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, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (17,678) $ (8,865)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 3,785 1,778
Non-cash lease expense 1,565  
Gain on extinguishment of debt 0 (127)
Gain on sale of mortgages (3,443) (3,264)
Stock-based compensation 6,470 2,833
Deferred income taxes 0 (2,865)
Bad debt expense 0 248
Other non-cash 0 44
Change in operating assets and liabilities:    
Accounts receivable (672) (908)
Derivative assets (241)  
Prepaid and other current assets (2,128) (761)
Other assets 43 9
Accounts payable (382) 387
Accrued and other current liabilities (284) 4,121
Operating lease liabilities (1,540) 63
Mortgage loans held for sale (205,137) (108,562)
Proceeds from sale and principal payments on mortgage loans held for sale 213,172 109,299
Net cash used in operating activities (6,470) (6,570)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (981) (576)
Amounts paid for business and asset acquisitions, net of cash acquired (2,479) (10,969)
Purchase of intangible assets (2,473) (2,017)
Net cash used in investing activities (5,933) (13,562)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on long-term debt (846) (399)
Proceeds from issuance of common stock 0 80
Net borrowings on warehouse lines of credit (4,499) 2,347
Repurchase of common stock (6,045)  
Proceeds from note payable 554 865
Net cash (used in) provided by financing activities (10,836) 2,893
Net decrease in cash, cash equivalents, and restricted cash (23,239) (17,239)
Cash, cash equivalents, and restricted cash at beginning of period 37,921 29,562
Cash, cash equivalents, and restricted cash at end of period 14,682 12,323
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 23  
Income taxes paid 111  
Amounts due to sellers 1,100 1,477
Right of use assets obtained in exchange for new lease liabilities 2,219 1,839
Issuance of common stock for purchase of business 6,168 25,312
Extinguishment of Paycheck Protection Program Loan 0 127
Loan receivable forgiven and used as purchase consideration 0 165
Reconciliation of cash and restricted cash:    
Cash and cash equivalents 14,543 8,753
Restricted cash 139 3,570
Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 14,682 $ 12,323