SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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6 Months Ended |
Jun. 30, 2022 |
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| Accounting Policies [Abstract] |
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| Property, Plant and Equipment |
The approximate useful lives for depreciation of our property, equipment and leasehold improvements are as follows:
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|
|
|
|
| Buildings |
32 years |
| Furniture and equipment |
3 to 8 years |
| Computer and software |
3 to 5 years |
| Vehicles |
5 years |
| Leasehold improvements |
Shorter of lease term or economic life |
Property, equipment, and leasehold improvements as of June 30, 2022 and December 31, 2021 consisted of the following:
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(in thousands) |
|
June 30,
2022 |
|
December 31,
2021 |
|
|
|
|
| Land and building |
$ |
7,581 |
|
|
$ |
7,787 |
|
| Furniture and equipment |
3,970 |
|
|
3,873 |
|
| Computer hardware |
341 |
|
|
348 |
|
| Leasehold improvements |
11,454 |
|
|
14,409 |
|
| Vehicles |
1,143 |
|
|
1,142 |
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| Construction in progress |
2,436 |
|
|
1,832 |
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| Subtotal |
26,925 |
|
|
29,391 |
|
| Less accumulated depreciation |
(5,509) |
|
|
(5,663) |
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| Property, equipment and leasehold improvements, net |
$ |
21,416
|
|
|
$ |
23,728
|
|
|
| Schedule of Finite-Lived Intangible Assets |
The approximate useful lives for amortization of our intangible assets are as follows:
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| Customer relationships |
3 to 5 years |
| Trademark and patent |
2 to 8 years |
| Dispensary licenses |
14 years |
Intangible assets, net consisted of the following as of June 30, 2022 and December 31, 2021:
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(in thousands) |
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June 30, 2022 |
|
December 31, 2021 |
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Estimated
Useful
Life in
Years |
|
Gross
Carrying
Amount |
|
Accumulated
Amortization |
|
Net
Carrying
Value |
|
Gross
Carrying
Amount |
|
Accumulated
Amortization |
|
Net
Carrying
Value |
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| Amortizing Intangible Assets: |
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|
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| Customer Relationships |
3 to 5 |
|
$ |
7,400 |
|
|
$ |
(7,400) |
|
|
$ |
— |
|
|
$ |
7,400 |
|
|
$ |
(7,400) |
|
|
$ |
— |
|
| Trademarks and Patent |
2 to 8 |
|
4,500 |
|
|
(1,876) |
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|
2,624 |
|
|
4,500 |
|
|
(750) |
|
|
3,750 |
|
| Operating Licenses |
14 |
|
100,701 |
|
|
(10,503) |
|
|
90,198 |
|
|
100,701 |
|
|
(6,864) |
|
|
93,837 |
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| Total Amortizing Intangible Assets |
|
|
112,601
|
|
|
(19,779) |
|
|
92,822
|
|
|
112,601
|
|
|
(15,014) |
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|
97,587
|
|
|
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| Non-Amortizing Intangible Assets: |
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|
|
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| Trade Name |
Indefinite |
|
9,950 |
|
|
— |
|
|
9,950 |
|
|
32,050 |
|
|
— |
|
|
32,050 |
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| Total Non-Amortizing Intangible Assets |
|
|
9,950
|
|
|
—
|
|
|
9,950
|
|
|
32,050
|
|
|
—
|
|
|
32,050
|
|
| Total Intangible Assets, Net |
|
|
$ |
122,551
|
|
|
$ |
(19,779) |
|
|
$ |
102,772
|
|
|
$ |
144,651
|
|
|
$ |
(15,014) |
|
|
$ |
129,637
|
|
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| Disaggregation of Revenue |
The table below includes revenue disaggregated by geographic location for the periods presented:
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(in thousands) |
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
| California |
$ |
15,608 |
|
|
$ |
2,872 |
|
|
$ |
34,053 |
|
|
$ |
4,928 |
|
| Oregon |
1,947 |
|
|
— |
|
|
4,227 |
|
|
— |
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| Total |
$ |
17,556
|
|
|
$ |
2,872
|
|
|
$ |
38,280
|
|
|
$ |
4,928
|
|
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares):
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Six Months Ended
June 30, |
|
2022 |
|
2021 |
|
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| Common stock warrants |
85,826,872 |
|
|
16,076,556 |
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| Common stock options |
88,126,615 |
|
|
16,721,567 |
|
|
173,953,487
|
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|
32,798,123
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