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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.2.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities        
Net loss $ (57,435) $ (16,988) $ (56,093) $ (8,409)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation expense 1,826 250 684 287
Amortization of intangible assets 2,096 0    
Stock-based compensation expense 22,709 4,942 17,895 3,295
Bad debt allowance 7 (8) 19 0
Inventory allowance 378 8 (26) 0
Loss on disposal of property and equipment 280 0    
Change in fair value—Convertible Notes 0 2,984 5,067 0
Change in fair value—Warrant 0 3 10 0
Gain on Convertible Notes     (240) 0
Loss on debt extinguishment     939 0
Amortization of debt issuance costs 1,858 429 782 0
Interest expense on Convertible Notes     1,364 0
Changes in operating assets and liabilities:        
Accounts receivable (92) (28) (120) (11)
Inventory 714 (3,294) (652) (243)
Prepaid expenses and other current assets 2,324 11 (3,384) 1
Other assets 2,318 881 (966) (51)
Accounts payable 5 0 1,737 29
Operating lease liabilities (4,545) 3,266    
Accrued liabilities     14,795 1,095
Other long-term liabilities     10 0
Accounts receivable - related party 618 (176) 313 (322)
Warrant liabilities     (1,425) 0
Accrued liabilities - related party     (817) 491
Net cash used in operating activities (26,939) (7,720) (20,108) (3,838)
Investing Activities:        
Purchases of property and equipment (25,467) (8,087) (29,666) (3,422)
Asset acquisition (25,813)      
Business combination, net of cash acquired (91,393)      
Net cash used in investing activities (142,673) (8,087) (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 26,000 26,000 0
Proceeds from financing obligations 282 3,210 3,854 7,675
Proceeds from issuance of debt 111,881 10,500 26,793 453
Cash distribution to Legacy Local Bounti shareholders     (27,320) 0
Payment of debt issuance costs (2,342) (150) (5,399) 0
Repayment of debt 0 (654) (10,654) (2,880)
Redemption of common stock     0 (80)
Net cash provided by financing activities 109,821 38,906 150,806 5,168
Net (decrease) increase in cash and cash equivalents and restricted cash (59,791) 23,099 101,032 (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 41,286 23,144 101,077 45
Supplemental disclosures of cash flow information        
Cash paid for interest     2,981 49
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets        
Cash and cash equivalents 22,703 23,144 96,661 45
Restricted cash and cash equivalents 18,583 0 4,416 0
Total cash and cash equivalents and restricted cash and cash equivalents as shown in the Unaudited Condensed Consolidated Statements of Cash Flows 41,286 23,144 101,077 45
Non-cash investing and financing activities:        
Right-of-use asset obtained in exchange for operating lease liability 388 0    
Reduction of right of use asset and associated lease liability due to lease cancellation (203) 0    
Purchases of property and equipment included in accounts payable and accrued liabilities (10,039) 0 12,441 1,541
Stock-based compensation capitalized to property and equipment, net 116 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 0 50 50 0
Non-cash proceeds from issuance of Share Settlement Note     $ 0 $ 80
Issuance of common stock related to modification of line of credit $ 17,416 $ 0