v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net loss from continuing operations $ (72,670) $ (82,286) $ (299,402)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities      
Non-cash adjustments of inventory   985 9,082
Accretion expense 11,622 10,674 9,740
Depreciation of property and equipment and amortization of intangible assets 20,103 20,382 22,624
Amortization of operating right-of-use assets 2,882 2,319 1,980
Share-based compensation 9,706 7,707 12,162
Deferred income tax recovery (8,746) (18,615) (35,299)
Gain on fair value of derivative liabilities and purchase option derivative assets (4,549) (322) (58,523)
Gain on disposal of fixed assets (30) (1,914)  
Unrealized and realized loss (gain) on investments 238 2,603 (43)
Loss (gain) from revaluation of contingent consideration 2,465 (645) (1,061)
Impairment of goodwill and intangible assets 39,334 55,993 311,084
Impairment of property and equipment and right of use assets 8,511 2,079 1,089
(Gain) loss on lease termination and derecognition of finance lease (1,220) (1,217) 1,163
Release of indemnification asset     3,973
Bad debt (recovery) expense (1,136)   9,941
Employee Retention Credits recorded in other income     (9,440)
Loss (gain) on extinguishment of debt 1,662   (4,153)
Debt modification fees     2,507
Unrealized and realized foreign exchange loss (gain) 940 (53) 712
Changes in operating assets and liabilities      
Receivables (2,950) (9,259) 2,862
Inventory 4,166 (5,185) 676
Prepaid expense and other current assets 307 1,198 856
Deposits 169 500 3,666
Other assets 78 797 711
Accounts payable and accrued liabilities and other payables (5,288) 644 (12,103)
Operating lease liability (2,351) (1,861) (1,314)
Other liability (388) (2,070) (13,846)
Uncertain tax position liabilities 27,364 66,404 3,905
Contingent consideration payable     (410)
Corporate income tax payable 6,756 (18,946) 14,598
Deferred revenue 975 1,219 428
Net cash provided by (used in) operating activities- continuing operations 37,950 31,131 (21,835)
Net cash used in operating activities- discontinued operations   (3,660) (4,288)
Net cash provided by (used in) operating activities 37,950 27,471 (26,123)
Investing activities      
Investment in property and equipment (9,362) (7,762) (39,631)
Investment in note receivable, net of interest received (1,460)    
Investment in intangible assets (1,187) (1,666) (2,261)
Principle payments received on lease receivable     515
Insurance recovery for property and equipment 871    
Success fees related to Alternative Treatment Center license   (3,012)  
Deposits for business acquisition     (1,065)
Payment for land contracts (859) (1,275) (1,271)
Cash portion of consideration paid in acquisitions, net of cash of acquired (250) (16,789) 16,227
Net cash used in investing activities- continuing operations (12,247) (30,504) (27,486)
Net cash provided by (used in) investing activities - discontinued operations   14,285 (93)
Net cash used in investing activities (12,247) (16,219) (27,579)
Financing activities      
Transfer of Employee Retention Credit   12,677  
Proceeds from loans payable, net of transaction costs 129,382 23,869 43,419
Proceeds from options and warrants exercised   98 24,342
Loan principal paid (146,159) (50,154) (42,221)
Loan amendment fee paid and prepayment premium paid   (1,178) (4,977)
Tax distributions to NJ partners     (1,539)
Capital distributions paid to non-controlling interests (7,324) (11,621) (7,550)
Proceeds from contingent consideration     (6,630)
Proceeds from private placement, net of share issuance costs   20,822  
Payments made for financing obligations and finance lease (400) (1,474) (1,125)
Repurchases of common shares (215)    
Net cash (used in) provided by financing activities- continuing operations (24,716) (6,961) 3,719
Net cash used in financing activities- discontinued operations   (5,539)  
Net cash (used in) provided by financing activities (24,716) (12,500) 3,719
Net increase (decrease) in cash and cash equivalents and restricted cash during the year 987 (1,248) (49,983)
Net effects of foreign exchange 653 (168) (2,896)
Cash and cash equivalents and restricted cash, beginning of the year 25,347 26,763 79,642
Cash and cash equivalents and restricted cash, end of the year 26,987 25,347 26,763
Supplemental disclosure with respect to cash flows      
Cash (received) paid for income tax, net (6,229) 3,280 (9,917)
Interest paid 23,847 23,037 26,840
Lease termination fee paid 271 379 3,300
Non-cash transactions      
Equity and warrant liability issued for acquisitions and non-controlling interest 4,674 8,601 338,739
Equity issued for price protection on contingent consideration 693    
Change in accured capital expenditures $ (1,098) 1,494 2,187
Warrant issued as consideration for services   1,000  
Promissory note issued as consideration for acquisitions   11,689 10,000
Shares issued for legal and liability settlement   $ 794 264
Shares issued by Canopy USA arrangement     $ 55,520

Source

10-K PDF
XBRL