v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,997) $ (3,400)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 1,061 102
Non-cash lease expense 271 29
Gain on extinguishment of debt 0 (51)
Gain on sale of mortgages (1,181)  
Stock-based compensation 2,407 870
Bad debt expense 0 77
Change in operating assets and liabilities:    
Accounts receivable (154) 2
Prepaid and current other assets (29) 386
Other assets 80 (1)
Accounts payable (410) 571
Accrued and other current liabilities (65) 461
Operating lease liabilities (225) (27)
Derivative assets (342)  
Mortgage loans held for sale (61,488)  
Proceeds from sale and principal payments on mortgage loans held for sale 67,713  
Net cash provided by (used in) operating activities 1,641 (981)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (317) (402)
Amounts paid for business and asset acquisitions; net of cash acquired (1,572) (2,115)
Purchase of intangible assets (763) (149)
Net cash used in investing activities (2,652) (2,666)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on long-term debt (467) (4)
Change in borrowings on warehouse lines of credit (net of effect of acquisition) (4,852)  
Repurchase of common stock (989)  
Net cash used in financing activities (6,308) (4)
Net decrease in cash, cash equivalents, and restricted cash (7,319) (3,651)
Cash, cash equivalents, and restricted cash at beginning of period 37,921 29,561
Cash, cash equivalents, and restricted cash at end of period 30,602 25,910
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 0 4
Income taxes paid 0  
Amounts due to sellers 700  
Capitalized stock-based compensation 51  
Right of use assets obtained in exchange for lease liabilities 0 1,786
Issuance of common stock for purchase of business 5,905 1,172
Extinguishment of Paycheck Protection Program Loan 0 51
Loan receivable forgiven and used as purchase consideration 0 165
Reconciliation of cash and restricted cash    
Cash and cash equivalents 30,524 24,918
Restricted cash 78 992
Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 30,602 $ 25,910

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