Annual report pursuant to Section 13 and 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (27,626) $ (12,491)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 5,346 2,748
Non-cash lease expense 1,856  
Gain on extinguishment of debt   (433)
Gain on sale of mortgages (3,819) (5,205)
Stock-based compensation 9,131 4,011
Deferred income taxes 297 (3,339)
Bad debt expense   248
Other non-cash   15
Change in operating assets and liabilities:    
Accounts receivable 485 (1,254)
Derivative assets 46 37
Derivative liabilities   (120)
Prepaid and other current assets (1,004) (1,248)
Other assets 78 (31)
Accounts payable (1,959) 1,674
Accrued and other current liabilities (1,081) 1,112
Operating lease liabilities (1,867) (584)
Operating lease right of use assets   675
Other liabilities   (1,001)
Mortgage loans held for sale (246,327) (179,297)
Proceeds from sale and principal payments on mortgage loans held for sale 259,861 182,786
Net cash used in operating activities (6,583) (11,697)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (945) (877)
Amounts paid for business and asset acquisitions, net of cash acquired (1,639) (11,081)
Amounts paid for deferred acquisition consideration (1,400)  
Purchase of intangible assets (3,112) (2,602)
Net cash used in investing activities (7,096) (14,560)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on long-term debt (1,307) (740)
Proceeds from insurance note payables 924  
Proceeds from issuance of common stock   80
Net borrowings on warehouse lines of credit (9,434) 1,618
Proceeds from the issuance of common stock in connection with public offering   35,000
Repurchase of common stock (6,045)  
Payment of offering cost in connection with issuance of common stock in connection with public offering   (2,471)
Proceeds from note payable   1,129
Net cash (used in) provided by financing activities (15,862) 34,616
Net decrease in cash, cash equivalents, and restricted cash (29,541) 8,359
Cash, cash equivalents, and restricted cash at beginning of period 37,921 29,562
Cash, cash equivalents, and restricted cash at end of period 8,380 37,921
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 4 13
Income taxes paid 111 39
Amounts due to sellers 1,100  
Right of use assets obtained in exchange for new lease liabilities 2,385 1,839
Issuance of common stock for purchase of business 6,168 25,538
Extinguishment of Paycheck Protection Program Loan   433
Loan receivable forgiven and used as purchase consideration   165
Capitalized stock-based compensation 220 833
Reconciliation of cash and restricted cash:    
Cash and cash equivalents 8,320 37,830
Restricted cash 60 91
Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 8,380 $ 37,921