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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (22,592) $ (76,932)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,251 159
Loss from PIK Note Amendment and 2022 Debenture Release 3,521
Equity-based compensation 361 1,002
Cantor Commitment Fee 1,600
Amortization of consulting fees paid in common stock 2,221 2,954
Impairment of intangible assets and cloud computing arrangements 2,633
Change in fair value of convertible debentures 28,180
Change in fair value of forward purchase agreement collateral derivative 27,378
Change in fair value of warrants (244) (1,349)
Change in fair value of forward purchase agreement put derivative 1,284
Conversion of accrued interest 593
PIK interest 419
Amortization of debt issuance costs 448
Contributions in the form of rent payments 225
Recognition of prepaid offering costs upon election of fair value option 107
Other 100
Changes in operating assets and liabilities:    
Supplies 182 (1,762)
Prepaid expenses and consulting fees 1,835 (1,002)
Other current assets 3
Cloud computing arrangements (1,941)
Reinsurance recoverables 18,573 709
Accounts payable 1,806 (489)
Accrued and other liabilities 1,891 761
Policy reserves (18,573) (709)
Net cash used in operating activities (6,165) (19,232)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (108)
Development of internal use software (1,622)
Net cash used in investing activities (1,730)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of convertible debentures 28,000
Warrant repurchase (507)
Senior PIK Notes proceeds 3,458
Reverse recapitalization proceeds 23,226
Forward purchase agreement escrow (29,135)
Forward purchase agreement proceeds 484
Forward purchase agreement collateral release to Meteora 733
Private placements 744
Related party promissory note 247 (1,160)
Deferred offering costs (299) (539)
Net cash provided by financing activities 692 24,560
Net change in cash and cash equivalents (5,473) 3,598
Cash and cash equivalents at beginning of period 5,515 6,856
Cash and cash equivalents at end of period 42 10,454
NONCASH INVESTING AND FINANCING ACTIVITIES:    
2022 Debenture Release 2,181
PIK Note Amendment 1,339
Exchange Offer 2,466
Conversion of debt 88,382
Conversion of preferred stock 21,854
Accrued internal use software $ 239