Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (15,342) $ (15,542)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 4,050 4,466
Gain on sale of business (2,958) 0
Non-cash lease expense 1,372 1,291
Other non-cash 0 200
Deferred financing cost amortization 0 46
Gain on sale of mortgages (5,033) (2,778)
Stock-based compensation 7,118 9,325
Deferred income taxes 0 14
Change in operating assets and liabilities:    
Accounts receivable 51 (1,050)
Prepaid and other current assets (1,704) (136)
Other assets (23) (7)
Accounts payable 1,708 59
Accrued and other current liabilities 1,383 (3)
Operating lease liabilities (1,510) (1,412)
Other long-term liabilities 1,916 0
Mortgage loans held for sale originations (192,230) (111,722)
Proceeds from sale and principal payments on mortgage loans held for sale 196,832 111,043
Net cash used in operating activities (4,371) (6,206)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (46) (21)
Purchase of intangible assets (2,160) (1,337)
Proceeds from sale of business 7,435 0
Other investing activities (130) 0
Net cash provided by (used in) investing activities 5,099 (1,358)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on debt (557) (566)
Proceeds from note payable, net $100000 and $200000 in loan costs respectively 5,435 3,768
Borrowings from warehouse lines of credit 191,837 108,398
Repayment on warehouse lines of credit (191,550) (105,088)
Other financing 20 (366)
Payment of offering cost in connection with issuance of common stock in connection with public offering (28) (200)
Net cash provided by financing activities 5,157 5,946
Net increase in cash, cash equivalents, and restricted cash 5,886 (1,618)
Cash, cash equivalents, and restricted cash at beginning of period 7,540 8,380
Cash, cash equivalents, and restricted cash at end of period 13,426 6,762
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 299 188
Right of use assets obtained in exchange for new lease liabilities 1,572 175
Other receivables related to sale of business 7,000 0
Income taxes paid 2 50
Amounts due to seller 300 0
Reconciliation of cash and restricted cash:    
Cash and cash equivalents 13,104 6,616
Restricted cash 322 146
Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 13,426 $ 6,762