XML 22 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Statement of Cash Flows [Abstract]    
Net loss $ (25,703) $ (2,212)
Cash Flows from Financing Activities    
Payments made on long-term debt (51) (7)
Advance from holder of marketable securities 4,722 0
Repayment of advance from marketable securities (4,722) 0
PIPE issuance 125,000 0
Merger financing 309,999 0
Payment made on accrued dividends (4,853) 0
Payments to existing shareholders of Former CarLotz (62,693) 0
Transaction costs and advisory fees (47,579) 0
Payments made on cash considerations associated with stock options (2,465) 0
Repayment of Paycheck Protection Program loan (1,749) 0
Payments made on note payable (3,000) 0
Borrowings on long-term debt 0 2,249
Payments on floor plan notes payable (109,034) (16,877)
Borrowings on floor plan notes payable 127,279 16,834
Net Cash Provided by Financing Activities 330,854 2,199
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization expense 1,623 148
Amortization and accretion - marketable securities 1,712 0
Depreciation – lease vehicles 69 121
Loss on marketable securities 0 (13)
Provision for doubtful accounts 85 5
Stock-based compensation expense 49,114 37
Change in fair value of Merger warrants liability (24,794) 0
Change in fair value of historic warrants liability 0 (30)
Change in fair value of earnout shares (56,621) 0
Change in fair value of debt issuance costs and stock warrant 0 18
Change in fair value of redeemable convertible preferred stock tranche obligation 0 (962)
Unpaid interest expense on capital lease obligations 199 0
Change in Operating Assets and Liabilities:    
Accounts receivable (4,786) 290
Inventories (46,774) (602)
Other current assets (8,414) (247)
Other assets (4,267) 28
Accounts payable 3,541 893
Accrued expenses 5,441 771
Accrued expenses – related party (229) 75
Other current liabilities 382 (115)
Other liabilities (753) 756
Net Cash Used in Operating Activities (110,175) (1,039)
Cash Flows from Investing Activities    
Purchase of property and equipment (6,766) (37)
Capitalized website and internal-use software costs (11,511) 0
Purchase of marketable securities (359,381) (999)
Proceeds from sales of marketable securities 212,823 53
Purchase of lease vehicles (939) (76)
Net Cash Used in Investing Activities (165,774) (1,059)
Net Change in Cash and Cash Equivalents Including Restricted Cash 54,905 101
Cash and cash equivalents and restricted cash, beginning 2,813 4,102
Cash and cash equivalents and restricted cash, ending 57,718 4,203
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 1,000 248
Supplementary Schedule of Non-cash Investing and Financing Activities:    
Transfer from lease vehicles to inventory 166 199
Redeemable convertible preferred stock distributions accrued 0 1,399
Issuance of common stock warrants 0 15
KAR/AFC exercise of stock warrants (144) 0
KAR/AFC conversion of notes payable (3,625) 0
Convertible redeemable preferred stock tranche obligation expiration (2,832) 0
Capitalized website and internal use software costs accrued (1,898) 0
Purchases of property under capital lease obligation $ (7,651) $ 0