Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss (including amounts attributable to non-controlling interest) $ (47,704) $ (39,824)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,520 2,705
Reversal of tax receivable agreement liability 0 (5,721)
Change in deferred tax asset, net 0 10,894
Equity-based compensation expense 853 8,020
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 576 352
Loss on disposal of assets 579 0
Loss related to indemnification asset not probable of recovery 4,464 0
Impairment of held-for-sale assets 376 0
Other 75 32
Increase (Decrease) in Operating Capital [Abstract]    
Decrease in accounts receivable 1,186 635
Decrease (increase) in inventories 6,996 (11,739)
Decrease (increase) in vendor deposits 29 (1,503)
Decrease (increase) in deferred offering costs 0 (1,238)
(Increase) in other current assets (10,194) (1,993)
Increase (decrease) in accounts payable 7,095 (11,261)
Increase in accrued expenses 13,104 3,132
(Decrease) increase in customer deposits (534) 80
Net cash used in operating activities (12,302) (36,903)
Net Cash Provided by (Used in) Investing Activities [Abstract]    
Purchase consideration paid for acquisitions, net of cash acquired (1,841) (1,159)
Purchases of property and equipment, net (1,788) (2,020)
Purchase of intangible assets (515) (53)
Investment in equity securities 0 (500)
Net cash used in investing activities (4,144) (3,732)
Net Cash Provided by (Used in) Financing Activities [Abstract]    
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 (3,018)
Member distributions (604) (898)
Other (459) (901)
Net Cash Provided by (Used in) Financing Activities, Total (1,063) 80,979
Effects of exchange rate changes on cash 171 88
Net (decrease) increase in cash (17,338) 40,432
Cash, as of beginning of the period 47,773 7,341
Cash, as of end of the period 30,435 47,773
Supplemental disclosures of cash flow information    
Cash paid during the period for interest 437 975
Cash paid during the period for income taxes 192 498
Cash paid for amounts included in the measurement of lease liabilities 1,252 1,119
Lease liabilities arising from obtaining finance lease assets 272 86
Lease liabilities arising from obtaining operating lease right-of-use assets 793 5,573
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 6,514
Shares of Class A common stock issued for acquisition of Conscious Wholesale 1,988 0
Contingent consideration for the Conscious Wholesale acquisition included in "Accrued expenses and other current liabilities" 0 1,609
Purchase consideration for the Conscious Wholesale acquisition included in "Accrued expenses and other current liabilities" 0 3,029
Purchases of property, plant, and equipment with unpaid costs accrued in "Other liabilities" 98 414
Exchanges of non-controlling interest for Class A common stock $ (4,962) $ 0