Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (12,491,000) $ (1,341,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,748,000 165,000
Gain on the extinguishment of debt (433,000)  
Gain on sale of mortgages (5,205,000)  
Share-based compensation 4,011,000 728,000
Deferred income taxes (3,339,000) (46,000)
Bad debt expense 248,000 133,000
Non-cash lease expense   (21,000)
Other non-cash 15,000  
Change in operating assets and liabilities:    
Mortgage loans held for sale (179,297,000)  
Proceeds from sale and principal payments on mortgage loans held for sale 182,786,000  
Accounts receivable (1,254,000) (1,263,000)
Prepaid and other assets (1,248,000) (879,000)
Accounts payable 1,674,000 1,468,000
Accrued liabilities 1,112,000 (736,000)
Other liabilities (1,001,000) 608,000
Operating lease right of use assets 675,000  
Operating lease liabilities (584,000) 23,000
Other assets (31,000) (55,000)
Derivative assets 37,000  
Derivative liabilities (120,000)  
Net cash used in operating activities (11,697,000) (1,216,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (877,000) (66,000)
Amounts paid for business acquisitions, net of cash acquired (11,081,000) (257,000)
Issuance of loan receivable   (165,000)
Purchase of intangible assets (2,602,000) (422,000)
Net cash used in investing activities (14,560,000) (910,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on long-term debt (740,000) (17,000)
Proceeds from the issuance of common stock pursuant to exercise of stock options 80,000 83,000
Proceeds from note payable 1,129,000 454,000
Net borrowings on warehouse lines of credit 1,618,000  
Proceeds from the issuance of common stock in connection with public offering 35,000,000 34,300,000
Payment of offering cost in connection with issuance of common stock in connection with public offering (2,471,000) (3,183,000)
Purchase of treasury stock   (30,000)
Extinguishment of note payable   500,000
Net cash provided by financing activities 34,616,000 31,107,000
Net increase in cash, cash equivalents, and restricted cash 8,360,000 28,982,000
Cash, cash equivalents, and restricted cash at beginning of period 29,561,000 579,000
Cash, cash equivalents, and restricted cash at end of period 37,921,000 29,561,000
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 13,000 88,000
Income taxes paid 39,000 23,000
Capitalized share-based compensation 833,000  
Right of use assets obtained in exchange for lease liabilities 1,839,000 160,000
Issuance of common stock for the purchase of business 25,538,000 252,000
Issuance of common stock warrants as offering costs in connection with public offering of common stock   678,000
Extinguishment of Paycheck Protection Program Loan 433,000  
Loan receivable forgiven and used as purchase consideration 165,000  
Reconciliation of cash and restricted cash    
Cash and cash equivalents 37,830,000 28,577,000
Restricted cash 91,000 984,000
Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 37,921,000 $ 29,561,000