General form of registration statement for all companies including face-amount certificate companies

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities        
Net loss $ (25,772) $ (9,398) $ (56,093) $ (8,409)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation 541 124 684 287
Reduction of right-of-use assets from operating leases 28 0    
Stock-based compensation expense 11,013 4,942 17,895 3,295
Bad debt and other allowances 2 (8) 19 0
Inventory allowance 0 (25) (26) 0
Loss on disposal of property and equipment 196 0    
Change in fair value - Convertible Notes 0 299 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 191 0 782 0
Interest expense on Convertible Notes     1,364 0
Changes in assets and liabilities:        
Accounts receivable 37 (33) (120) (11)
Accounts receivable - related party 7 307 313 (322)
Inventory (341) (166) (652) (243)
Prepaid expenses and other current assets (193) (816) (3,384) 1
Other assets 112 5 (966) (51)
Accounts payable 2,619 955 1,737 29
Operating lease liabilities (25) 0    
Other long-term liabilities     10 0
Warrant liabilities     (1,425) 0
Accrued liabilities 1,482 1,424 14,795 1,095
Accrued liabilities - related party 18 (833) (817) 491
Net cash used in operating activities (10,085) (3,223) (20,108) (3,838)
Cash flows from investing activities        
Purchases of property and equipment (14,673) (1,070) (29,666) (3,422)
Net cash used in investing activities (14,673) (1,070) (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 0 10,700 26,000 0
Proceeds from financing obligations 71 1,066 3,854 7,675
Proceeds from issuance of debt 0 10,388 26,793 453
Cash distribution to Legacy Local Bounti shareholders     (27,320) 0
Payment of debt issuance costs     (5,399) 0
Repayment of debt 0 (550) (10,654) (2,880)
Redemption of common stock     0 (80)
Net cash provided by financing activities 71 21,604 150,806 5,168
Net increase (decrease) in cash and cash equivalents and restricted cash (24,687) 17,311 101,032 (2,092)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 101,077 45 45 2,137
Cash and cash equivalents and restricted cash and cash equivalents at end of period 76,390 17,356 101,077 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 8,161 0 12,441 1,541
Stock-based compensation capitalized to property and equipment, net 29 0    
Non-cash financing obligation activity 840 0    
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
Non-cash proceeds from issuance of Convertible Notes for services provided $ 0 $ 50