Local Bounti Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities:
Net loss	$ (34,203)	$ (57,435)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation	3,423	1,826
Amortization	3,351	2,096
Reduction of right-of-use assets from operating leases	0	0
Stock-based compensation expense, net of amounts capitalized	10,393	22,709
Bad debt allowance	4	7
Inventory allowance	315	378
Loss on disposal of property and equipment	152	280
Gain related to change in fair value of warrant liability	(15,151)	0
Paid-in-kind interest	9,256	0
Amortization of debt issuance costs	3,085	1,858
Interest on financing obligation	232	282
Changes in operating assets and liabilities:
Accounts receivable	(106)	(92)
Inventory	(975)	618
Prepaid expenses and other current assets	496	714
Other assets	0	2,324
Accounts payable	842	2,318
Operating lease liabilities	(135)	5
Accrued liabilities	2,933	(4,545)
Net cash used in operating activities	(16,088)	(26,657)
Investing Activities:
Purchases of property and equipment	(76,187)	(25,467)
Asset acquisition	0	(25,813)
Business combination, net of cash acquired	0	(91,393)
Net cash used in investing activities	(76,187)	(142,673)
Financing Activities:
Proceeds from financing obligation	35,000	0
Proceeds from issuance of debt	72,992	111,881
Payment of debt issuance costs	(226)	(2,342)
Fractional shares paid in cash pursuant to Reverse Stock Split	(3)	0
Net cash provided by financing activities	107,763	109,539
Net increase in cash and cash equivalents and restricted cash	15,488	(59,791)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	24,938	101,077
Cash and cash equivalents and restricted cash and cash equivalents at end of period	40,426	41,286
Reconciliation of cash, cash equivalents, and restricted cash from the Unaudited Condensed Consolidated Balance Sheets to the Unaudited Condensed Consolidated Statements of Cash Flows
Cash and cash equivalents	33,946	22,703
Restricted cash and cash equivalents	6,480	18,583
Total cash and cash equivalents and restricted cash and cash equivalents as shown in the Unaudited Condensed Consolidated Statements of Cash Flows	40,426	41,286
Non-cash activities:
Warrants issued in connection with debt modification	25,697	0
Purchases of property and equipment included in accounts payable and accrued liabilities	(543)	(10,039)
Non-cash equity settlement on employee receivable	176	17,416
Stock-based compensation capitalized to property and equipment, net	936	0
Non-cash financing obligation activity	0	840
Right-of-use asset obtained in exchange for operating lease liability	0	388
Reduction of right of use asset and associated lease liability due to lease cancellation	0	(203)
Issuance of common stock related to modification of line of credit	$ 0	$ 116