Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Operating Activities:    
Net loss $ (111,071) $ (56,093)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 5,400 684
Amortization of intangible assets 5,027 0
Stock-based compensation expense 39,166 17,895
Bad debt allowance 114 19
Inventory valuation allowance 596 (26)
Loss on disposal of property and equipment 2,568 0
Change in fair value - Convertible Notes 0 5,067
Change in fair value - Warrant 0 10
Gain on Convertible Notes 0 (240)
Loss on debt extinguishment 735 939
Amortization of debt issuance costs 2,988 782
Interest on Convertible Notes 0 1,364
Interest on financing obligation 231 0
Changes in operating assets and liabilities:    
Accounts receivable (643) 193
Inventory (88) (652)
Prepaid expenses and other current assets 1,397 (3,384)
Other assets 2,328 (966)
Accounts payable 2,116 1,737
Operating lease liabilities 151 10
Warrant liabilities 0 (1,425)
Accrued liabilities 177 13,978
Net cash used in operating activities (48,808) (20,108)
Investing Activities:    
Purchases of property and equipment (56,020) (29,666)
Asset acquisition (25,813) 0
Business combination, net of cash acquired (90,552) 0
Net cash used in investing activities (172,385) (29,666)
Financing Activities:    
Proceeds from recapitalization, net of issuance costs $30,422 0 137,532
Proceeds from issuance of Convertible Notes, net 0 26,000
Proceeds from financing obligations 0 3,854
Proceeds from Private Placement financing 23,300 0
Transaction costs paid in connection with financing activities (553) 0
Proceeds from issuance of debt 124,649 26,793
Cash distribution to Legacy Local Bounti shareholders 0 (27,320)
Payment of debt issuance costs (2,342) (5,399)
Repayment of debt 0 (10,654)
Net cash provided by financing activities 145,054 150,806
Net (decrease) increase in cash and cash equivalents and restricted cash (76,139) 101,032
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year 101,077 45
Cash and cash equivalents and restricted cash and cash equivalents at end of year 24,938 101,077
Reconciliation of cash, cash equivalents, and restricted cash from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows:    
Cash and cash equivalents 13,666 96,661
Restricted cash and cash equivalents 11,272 4,416
Total cash and cash equivalents and restricted cash and cash equivalents as shown in the Consolidated Statements of Cash Flows 24,938 101,077
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of interest capitalized 10,743 2,981
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 825 12,441
Stock-based compensation capitalized to property and equipment, net 444 0
Property and equipment obtained in exchange for financing obligation 840 0
Issuance of common stock related to modification of line of credit 17,416 0
Issuance of common stock for business combination 50,948 0
Non-cash proceeds from issuance of Convertible Notes for services provided $ 0 $ 50