22nd Century Group Inc
For the period ended Dec 31, 2023. Filed Mar 28, 2024.
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FY2023 · Filed Mar 28, 2024
XXII$1.42-12.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| | |
|---|---|
| 22nd CENTURY GROUP, INC. AND SUBSIDIARIES | |
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |
| (amounts in thousands) | |
| | | | | | | |
|---|---|---|---|---|---|---|
| · · Year Ended | ||||||
| · · December 31, | ||||||
| · 2023 · 2022 | ||||||
| Cash flows from operating activities: · · | ||||||
| Net loss | | $(140,775) | | $(59,801) | ||
| Adjustments to reconcile net loss to cash used in operating activities: | | | ||||
| Impairment of long-lived assets | | | 3,297 | | | 1,488 |
| Amortization and depreciation | | 3,951 | | 2,858 | ||
| Amortization of right-of-use asset | | 908 | | 733 | ||
| Amortization of inventory step-up | | | — | | | 978 |
| Unrealized loss on investment | | — | | 5 | ||
| GVB fire write-offs | | — | | 4,549 | ||
| Other non-cash (gains) and losses | | | (15) | | | 563 |
| Provision for credit losses | | | 1,024 | | | 770 |
| (Gain) loss on the sale of machinery and equipment | | 73 | | (368) | ||
| Realized loss (gain) on Panacea investment | | — | | | 2,789 | |
| Inventory write-off | | — | | | 237 | |
| Debt related charges included in interest expense | | | 8,006 | | | — |
| Equity-based employee compensation expense | | 2,679 | | 5,489 | ||
| Gain on change of contingent consideration | | (1,138) | | — | ||
| Change in fair value of warrant liabilities | | | (364) | | | — |
| Change in fair value of derivative liability | | | 557 | | | — |
| Loss on disposal of discontinued operations | | | 58,521 | | | — |
| Loss on transfer of promissory note | | | 895 | | | — |
| Deferred income taxes | | | 434 | | | (434) |
| Increase in inventory reserves | | | 8,695 | | | — |
| Changes in operating assets and liabilities, net of acquisition: | | | ||||
| Accounts receivable | | (18) | | (2,881) | ||
| Inventory | | (5,925) | | (8,789) | ||
| Prepaid expenses and other assets | | 451 | | (920) | ||
| Accounts payable | | 4,752 | | 416 | ||
| Accrued expenses | | 681 | | (582) | ||
| Accrued payroll | | (2,153) | | 748 | ||
| Accrued excise taxes and fees | | 811 | | 153 | ||
| Other liabilities | | | (334) | | 285 | |
| Net cash used in operating activities | | (54,987) | | (51,714) | ||
| Cash flows from investing activities: | | | | |||
| Acquisition of patents, trademarks, and licenses | | (961) | | (772) | ||
| Acquisition of property, plant and equipment | | (4,656) | | (3,657) | ||
| Proceeds from the sale of property, plant and equipment | | 283 | | 409 | ||
| Acquisition, net of cash acquired | | | (254) | | | (1,297) |
| Proceeds from sale of discontinued operations | | | 665 | | | — |
| Investment in Change Agronomy Ltd. | | | — | | | (682) |
| Property, plant and equipment insurance proceeds | | | 3,500 | | | — |
| Sales and maturities of short-term investment securities | | 21,714 | | 101,990 | ||
| Purchase of short-term investment securities | | (3,475) | | (73,413) | ||
| Net cash provided by investing activities | | 16,816 | | 22,578 | ||
| Cash flows from financing activities: | | | | |||
| Payments on notes payable | | | (5,581) | | | (3,822) |
| Proceeds from issuance of notes payable | | | 2,360 | | | 2,162 |
| Other financing activities | | | — | | | (29) |
| Payments of long-term debt | | | (9,700) | | | — |
| Proceeds from issuance of long-term debt | | | 16,849 | | | — |
| Payment of debt issuance costs | | | (801) | | | — |
| Proceeds from issuance of detachable warrants | | | 6,016 | | | — |
| Net proceeds from option exercise | | | — | | | 174 |
| Net proceeds from warrant exercise | | | 3,044 | | | — |
| Proceeds from issuance of common stock related to the ATM | | | 2,741 | | | — |
| Payment of common stock issuance costs related to the ATM | | | (178) | | | — |
| Proceeds from issuance of common stock | | | 25,158 | | | 35,000 |
| Payment of common stock issuance costs | | | (2,279) | | | (2,516) |
| Taxes paid related to net share settlement of RSUs | | | (420) | | | (149) |
| Net cash provided by financing activities | | 37,209 | | 30,820 | ||
| Net (decrease) increase in cash and cash equivalents | | (962) | | 1,684 | ||
| Cash and cash equivalents - beginning of period | | 3,020 | | 1,336 | ||
| Cash and cash equivalents - end of period | | $2,058 | | $3,020 | ||
| | | | | | | |
| Supplemental disclosures of cash flow information: | | | ||||
| Net cash paid for: | | | ||||
| Cash paid during the period for interest | | $1,313 | | $34 | ||
| Cash paid during the period for income taxes | | $40 | | $14 | ||
| Non-cash transactions: | | | ||||
| Capital expenditures incurred but not yet paid | | $118 | | $94 | ||
| Right-of-use assets and corresponding operating lease obligations | | $5,166 | | $— | ||
| Non-cash assignment of PLSH Promissory Note | | $2,600 | | $— | ||
| Insurance/litigation gross up | | $3,768 | | $— | ||
| Non-cash proceeds from sale of discontinued operations | | $2,000 | | $— | ||
| Deemed dividends | | $9,801 | | $— | ||
| Stock issued in connection with acquisition | | $— | | $51,653 | ||
| Non-cash consideration RXP acquisition | | $1,641 | | $— | ||
| Non-cash licensing arrangement | | $3,500 | | $— | ||
22nd CENTURY GROUP, INC. AND SUBSIDIARIES
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