Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net (loss) income (including amounts attributable to non-controlling interests) $ (29,847) $ 2,391
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 1,980 1,013
Reversal of tax receivable agreement liability (5,721) 0
Change in deferred tax asset, net 10,879 0
Unrealized gain on equity investment (1,537) 0
Equity-based compensation expense 6,083 0
Change in fair value of convertible notes 12,063 0
Provision for doubtful accounts 91 228
Provision for slow moving or obsolete inventory 6 (20)
Loss (income) from equity method investments in associated entities 0 66
Other 37 3
Changes in operating assets and liabilities, net of the effects of acquisitions:    
Accounts receivable, net 1,396 (4,347)
Vendor deposits (778) (4,115)
Inventories (15,770) (13,295)
Deferred offering costs 2,284 0
Other current assets (1,720) (2,845)
Accounts payable (13,182) 12,143
Accrued expenses 740 3,693
Payments of operating leases (547) 0
Net cash used in operating activities (33,543) (5,085)
Cash flows from investing activities:    
Acquisitions, net of cash acquired (1,283) 785
Purchases of property and equipment, net (1,268) (532)
Purchase of intangible assets, net (58) (71)
Investment in equity securities (500) 0
Net cash (used in) provided by investing activities (3,109) 182
Cash flows from financing activities:    
Proceeds from issuance of convertible notes 8,050 0
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting costs 83,003 0
Payment of debt issuance costs - convertible notes (1,734) 0
Payments of debt issuance costs 0 (166)
Payments on long-term debt 0 (565)
Proceeds from notes payable 0 52
Payments on notes payable (125) 0
Proceeds from - line of credit, net 0 7,716
Payments of finance lease obligations (62) (72)
Deferred offering costs paid (3,523) 0
Redemption of Class A and Class B units of Greenlane Holdings, LLC (3,019) 0
Member distributions (897) (1,007)
Net cash provided by financing activities 81,693 5,958
Effects of exchange rate changes on cash 158 (20)
Net increase in cash 45,199 1,035
Cash, as of beginning of the period 7,341 2,080
Cash, as of end of the period 52,540 3,115
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during the period for interest 862 296
Cash paid during the period for income taxes 401 328
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows for operating leases 547 687
Operating cash flows for finance leases 18 2
Financing cash flows for finance leases 62 72
Non-cash investing activities and financing activities:    
Conversion of convertible notes to Class A common stock 60,313 0
Redeemable Class B Units issued for acquisition of a subsidiary 6,664 8,890
Deferred offering costs included in accounts payable and accrued expenses 0 1,141
Leased assets obtained in exchange for new finance lease liabilities 88 244
Leased assets obtained in exchange for new operating lease liabilities $ 2,973 $ 0