Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (132,878) $ (11,153)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Provision for losses on receivables 36,644 14,587
Depreciation and amortization expense 1,502 811
Change in deferred fees and costs, net 2,847 553
Change in fair value of warrants 42,239 (228)
Change in fair value of subordinated convertible notes 49,561
Gain on loan forgiveness (3,207)
Gains on foreign currency translation (178) (155)
Stock compensation expense 2,425 1,082
Changes in assets and liabilities, net of effects of business combination:    
Accrued interest receivable 481 12
Other assets (15,206) (4,217)
Accounts payable and accrued liabilities 13,708 110
Net cash provided by (used in) operating activities (2,062) 1,402
Cash flows from investing activities:    
Net originations and collections on finance receivables (90,861) (22,476)
Purchase of property and equipment (354) (1,029)
Net cash used in investing activities (91,215) (23,505)
Cash flows from financing activities:    
Repayments to secured/senior lenders (556) (18,333)
Repayment of related party loan (5,000)
Proceeds from issuance of related party loan 5,000
Proceeds from issuance of subordinated convertible notes 36,750
Borrowings from secured lenders 20,000 16,697
Payment of deferred financing costs (2,147) (675)
Redemption of founder’s common stock (9,700)
Payment of redeemed stock options (10,651)
Proceeds from issuance of common stock related to exercise of stock options 265 84
Proceeds from reverse capitalization, net of transaction costs 301,062
Issuance of Series C-1 preferred stock 12,025
Contributions from redeemable noncontrolling interests 53,000 300
Redemptions by redeemable noncontrolling interests (4,556) (13,050)
Distributions to noncontrolling interests (7,115) (2,989)
Net cash provided by financing activities 371,352 (941)
Net change in cash and restricted cash 278,075 (23,044)
Cash and restricted cash, beginning of year 20,927 45,813
Cash and restricted cash, end of year 299,002 22,769
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,878 2,460
Accrued redemptions by redeemable noncontrolling interests 500 1,450
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of preferred stock to common stock 302,475
Issuance of common stock related to convertible debt 100,311
Issuance of common stock related to warrants exercised 73,456
Acquisition of public and private warrants $ 29,466