Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Operating Activities    
Net loss [1] $ (25,895) [2] $ (45,980)
Adjustments to reconcile to net cash used in operating activities:    
Depreciation and amortization [1] 3,590 1,480
Gain on remeasurement of warrant liability (10,780) [1],[2] 0
Deferred tax [1] 0 0
Foreign exchange loss [1] 491 1,521
Share-based compensation expense [1] 1,652 1,522
Goodwill impairment [1] 1,682 [2] 0
Non-cash interest expense, net [1] 3,852 552
Loss on investments [1] 319 756
Loss on equity method investment, net [1] 148 96
Loss on debt extinguishment [1] 2,360 [2] 3,374
Loss on derivative instruments [1] 657 [2] 421
Changes in operating assets and liabilities:    
Increase in accounts receivable [1] (1,150) (526)
Increase in prepaid expenses [1] 118 (2,809)
(Increase) decrease in other receivable [1] (230) 19
Increase in inventory [1] (4,774) (1,265)
Increase in accounts payable and other current liabilities [1] 3,198 1,674
Increase in deferred revenue and other items [1] 2,801 2,113
Net cash used in operating activities [1] (21,961) (37,052)
Investing Activities    
Business acquisition, net of cash acquired [1] 0 (13,429)
Investment in Cansativa [1] 0 (1,797)
Purchase of property, plant and equipment [1] (3,665) (18,675)
Net cash used in investing activities [1] (3,665) (33,901)
Financing Activities    
Proceeds from issuance of shares, net of issuance costs [1] 18,021 28,574
Proceeds from issuance of long term debt, net of issuance costs [1] 9,737 34,750
Other borrowings [1] 992 0
Purchase and cancellation of shares [1] (6,250) 0
Repayment of debt [1] (4,191) (622)
Business Combination and PIPE financing, net of costs paid [1] 73,509 0
Stock option exercise [1] 20 132
Net cash provided by financing activities [1] 91,838 62,834
Effect of exchange rate changes on cash, cash equivalents & restricted cash [1] 50 54
Decrease in cash, cash equivalents & restricted cash [1],[3] 66,262 (8,065)
Cash, cash equivalents & restricted cash, beginning of period [1],[3] 13,198 21,263
Cash, cash equivalents & restricted cash, end of period [1],[3] 79,460 13,198
Supplemental schedule of cash flow information:    
Cash paid for interest [1] 603 2,132
Cash paid for income taxes, net of refunds [1] 0 0
Supplemental disclosures for non-cash activity:    
Non-cash exchange of redeemable non-controlling interest [1] 4,695 0
Conversion of Convertible Debentures [1] 9,850 0
Non-cash paid-in-kind interest [1] $ 2,881 $ 0
[1] See Note 3. for information on the restatement adjustment as of December 31, 2020 and on the reclassification adjustment as of December 31, 2019.
[2] See Note 3. for information on the restatement adjustment as of December 31, 2020.
[3] 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.