v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss (including amounts attributable to non-controlling interest) $ (36,844) $ (29,847)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,959 1,980
Reversal of tax receivable agreement liability 0 (5,721)
Change in deferred tax asset, net 0 10,879
Equity-based compensation expense 182 6,083
Unrealized gain on equity investment 0 (1,537)
Goodwill impairment charge 8,996 0
Change in fair value of contingent consideration (719) 0
Change in fair value of convertible notes 0 12,063
Change in provision for doubtful accounts 766 91
Loss on disposal of assets 569 0
Other 242 37
Changes in operating assets and liabilities, net of the effects of acquisitions:    
Decrease in accounts receivable 886 1,396
Decrease (increase) in inventories 6,140 (15,764)
Decrease (increase) in vendor deposits 2,543 (778)
Decrease (increase) in deferred offering costs 0 2,284
(Increase) in other current assets (6,217) (1,720)
Increase (decrease) in accounts payable 6,653 (13,182)
Increase in accrued expenses 9,558 465
(Decrease) in customer deposits (670) (272)
Net cash used in operating activities (3,756) (33,543)
Cash flows from investing activities:    
Purchase consideration paid for acquisitions, net of cash acquired (1,841) (1,283)
Purchases of property and equipment, net (1,438) (1,268)
Purchase of intangible assets (300) (58)
Investment in equity securities 0 (500)
Net cash used in investing activities (3,579) (3,109)
Cash flows from financing activities:    
Proceeds from issuance of convertible notes 0 8,050
Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting costs 0 83,003
Payment of debt issuance costs - convertible notes 0 (1,734)
Deferred offering costs paid 0 (3,523)
Redemption of Class A and Class B units of Greenlane Holdings, LLC 0 (3,019)
Member distributions 0 (897)
Other (310) (187)
Net cash (used in) provided by financing activities (310) 81,693
Effects of exchange rate changes on cash (135) 158
Net (decrease) increase in cash (7,780) 45,199
Cash, as of beginning of the period 47,773 7,341
Cash, as of end of the period 39,993 52,540
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows for operating leases 1,193 547
Lease liabilities arising from obtaining finance lease assets 272 88
Lease liabilities arising from obtaining operating lease right-of-use assets 331 2,973
Non-cash investing and financing activities:    
Conversion of convertible debt to Class A common stock 0 60,313
Redeemable Class B Units issued for acquisition of a subsidiary, net of issuance costs 0 6,664
Issuance of Class A common stock for the acquisition of Conscious Wholesale 1,988 0
Exchanges of non-controlling interest for Class A common stock $ (4,616) $ 0