Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss (including amounts attributable to non-controlling interest) $ (125,858) $ (53,423)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 9,067 4,689
Equity-based compensation expense 2,298 5,715
Goodwill and indefinite-lived intangibles impairment charge 71,360 0
Change in fair value of contingent consideration 509 189
Write-off of Eyce 2022 Contingent Payment in conjunction with the Amended Eyce APA (267) 0
Change in provision for doubtful accounts 3,311 236
Gain related to indemnification asset (2,018) (1,692)
(Gain) loss on disposal of fixed assets 1,398 109
(Gain) loss on disposal of held-for-sale assets (705) 97
Gain related to VIBES disposition / deconsolidation (Note 3) (2,062) 0
Realized and unrealized loss on equity investments 1,214 171
Realized (gain) loss on interest rate swap contract (Note 4) (408) 0
Amortization of deferred financing costs and debt discount 644 23
Other (124) 63
Changes in operating assets and liabilities, net of the effects of acquisitions:    
Decrease (increase) in accounts receivable 4,910 (1,393)
Decrease (increase) in inventories 26,345 5,730
Decrease (increase) in vendor deposits 7,899 (43)
Decrease (increase) in other current assets (2,595) 9,087
(Decrease) increase in accounts payable (6,459) (1,301)
(Decrease) Increase in accrued expenses and other liabilities (10,944) (6,808)
(Decrease) increase in customer deposits (3,941) 1,221
Net cash used in operating activities (26,426) (37,330)
Cash flows from investing activities:    
Purchase consideration paid for acquisitions, net of cash acquired 0 (15,646)
Proceeds from VIBES disposition (Note 3) 4,567 0
Purchases of property and equipment, net (2,784) (4,400)
Proceeds from sale of assets held for sale 9,593 675
Proceeds from sale of equity investments 649 0
Purchase of intangible assets, net 0 (320)
Net cash provided by (used in) investing activities 12,025 (19,691)
Cash flows from financing activities:    
Proceeds from issuance of Class A common stock, net of costs 21,075 32,643
Proceeds from exercise of stock options and warrants 0 307
Proceeds from issuance of note payable to related party, net 0 7,868
Proceeds from Asset-Based Loan 14,550 0
Debt issuance costs (1,472) (220)
Payments on Eyce and DaVinci promissory notes (3,407) (908)
Payments on Real Estate Note (7,958) (167)
Repayment of Bridge Loan (8,000) 0
Proceeds from termination of interest rate swap 145 0
Purchase consideration paid for Eyce LLC acquisition (875) 0
Member distributions 0 (200)
Other (128) (360)
Net cash provided by financing activities 13,930 38,963
Effects of exchange rate changes on cash (210) 480
Net (decrease) in cash and restricted cash (681) (17,578)
Cash and restricted cash, as of beginning of the period 12,857 30,435
Cash and restricted cash, as of end of the period 12,176 12,857
Cash, beginning of the period 12,857 30,435
Restricted cash, beginning of the period 0 0
Cash, ending of the period 6,458 12,857
Restricted cash, ending of the period 5,718 0
Supplemental disclosures of cash flow information    
Cash paid during the period for interest 2,251 574
Cash paid during the period for income taxes 76 39
Cash paid for amounts included in the measurement of lease liabilities 2,659 1,978
Lease liabilities arising from obtaining finance lease assets 0 119
Non-cash investing and financing activities:    
Issuance of Class A common stock for business acquisitions 3,486 141,960
Non-cash purchases of property and equipment 909 1,659
Issuance of promissory notes for Eyce and DaVinci business acquisitions 0 7,500
Decrease in non-controlling interest as a result of exchanges for Class A common stock (10,291) (12,247)
Decrease in non-controlling interest as a result of VIBES disposition (1,789) 0
Unpaid contingent purchase consideration $ 0 $ 6,857