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 $ (36,675) $ (45,980) [1]
Adjustments to reconcile to net cash provided by operating activities:    
Depreciation and amortization 3,590 1,480 [1]
Deferred tax 0 0 [1]
Foreign exchange loss 491 1,521 [1]
Share-based compensation expense 1,652 1,522 [1]
Goodwill impairment 1,682 0 [1]
Non-cash interest expense, net 3,852 552 [1]
Loss on investments 319 756 [1]
Loss on equity method investment, net 148 96 [1]
Loss on debt extinguishment 2,360 3,374 [1]
Loss on derivative instruments 657 421 [1]
Changes in operating assets and liabilities:    
Increase in accounts receivable (1,150) (526) [1]
Increase in prepaid expenses 118 (2,809) [1]
(Increase) decrease in other receivable (230) 19 [1]
Increase in inventory (4,774) (1,265) [1]
Increase in accounts payable and other current liabilities 3,198 1,674 [1]
Increase in deferred revenue and other items 2,801 2,113 [1]
Net cash used in operating activities (21,961) (37,052) [1]
Investing Activities    
Business acquisition, net of cash acquired 0 (13,429) [1]
Investment in Cansativa 0 (1,797) [1]
Purchase of property, plant and equipment (3,665) (18,675) [1]
Net cash used in investing activities (3,665) (33,901) [1]
Financing Activities    
Proceeds from issuance of shares, net of issuance costs 18,021 28,574 [1]
Proceeds from issuance of long term debt, net of issuance costs 9,737 34,750 [1]
Other borrowings 992 0 [1]
Purchase and cancellation of shares (6,250) 0 [1]
Repayment of debt (4,191) (622) [1]
Business Combination and PIPE financing, net of costs paid 73,509 0 [1]
Stock option exercise 20 132 [1]
Net cash provided by financing activities 91,838 62,834 [1]
Effect of exchange rate changes on cash, cash equivalents & restricted cash 50 54 [1]
Decrease in cash, cash equivalents & restricted cash [2] 66,262 (8,065) [1]
Cash, cash equivalents & restricted cash, beginning of period [1],[2] 13,198 21,263
Cash, cash equivalents & restricted cash, end of period [2] 79,460 13,198 [1]
Supplemental schedule of cash flow information:    
Cash paid for interest 603 2,132 [1]
Cash paid for income taxes, net of refunds 0 0 [1]
Supplemental disclosures for non-cash activity:    
Non-cash exchange of redeemable non-controlling interest 4,695 0 [1]
Conversion of Convertible Debentures 9,850 0 [1]
Non-cash paid-in-kind interest $ 2,881 $ 0 [1]
[1] See Note 3. for information on the reclassification adjustment of December 31, 2019.
[2] 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.