Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss (including amounts attributable to non-controlling interest) $ (32,325) $ (182,226)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 2,243 7,405
Equity-based compensation expense 284 2,298
Goodwill and indefinite lived intangibles impairment charge 71,360
Definite-lived intangibles impairment charge 50,694
Property and equipment impairment charge 7,336
Change in fair value of contingent consideration 262 509
Write-off of Eyce 2022 Contingent Payment in conjunction with the Amended Eyce APA (267)
Change in provision for credit losses 188 3,311
Gain related to indemnification asset (2,018)
Loss on disposal of fixed assets 118 1,398
Gain on disposal of held-for-sale assets (705)
Gain related to VIBES disposition / deconsolidation (Note 3) (2,062)
Unrealized loss on equity investments 629 1,214
Realized gain on interest rate swap contract (408)
Amortization of deferred financing costs and debt discount 2,820 644
Other (124)
Changes in operating assets and liabilities, net of the effects of acquisitions:    
Decrease in accounts receivable 4,586 4,910
Decrease in inventories 20,113 26,345
Decrease in vendor deposits 2,531 7,899
Decrease (increase) in other current assets 7,769 (2,595)
Decrease in accounts payable (2,770) (6,459)
Decrease in accrued expenses and other liabilities (7,032) (10,944)
Decrease in customer deposits (1,208) (3,941)
Net cash provided by (used in) operating activities (1,793) (26,426)
Cash flows from investing activities:    
Proceeds from VIBES disposition (Note 3) 4,567
Purchase of property and equipment, net (1,007) (2,784)
Proceeds from sale of assets held for sale 9,593
Proceeds from sale of equity investments 1,037 649
Net cash provided by investing activities 30 12,025
Cash flows from financing activities:    
Proceeds from issuance of Class A common stock, net of issuance costs 3,852 21,075
Proceeds from (repayment of) Asset-Based Loan (15,000) 14,550
Proceeds from Secured Bridge Loan, net of costs 2,090
Debt issuance costs (751) (1,472)
Repayment of loan against future accounts receivable (1,721)
Proceeds from future receivables financing 3,894
Payments on Eyce and DaVinci promissory notes (2,133) (3,407)
Payments on Real Estate Note (7,958)
Repayment of Bridge Loan (8,000)
Proceeds from termination of interest rate swap 145
Purchase consideration paid for Eyce and DaVinci acquisition (350) (875)
Other (21) (128)
Net cash (used in) provided by financing activities (10,140) 13,930
Effects of exchange rate changes on cash 190 (210)
Net decrease in cash and cash equivalents (11,713) (681)
Total cash and restricted cash, beginning of period 12,176 12,857
Total cash and restricted cash, end of period 463 12,176
Cash 6,458 12,857
Restricted cash 5,718
Cash 463 6,458
Restricted cash 5,718
Supplemental disclosures of cash flow information    
Cash paid during the period for interest 4,495 2,251
Cash paid during the period for income taxes 76
Cash paid for amounts included in the measurement of lease liabilities 1,353 2,659
Non-cash investing activities and financing activities:    
Issuance of Class A common stock, warrants, and stock options for business acquisitions 3,486
Non-cash purchases of property and equipment 133 909
Decrease in non-controlling interest as a result of exchanges for Class A common stock (7,655)
Decrease in non-controlling interest as a result of VIBES disposition (1,789)
Transfer from contingent consideration to notes payable 1,650
Transfer from accrued expenses to notes payable $ 437