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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
OPERATING ACTIVITIES:          
Net loss $ (3,629) $ (34,787) $ (8,791) $ (60,587)  
Adjustments to reconcile net loss to net cash used by operating activities:          
Depreciation and amortization     858 2,964  
Provision (recovery) for sales returns     87 (170)  
Amortization of deferred financing cost and debt discounts     121 213  
Stock-based compensation     4,588 5,539  
Change in deferred tax balance     (5) 0  
Change in inventory provisions     (1,301) 262  
Gain in connection with the change in warrant fair value (52) (2,197) (569) (1,843)  
Impairment of Intangible Assets, Finite-Lived 0 22,785 0 [1] 39,445 $ 39,728 [1]
Changes in assets and liabilities:          
Accounts receivable     462 (267)  
Inventory     3,313 6,721  
Prepaid and other current assets     (656) 2,469  
Accounts payable, accrued and other liabilities     4,789 (3,603)  
Cash (used in) provided by operating activities     2,896 (8,857)  
INVESTING ACTIVITIES:          
Purchase of fixed assets     (42) (66)  
Purchase of Step and Go assets       (125)  
Purchase of minority equity investment     (200) 0  
Cash used in investing activities     (242) (191)  
FINANCING ACTIVITIES:          
Repayments on note payable to Smash     (383) (501)  
Borrowings from MidCap credit facilities     29,637 38,060  
Repayments for MidCap credit facilities     (31,275) (43,572)  
Insurance obligation payments     (315) (534)  
Cash used in financing activities     (2,336) (6,547)  
Foreign currency effect on cash and restricted cash     (29) 255  
Net change in cash and restricted cash for the year     289 (15,340)  
Cash and restricted cash at beginning of year     22,195 46,629 46,629
Cash and restricted cash at end of year 22,484 31,289 22,484 31,289 22,195
RECONCILIATION OF CASH AND RESTRICTED CASH:          
Cash 20,328 28,867 20,328 28,867  
Restricted Cash—Prepaid and other current assets 2,027 2,293 2,027 2,293  
Restricted cash—Other non-current assets 129 129 129 129  
TOTAL CASH AND RESTRICTED CASH $ 22,484 $ 31,289 22,484 31,289 $ 22,195
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION          
Cash paid for interest     660 1,038  
Cash paid for taxes     151 80  
NON-CASH INVESTING AND FINANCING ACTIVITIES:          
Non-cash consideration paid to contractors     620 321  
Non-cash minority equity investment     $ 50  
[1] On March 20, 2023, the Company made certain leadership changes in our essential oil business resulting in a change in strategy and outlook for the business which will result in a reduced portfolio offering. This reduction in the portfolio will be impactful to our essential oil business's future revenues and profitability and as a result the Company made revisions to our internal forecasts. The Company concluded that this change was an interim triggering event for the three months ending March 31, 2023 indicating the carrying value of our essential oil business's long-lived assets including trademarks may not be recoverable. Accordingly, the Company performed an interim impairment test of the trademark and assessed the recoverability of the related intangible assets by using level 3 inputs and comparing the carrying value of an asset group to the net undiscounted cash flow expected to be generated. The recoverability test indicated that certain definite-live trademark intangible assets were impaired. The Company concluded the carrying value of the trademark exceeded its estimated fair value which was determined utilizing the relief-from-royalty method to determine discounted projected future cash flows which resulted in an impairment charge. The Company recorded an intangible impairment charge of $16.7 million in the three months ending March 31, 2023 within impairment loss on intangibles on the condensed consolidated statement of operations.