Charlottes Web Holdings Inc
For the period ended Dec 31, 2023. Filed Mar 21, 2024.
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FY2023 · Filed Mar 21, 2024
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 · 2022 | |||
| Cash flows from operating activities: | |||
| Net loss | $(23,796) | $(59,313) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 15,160 | 8,968 | |
| Change in fair value of financial instruments | (9,339) | 7,480 | |
| Gain on initial investment in unconsolidated entity | (10,700) | — | |
| Convertible debenture and other accrued interest | 3,857 | — | |
| Share-based compensation | 2,100 | 3,403 | |
| Changes in right-of-use assets | 1,918 | 2,146 | |
| Allowance for credit losses | 1,240 | 1,226 | |
| Inventory provision | 1,039 | 23,394 | |
| Asset impairment | 548 | 1,837 | |
| Other | 4,456 | 774 | |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (809) | 2,946 | |
| Inventories, net | 4,376 | 1,730 | |
| Prepaid expenses and other current assets | 85 | 3,781 | |
| Operating lease obligations | (2,304) | (2,012) | |
| Accounts payable, accrued and other liabilities | 151 | (3,577) | |
| License and media rights payable | (8,000) | (500) | |
| Income tax and other receivable | 4,261 | 10,764 | |
| Cultivation liabilities | (249) | (4,000) | |
| Other operating assets and liabilities, net | 620 | (4,362) | |
| Net cash used in operating activities | (15,386) | (5,315) | |
| Cash flows from investing activities: | |||
| Purchases of property and equipment and intangible assets | (3,691) | (265) | |
| Proceeds from sale of assets | 185 | 660 | |
| Net cash provided by (used in) investing activities | (3,506) | 395 | |
| Cash flows from financing activities: | |||
| Other financing activities | (251) | 52,389 | |
| Net cash provided by financing activities | (251) | 52,389 | |
| Net increase (decrease) in cash and cash equivalents | (19,143) | 47,469 | |
| Cash and cash equivalents —beginning of year | 66,963 | 19,494 | |
| Cash and cash equivalents —end of year | $47,820 | $66,963 | |
| Non-cash activities: | |||
| Non-cash purchase of license and media rights assets | — | (31,399) | |
| Non-cash share issuance for license and media rights agreement | — | (3,060) | |
| Non-cash issuance of note receivable | (170) | ||
| Non-cash purchases of property and equipment and intangibles | (233) | — | |
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