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, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (8,865) $ (66)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation and amortization 1,778 108
Gain on the extinguishment of debt (127)  
Gain on sale of mortgages (3,264)  
Share-based compensation 2,833 322
Deferred income tax (2,865)  
Bad debt expense 248 106
Other non-cash 44  
Change in operating assets and liabilities:    
Accounts receivable (908) (1,093)
Agent annual fees receivable 36 (495)
Other operating assets 9 3
Prepaid and other assets (797) (621)
Accounts payable 387 1,148
Accrued liabilities 1,806 280
Escrow liabilities 2,418  
Operating lease right of use assets 496 16
Other operating liabilities (103) (24)
Operating lease liabilities (433) (14)
Mortgage loans held for sale (108,562)  
Proceeds from sale and principal payments on mortgage loans held for sale 109,299  
Net cash used in operating activities (6,570) (330)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (576) (26)
Amounts paid for business and asset acquisitions; net of cash acquired (10,969)  
Purchase of intangible assets (2,017) (341)
Net cash used in investing activities (13,562) (367)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on long-term debt (399) (13)
Proceeds from the issuance of common stock 80 83
Proceeds from note payable 865 454
Net borrowings on warehouse lines of credit 2,347  
Proceeds from the issuance of common stock in connection with public offering   34,300
Payment of offering cost in connection with issuance of common stock in connection with public offering   (3,183)
Purchase of treasury stock   (30)
Extinguishment of note payable   (500)
Net cash provided by financing activities 2,893 31,111
Net (decrease) increase in cash, cash equivalents, and restricted cash (17,239) 30,414
Cash, cash equivalents, and restricted cash at beginning of period 29,562 579
Cash, cash equivalents, and restricted cash at end of period 12,323 30,993
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest   82
Income taxes paid   5
Amounts due to sellers 1,477  
Capitalized share-based compensation 583  
Right of use assets obtained in exchange for lease liabilities 1,839  
Issuance of common stock for the purchase of business 25,312  
Issuance of common stock warrants as offering costs in connection with public offering of common stock   678
Extinguishment of Paycheck Protection Program Loan 127  
Loan receivable forgiven and used as purchase consideration 165  
Reconciliation of cash and restricted cash    
Cash and cash equivalents 8,753 30,993
Restricted cash 3,570  
Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 12,323 $ 30,993