FOXO TECHNOLOGIES INC
For the period ended Dec 31, 2023. Filed Jun 6, 2024.
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FY2023 · Filed Jun 6, 2024
FOXO$0.190.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
FOXO TECHNOLOGIES INC. and subsidiaries
(Dollars in thousands)
| Year Ended December 31, | ||||
|---|---|---|---|---|
| 2023 · 2022 | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
| Net loss | $(26,451) | $(95,255) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||
| Depreciation and amortization | 1,279 | 1,487 | ||
| Loss from PIK Note Amendment and 2022 Debenture Release | 3,521 | - | ||
| Impairment charges | 2,633 | 1,370 | ||
| Equity-based compensation | 381 | 11,035 | ||
| Cantor commitment fee paid in common stock | - | 1,600 | ||
| Loss on settlement of the forward purchase agreement paid in common stock | - | 270 | ||
| Release of forward purchase agreement collateral upon cancellation | - | 26,773 | ||
| Vendor share issuance paid in common stock | - | 376 | ||
| Amortization of consulting fees paid in common stock | 2,221 | 4,679 | ||
| Common stock issued and issuable under Shares for Services Agreements | 865 | - | ||
| Change in fair value of convertible debentures | - | 28,180 | ||
| Change in fair value of warrants | (303) | (2,076) | ||
| Conversion of accrued interest | - | 593 | ||
| PIK interest | 616 | 130 | ||
| Amortization of debt issuance costs | 448 | 91 | ||
| Contributions in the form of rent payments | - | 225 | ||
| Amortization of right-of-use assets | - | 28 | ||
| Accretion of operating lease liabilities | - | (28) | ||
| Recognition of prepaid offering costs upon election of fair value option | - | 107 | ||
| Other | 125 | 6 | ||
| Changes in operating assets and liabilities: | ||||
| Supplies | 1,313 | (1,018) | ||
| Prepaid expenses and consulting fees | 3,055 | (2,832) | ||
| Other current assets | 5 | (91) | ||
| Other assets | - | (100) | ||
| Cloud computing arrangements | - | (1,773) | ||
| Reinsurance recoverables | 18,573 | 890 | ||
| Accounts payable | 1,297 | 127 | ||
| Accrued and other liabilities | 2,350 | 2,336 | ||
| Policy reserves | (18,573) | (890) | ||
| Net cash used in operating activities | (6,645) | (23,760) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
| Purchase of property and equipment | - | (110) | ||
| Development of internal use software | - | (1,760) | ||
| Net cash used in investing activities | - | (1,870) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
| Proceeds from issuance of convertible debentures | - | 28,000 | ||
| Warrant repurchase | - | (507) | ||
| Senior PIK Notes proceeds | - | 3,458 | ||
| Reverse recapitalization proceeds | - | 23,237 | ||
| Forward purchase agreement | - | (30,561) | ||
| Forward purchase agreement collateral release | - | 2,362 | ||
| Private placements | 1,176 | - | ||
| Deferred offering costs | (299) | (540) | ||
| Related parties promissory notes/payables | 291 | (1,160) | ||
| Net cash provided by financing activities | 1,168 | 24,289 | ||
| Net change in cash and cash equivalents | (5,477) | (1,341) | ||
| Cash and cash equivalents at beginning of period | 5,515 | 6,856 | ||
| Cash and cash equivalents at end of period | $38 | $5,515 | ||
| NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||
| Conversion of debt | $ | - | $88,382 | |
| Deemed dividends related to the Exchange Offer and trigger of down round provisions of Assumed Warrants | $3,378 | $ | - | |
| PIK Note Amendment | $1,339 | $ | - | |
| 2022 Debenture Release | 2,182 | $ | - | |
| Conversion of preferred stock | $ | - | $21,854 | |
| Accrued internal use software | $ | - | $239 | |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||
| Cash paid for interest, net of amounts capitalized | $ | - | $1,219 | |
| Cash paid for income taxes | $ | - | $ | - |
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