v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net Loss $ (8,381) $ (38,238)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 8,403 8,512
Amortization of loan costs 1,329 1,236
Loss on extinguishment of debt 87 105
Gain on settlement of liability (823) (1,155)
Loss on interest rate cap 55 151
Gain on sale of real estate (2,651) (660)
Equity based payment 5,719 7,484
Impairment 157 8,982
Issuance of Preferred Series 2 Stock 0 16,101
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability (844) (4,065)
Changes in operating assets and liabilities    
Due to/from related parties (3) 156
Accounts payable and accrued expenses (1,915) 2,809
Indemnification liability (350) 0
Deferred offering costs 0 (3,022)
Other assets (320) (101)
Accounts receivable (1,247) (420)
Net cash (used in) operating activities (784) (2,125)
Cash flows from investing activities:    
Capital expenditures (511) (1,821)
Proceeds on sale of investment in real estate 4,746 1,475
Net cash provided by (used in) investing activities 4,235 (346)
Cash flows from financing activities    
Proceeds from Line of Credit 27,238 0
Payments on notes payable (40,046) (14,085)
Payments on Revolving Credit Facility (58,700) (15,000)
Proceeds from notes payable 93,400 0
Proceeds from reverse recap, net of payment of equity issuance costs 0 38,866
Payment of transaction costs for reverse recapitalization 0 (905)
Payment on interest rate cap 0 (205)
Distributions to non-controlling interest holders (208) (463)
Purchase of minority interest in subsidiary (1,500) 0
Loan fees (2,542) 0
Share repurchase plan (1,326) 0
Shares repurchased for vesting of employee awards (133) 0
Preferred redemption payments (10,834) 0
Preferred dividend payments (9,692) 0
Net cash (used in) provided by financing activities (4,343) 8,208
Net change in cash, cash equivalents and restricted cash (892) 5,737
Cash and cash equivalents and restricted cash, beginning of period 16,711 10,974
Cash and cash equivalents and restricted cash, end of period 15,819 16,711
Reconciliation of Cash and Cash Equivalents and Restricted Cash:    
Cash and cash equivalents at beginning of period 11,134 5,758
Restricted cash at beginning of period 5,577 5,216
Cash and cash equivalents and restricted cash, beginning of period 16,711 10,974
Cash and cash equivalents at end of period 10,655 11,134
Restricted cash at end of period 5,164 5,577
Cash and cash equivalents and restricted cash, end of period 15,819 16,711
Supplemental disclosures of cash flow information:    
Interest Paid 11,095 12,740
Non-cash investing and financing activities:    
Distributions declared not yet paid 95 2,752
Preferred distributions paid in common stock 2,452 791
Right of use asset and lease liability 332 0
Note receivable related to disposition of property 3,120 0
Requested preferred redemptions not yet paid 503 0
Common stock issued as loan fees $ 1,740 $ 0
Shares issued or to be issued in exchange for compensation (in shares) 1,103 0
Series 2 Preferred Stock dividend paid-in-kind $ 0 $ 4,600
Accrued capital expenditures $ 595 $ 647

Source

HTML PDF
ZIP