Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (21,577,000) $ (23,981,000)
Adjustments to reconcile net loss to net cash (used in) operating activities:    
Depreciation and amortization 5,423,000 5,947,000
Gain on sale of business (2,958,000) 0
Non-cash lease expense 2,067,000 1,663,000
Deferred financing costs amortization 100,000 71,000
Gain on sale of mortgages (5,942,000) (3,696,000)
Stock-based compensation 8,839,000 12,994,000
Deferred income taxes (1,107,000) 84,000
Change in operating assets and liabilities:    
Accounts receivable 113,000 (278,000)
Prepaid and other current assets (1,872,000) (232,000)
Other assets (16,000) 195,000
Accounts payable 1,053,000 53,000
Accrued and other current liabilities 2,067,000 (353,000)
Operating lease liabilities (2,268,000) (1,827,000)
Other long-term liabilities 1,618,000 0
Mortgage loans held for sale originations (233,979,000) (154,480,000)
Proceeds from sale and principal payments on mortgage loans held for sale 243,751,000 153,268,000
Net cash (used in) operating activities (4,688,000) (10,572,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (51,000) (22,000)
Purchase of intangible assets (3,192,000) (1,811,000)
Proceeds from sale of operating segment 7,435,000 0
Other investing activities (130,000) 0
Amounts paid for business and asset acquisitions, net of cash acquired (760,000) (35,000)
Net cash provided by (used in) investing activities 3,302,000 (1,868,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on debt (602,000) (718,000)
Proceeds from debt 5,674,000 4,036,000
Cash paid for debt issuance costs 0 (200,000)
Borrowings from warehouse lines of credit 233,269,000 150,265,000
Repayment on warehouse lines of credit (237,067,000) (145,489,000)
Proceeds from (payments on) other financing activities 20,000 (449,000)
Proceeds from the issuance of common stock in connection with a public offering 0 4,900,000
Payment of offering cost in connection with issuance of common stock in connection with public offering (58,000) (745,000)
Net cash provided by financing activities 1,236,000 11,600,000
Net decrease in cash, cash equivalents, and restricted cash (150,000) (840,000)
Cash, cash equivalents, and restricted cash at beginning of period 7,540,000 8,380,000
Cash, cash equivalents, and restricted cash at end of period 7,390,000 7,540,000
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 299,000 188,000
Income taxes paid 2,000 50,000
Amounts due to sellers 1,726,000 80,000
Right of use assets obtained in exchange for new lease liabilities 2,031,000 305,000
Issuance of common stock for purchase of business 2,110,000 45,000
Reconciliation of cash and restricted cash:    
Cash and cash equivalents 7,127,000 7,399,000
Restricted cash 263,000 141,000
Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 7,390,000 $ 7,540,000