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 - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (23,981) $ (27,626)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 5,947 5,346
Non-cash lease expense 1,663 1,856
Deferred financing costs amortization 71 0
Gain on sale of mortgages (3,696) (3,819)
Stock-based compensation 12,994 9,131
Deferred income taxes 84 297
Change in operating assets and liabilities:    
Accounts receivable (278) 485
Prepaid and other current assets (232) (958)
Other assets 195 78
Accounts payable 53 (1,959)
Accrued and other current liabilities (353) (1,081)
Operating lease liabilities (1,827) (1,867)
Mortgage loans held for sale originations (154,480) (246,327)
Proceeds from sale and principal payments on mortgage loans held for sale 153,268 259,861
Net cash (used in) operating activities (10,572) (6,583)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (22) (945)
Amounts paid for business and asset acquisitions, net of cash acquired (35) (1,639)
Purchase of intangible assets (1,811) (3,112)
Other investing activities 0 (1,400)
Net cash used in investing activities (1,868) (7,096)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on debt (718) (1,307)
Proceeds from debt 4,036 924
Cash paid for debt issuance costs (200) 0
Other financing activities (449) 0
Borrowings from warehouse lines of credit 150,265 210,433
Repayment on warehouse lines of credit (145,489) (219,867)
Repurchase of common stock 0 (6,045)
Proceeds from the issuance of common stock in connection with a public offering 4,900 0
Payment of offering cost in connection with issuance of common stock in connection with public offering (745) 0
Net cash provided by (used in) financing activities 11,600 (15,862)
Net decrease in cash, cash equivalents, and restricted cash (840) (29,541)
Cash, cash equivalents, and restricted cash at beginning of period 8,380 37,921
Cash, cash equivalents, and restricted cash at end of period 7,540 8,380
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 188 4
Income taxes paid 50 111
Amounts due to sellers 80 1,100
Right of use assets obtained in exchange for new lease liabilities 305 2,385
Issuance of common stock for purchase of business 45 6,168
Capitalized share- based compensation 0 220
Reconciliation of cash and restricted cash:    
Cash and cash equivalents 7,399 8,320
Restricted cash 141 60
Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 7,540 $ 8,380