XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (23,926) $ (11,308)
Adjustments to reconcile net loss to net cash flows used in operating activities:    
Depreciation and amortization 2,105 2,060
Non cash lease expense on right of use of Asset 1,307 636
Recognition of deferred income from state and local incentives 0 (2,507)
Loss on change in fair market value for warrant liability 6,142 1,984
Stock-based compensation recognized (191) 1,490
Non-cash interest expense 7,593 7,472
Loss on extinguishment of debt 14,880 0
Other non-cash items, net (472) 0
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (11,922) (13,917)
VAT receivable 2,963 16,940
Inventories (25,110) (16,926)
Accounts and contractual payables (6,050) 3,525
Lease liability (1,991) (954)
Customer deposits 19,644 15,406
Other assets and liabilities (10,548) (6,297)
Net cash flows used in operating activities (25,576) (2,396)
Cash flows from investing activities    
Purchase of property, plant and equipment (4,954) (2,808)
Proceeds from sale of property, plant and equipment and railcars available for lease, net of selling costs 8,356 0
Net cash flows provided by (used in) investing activities 3,402 (2,808)
Cash flows from financing activities    
Proceeds from issuance of preferred shares, net of issuance costs 13,339 0
Borrowings on revolving line of credit 89,223 49,282
Repayments on revolving line of credit (105,882) (48,770)
Employee stock settlement (106) (13)
Payment for stock appreciation rights exercised (6) (4)
Financing lease payments (307) 0
Net cash flows (used in) provided by financing activities (3,739) 495
Net decrease in cash and cash equivalents (25,913) (4,709)
Cash, cash equivalents and restricted cash equivalents at beginning of period 37,912 26,240
Cash, cash equivalents and restricted cash equivalents at end of period 11,999 21,531
Supplemental cash flow information    
Interest paid 3,319 3,990
Income taxes paid 1,516 839
Non-cash transactions    
Change in unpaid construction in process 332 (8)
Accrued PIK interest paid through issuance of PIK Note 3,161 722
Issuance of preferred shares in exchange of term loan 72,607 0
Issuance of Warrants 3,010 8,560
Issuance of equity fee $ 685 $ 2,000