Annual reports filed by certain Canadian issuers pursuant to Section 15(d) and Rule 15d-4

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows
$ in Millions
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Operating activities    
Net loss $ (16,952,451) $ (24,605,449)
Adjustments for:    
Net fair value (gain) loss on financial liabilities (83,759,057) 529,555
Stock-based compensation 27,155,214 31,156,759
Depreciation and amortization 8,125,151 2,812,028
Amortization on intangible assets 50,708,958 13,716,502
Share of loss on equity investments 31,670 33,591
Gain on disposal of equity investments (177,926)  
Incremental costs to acquire cannabis inventory in a business combination 43,863,688  
Loss on disposal of property, plant, and equipment 50,483  
Deferred tax (benefit) expense (16,559,339) 316,873
Amortization on financing costs 1,744,520 90,858
Amortization on financing premium 402,376  
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable (3,916,018) (843,162)
Inventory (50,956,053) (8,876,748)
Prepaid expenses and other current assets (2,325,897) (2,529,211)
Trade payables (1,429,713) 1,616,253
Accrued liabilities 7,942,658 3,274,488
Interest accrued 1,446,358 2,214,061
Lease liabilities - operating 1,911,974 200,913
Income tax payable 5,717,078 16,176,408
Cash (used in) provided by operating activities (27,781,078) 35,283,719
Investing activities    
Purchase of property, plant, and equipment (100,002,729) (14,367,690)
Purchases of intangible assets   (400,000)
Cash paid for business combinations and asset acquisitions, net of cash acquired (92,270,242) (35,174,880)
Cash paid for business combinations and asset acquisitions, bridge financing (22,750,176) (8,040,804)
Cash paid for business combinations and asset acquisitions, working capital (4,359,040) (2,354,375)
Payments for interests in equity accounted investments (81,609) (109,700)
Cash received in disposal of equity investment 1,000,000  
Payments made by (advances to) related corporation 135,000 (50,000)
Cash paid for bridge financing (1,200,000)  
Deposits for business combinations (100,000) (1,750,000)
Cash used in investing activities (219,628,796) (62,247,449)
Financing activities    
Proceeds from exercise of Warrants 55,691,685 48,489,148
Proceeds from exercise of options 314,915  
Proceeds from equity offering, net of expenses 118,052,400  
Proceeds from senior secured notes, net of financing costs 148,647,037 103,571,105
Payments of financing costs (2,142,242)  
Tax withholding on stock-based compensation awards (28,536,340)  
Repayments of debts payable (8,749,327) (5,615,225)
Repayments of lease liabilities - finance (principal portion) (6,948,895) (334,899)
Repurchase of Subordinate Shares (1,815,323) (311,430)
Cash provided by financing activities 274,513,910 145,798,699
Net increase in cash 27,104,036 118,834,969
Cash, beginning of the period 127,238,165 8,403,196
Cash, end of the period 154,342,201 127,238,165
Supplemental disclosure of cash flow information:    
Interest paid during the period 14,243,886 1,102,193
Income taxes paid during the period 41,303,039 5,594,182
Non-cash investing and financing activities:    
Recognition of right-of-use assets for operating leases 68,577,580 12,295,919
Recognition of right-of-use assets for finance leases 18,576,445 906,924
Issuance of Subordinate Shares related to business combinations, asset acquisitions, and make-whole provisions 576,195,758 $ 30,825,012
Issuance of Subordinate Shares related to equity component of debt 7,429,389  
Repurchase of Subordinate Shares $ 7,193,155