Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Statement of Cash Flows [Abstract]    
Net loss $ (164,875) $ (41,587)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Provision for losses on receivables 60,749 21,294
Depreciation and amortization expense 2,392 1,108
Change in deferred fees and costs, net 1,827 1,103
Change in fair value of warrants 39,629 14,419
Change in fair value of subordinated convertible notes 41,877 4,000
Change in fair value of contingent consideration from mergers and acquisitions 6,229
Gain on PPP Loan forgiveness (3,207)
Gains on foreign currency translation (431) (179)
Stock compensation expense 5,039 1,650
Changes in assets and liabilities, net of effects of business combination:    
Accrued interest receivable (449) 231
Other assets (17,050) (4,199)
Accounts payable and accrued liabilities 19,701 5,188
Net cash (used in) provided by operating activities (8,569) 3,028
Cash flows from investing activities:    
Net originations and collections of finance receivables (131,737) (41,562)
Purchase of property, equipment and software (479) (1,185)
Acquisition of Malka Media Group LLC, net of cash acquired (12,145)
Net cash used in investing activities (144,361) (42,747)
Cash flows from financing activities:    
Repayments to secured/senior lenders (798) (18,333)
Repayment of related party loan (5,000)
Proceeds from issuance of related party loan 5,000
Proceeds from issuance of special purpose vehicle credit facilities 146,000
Proceeds from issuance of subordinated convertible notes 36,750 10,000
Borrowings from secured lenders 20,000 16,697
Payment of deferred financing costs (5,147)
Redemption of founders common stock (9,700)
Payment of redeemed stock options (12,741)
Proceeds from issuance of common stock related to exercise of stock options and warrants 252 134
Proceeds from reverse capitalization, net of transaction costs 293,239
Issuance of Series C-1 preferred stock 12,025
Contributions from redeemable noncontrolling interests 53,000 10,750
Redemptions by redeemable noncontrolling interests (127,391) (17,645)
Distributions to noncontrolling interests (10,237) (3,795)
Net cash provided by financing activities 378,227 14,833
Net change in cash and restricted cash 225,297 (24,886)
Cash and restricted cash, beginning of year 20,927 45,813
Cash and restricted cash, end of year 246,224 20,927
Supplemental disclosure of cash flow information:    
Cash paid for interest 4,378 3,090
Supplemental disclosure of non-cash investing and financing activities:    
Accrued dividends on redeemable convertible preferred stock (14,292) (17,209)
Series C-1 redeemable convertible preferred stock issued to acquire WTI 27,929
Conversion of preferred stock to common stock 302,475
Issuance of common stock related to convertible debt 92,627
Issuance of common stock related to warrants exercised 85,502
Acquisition of private warrants $ 29,466