Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net loss $ (56,093) $ (8,409)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 684 287
Stock-based compensation expense 17,895 3,295
Bad debt and other allowances 19 0
Inventory allowance (26) 0
Change in fair value - Convertible Notes 5,067 0
Change in fair value - Warrant 10 0
Gain on Convertible Notes (240) 0
Loss on debt extinguishment 939 0
Amortization of debt issuance costs 782 0
Interest expense on Convertible Notes 1,364 0
Changes in assets and liabilities:    
Accounts receivable (120) (11)
Accounts receivable - related party 313 (322)
Inventory (652) (243)
Prepaid expenses and other current assets (3,384) 1
Other assets (966) (51)
Accounts payable 1,737 29
Other long-term liabilities 10 0
Warrant liabilities (1,425) 0
Accrued liabilities 14,795 1,095
Accrued liabilities - related party (817) 491
Net cash used in operating activities (20,108) (3,838)
Cash flows from investing activities    
Purchases of property and equipment (29,666) (3,422)
Net cash used in investing activities (29,666) (3,422)
Cash flows from financing activities    
Proceeds from recapitalization, net of issuance costs $30,422 137,532 0
Proceeds from issuance of Convertible Notes, net 26,000 0
Proceeds from financing obligations 3,854 7,675
Proceeds from issuance of debt 26,793 453
Cash distribution to Legacy Local Bounti shareholders (27,320) 0
Payment of debt issuance costs (5,399) 0
Repayment of debt (10,654) (2,880)
Redemption of common stock 0 (80)
Net cash provided by financing activities 150,806 5,168
Net increase (decrease) in cash and cash equivalents and restricted cash 101,032 (2,092)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 45 2,137
Cash and cash equivalents and restricted cash and cash equivalents at end of period 101,077 45
Supplemental disclosures of cash flow information    
Cash paid for interest 2,981 49
Non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable and accrued liabilities 12,441 1,541
Non-cash redemption of common stock 0 11
Non-cash proceeds from issuance of Convertible Notes for services provided 50 0
Non-cash proceeds from issuance of Share Settlement Note $ 0 $ 80