XML 104 R7.htm IDEA: XBRL DOCUMENT v3.24.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net Loss $ (38,238) $ (18,326)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization expense 8,512 8,248
Amortization of loan costs 1,236 1,733
Gain on settlement of indemnification liability (1,155)
Loss on interest rate cap 151
(Gain)/Loss on sale of real estate (660) 52
Equity based payment 7,484 2,510
Impairment 8,982
Issuance of Preferred Series 2 Stock 16,101
Change in fair value of Earn-out liability (4,065)
Changes in operating assets and liabilities    
Due to and from related parties 156 470
Accounts payable and accrued expenses 2,687 7,100
Deferred offering costs (3,022) (2,086)
Other assets, net (101) (267)
Deferred revenue 122 221
Accounts receivable (420) 2,182
Net cash provided by (used in) operating activities (2,125) 1,509
Cash flows from investing activities:    
Capital expenditures (1,821) (2,408)
Capitalized technology (171)
Purchase of investment in real estate (17,513)
Proceeds from sale of investment in real estate 1,475 650
Net cash (used in) investing activities (346) (19,442)
Cash flows from financing activities    
Proceeds from line of credit 73,700
Payments on notes payable (14,085) (58,755)
Payments on line of credit (15,000)
Proceeds from reverse recap, net of payment of equity issuance costs 38,866
Payment of transaction costs for reverse recapitalization (905)
Payment on interest rate cap (205)
Distributions to non-controlling interest holders (463)
Loan fees (2,734)
Net cash provided by financing activities 8,208 12,211
Net change in cash, cash equivalents and restricted cash 5,737 (5,722)
Cash, cash equivalents and restricted at beginning of period 10,974 16,696
Cash, cash equivalents and restricted at end of period 16,711 10,974
Reconciliation of Cash, Cash Equivalents and Restricted Cash:    
Cash, cash equivalents at beginning of period 5,758 11,805
Restricted cash at beginning of period 5,216 4,891
Cash and cash equivalents at end of period 11,134 5,758
Restricted cash at end of period 5,577 5,216
Supplemental disclosures of cash flow information:    
Interest Paid 12,740 10,613
Non-cash investing and financing activities:    
Dividends declared not yet paid 2,752 3,000
Distributions paid in common stock 791
Accrued capital expenditures 647 1,371
Series 2 Preferred Stock [Member]    
Non-cash investing and financing activities:    
Distributions paid-in-kind - Series 2 4,600
SBA CARES Act Paycheck Protection Program [Member]    
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Loss on extinguishment of debt (328)
Notes Payable, Other Payables [Member]    
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Loss on extinguishment of debt $ 105