from term loan 0 29,100
Proceeds from Construction to Permanent Commercial Real Estate Mortgage Loan 2,948 0
Proceeds from mortgages 1,163 0
Principal payments of term loan 0 (600)
Principal payments of mortgages (138) (404)
Repayment and retirement of mortgages 0 (778)
Principal payments of promissory notes (253) (25)
Repayment and retirement of promissory notes 0 (5,503)
Proceeds from exercise of stock options 0 35
Principal payments of finance leases (676) (200)
Distributions (83) (81)
Net cash provided by financing activities 2,961 21,544
Net increase in cash and cash equivalents (4,453) 4,898
Cash and equivalents, beginning of year 14,645 9,737
Cash and cash equivalents, end of period 10,192 14,635
Supplemental disclosure of cash flow information:    
Cash paid for interest 3,042 2,741
Cash paid for income taxes 877 6,301
Non-cash activities:    
Common stock issued as purchase consideration 991 2,994
Present value of promissory notes issued as purchase consideration 3,000 4,569
Warrants to purchase common stock issued with debt 0 5,454
Notes payable issued to purchase motor vehicles 0 109
Entry into new operating leases 0 5,366
Entry into new finance leases 1,389 1,765
Issuance of common stock associated with subscriptions 0 41
Conversion of preferred stock to common stock 0 15,823
Adjustment to purchase price allocation to reclassify certain acquired intangible assets to goodwill $ 3,819 $ 0