Post-effective amendment to a registration statement that is not immediately effective upon filing

Consolidated Statements of Cash Flows (Unaudited)

v3.21.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Statement of Cash Flows [Abstract]        
Net loss $ (13,765) $ (10,186) $ (25,895) [1],[2],[3] $ (45,980) [4],[5]
Adjustments to reconcile to net cash provided by operating activities:        
Depreciation and amortization 795 352 3,590 1,480 [5]
Loss on remeasurement of warrant liability 4,851   (10,780) [5]
Deferred tax     [5]
Foreign exchange loss 759 61 491 1,521 [5]
Share-based compensation expense 1,550 416 1,652 1,522 [5]
Goodwill impairment 1,682 1,682 [5]
Non-cash interest expense, net 430 836 3,852 552 [5]
Loss on investment   161 319 756 [5]
Loss on equity method investment, net 11 11 148 96 [5]
Loss on debt extinguishment     2,360 3,374 [5]
Loss on derivative instruments   13 657 421 [5]
Changes in operating assets and liabilities:        
Decrease in other non-current liabilities and other items (1,002) (862)    
Increase in accounts receivable (61) (51) (1,150) (526) [5]
(Increase) decrease in prepaid expenses (160) 777 118 (2,809) [5]
(Increase) decrease in other receivable (253) 225 (230) 19 [5]
Increase in inventory (1,365) (1,117) (4,774) (1,265) [5]
(Decrease) increase in accounts payable and other current liabilities (2,417) 461 3,198 1,674 [5]
Increase in deferred revenue and other items     2,801 2,113 [5]
Net cash used in operating activities (10,627) (7,221) (21,961) (37,052) [5]
Investing Activities        
Business acquisition, net of cash acquired [5]       (13,429)
Investment in Cansativa [5]       (1,797)
Purchase of property, plant and equipment (2,216) (1,655) (3,665) (18,675) [5]
Net cash used in investing activities (2,216) (1,655) (3,665) (33,901) [5]
Financing Activities        
Proceeds from issuance of shares, net of issuance costs     18,021 28,574 [5]
Proceeds from issuance of long term debt, net of issuance costs   16,966 9,737 34,750 [5]
Other borrowings 1,223   992 [5]
Proceeds from exercise of warrants 1,410      
Purchase and cancellation of shares     (6,250) [5]
Repayment of debt     (4,191) (622) [5]
Business Combination and PIPE financing, net of costs paid     73,509 [5]
Stock option exercise     20 132 [5]
Net cash provided by financing activities 2,633 16,966 91,838 62,834 [5]
Effect of exchange rate changes on cash, cash equivalents & restricted cash (75) (13) 50 54 [5]
Increase (decrease) in cash, cash equivalents & restricted cash (10,285) [6] 8,077 [6] 66,262 [7] (8,065) [5],[7]
Cash, cash equivalents & restricted cash, beginning of period [7] 79,460 [6] 13,198 [5],[6] 13,198 [5],[6] 21,263 [5]
Cash, cash equivalents & restricted cash end of period [6] 69,175 21,275 79,460 [7] 13,198 [5],[7]
Supplemental schedule of cash flow information:        
Cash paid for interest 548   603 2,132 [5]
Cash paid for income taxes, net of refunds [5]
Supplemental disclosures for non-cash activity:        
Non-cash exchange of redeemable non-controlling interest     4,695 [5]
Conversion of Convertible Debentures     9,850 [5]
Non-cash paid-in-kind interest     $ 2,881 [5]
[1] Following the SEC statement in April 2021, the Company determined that the private warrants should be classified as a liability. Refer to Note 3. for more information and the impact on the Company’s financial statements.
[2] Loss before income taxes of $25,891 plus loss from equity investment of $4.
[3] See Note 3. for information on the restatement adjustment as of December 31, 2020.
[4] Loss before income taxes of $45,884 plus loss from equity investment of $96.
[5] See Note 3. for information on the restatement adjustment as of December 31, 2020 and on the reclassification adjustment as of December 31, 2019.
[6] These amounts include restricted cash of $451 and $18,100 as of March 31, 2021 and March 31, 2020, respectively. The March 31, 2021 restricted cash is comprised primarily of cash on deposit for certain lease arrangements. March 31, 2020 balance represents amounts on deposit from investors pending closing of the tranche 1 of the Series E financing round, as well as cash on deposit for certain lease arrangements.
[7] These amounts include restricted cash of $353 and $1,154 as of December 31, 2020 and December 31, 2019, respectively. The December 31, 2020 restricted cash is comprised primarily of cash on deposit for certain lease arrangements. December 31, 2019 balance represents cash on deposit for payments related to the Herbal Brands acquisition, and cash on deposit for certain lease arrangements.