Glass House Brands Inc 6-K, filed Aug 13, 2024

Glass House Brands Inc. (GLAS)

6-K 2024-08-13 For: 2024-06-30

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Added on April 07, 2026

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Glass House Brands Inc filed this 6-K on August 13, 2024.

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			Glass House Brands Inc.

Date: August 13, 2024			/s/ Kyle Kazan
			By: Kyle Kazan
			Title: Chief Executive Officer


Exhibit Number						Description

99.1						Unaudited Condensed Interim Consolidated Financial Statements as of June 30 , 2024 and December 31, 2023 and for the Three and Si x Months Ended June 30 , 2024 and 2023

99.2						Management’s Discussion and Analysis of Financial Condition and Unaudited Results of Operations for the Three and Six Months Ended June 30 , 2024 and 2023

99.3						Form 52-109F2 Certification of Interim Filings – CFO

99.4						Form 52-109F2 Certification of Interim Filings – CEO


			Page(s)

Unaudited Condensed Interim Consolidated Balance Sheets			1

Unaudited Condensed Interim Consolidated Statements of Operations			2

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity			3 - 4

Unaudited Condensed Interim Consolidated Statements of Cash Flows			5 - 6

Notes to Unaudited Condensed Interim Consolidated Financial Statements			7 – 34


	June 30, 2024		December 31, 2023
ASSETS
Current Assets:
Cash	$	22,879	$	29,524
Restricted Cash	3,000		3,000
Accounts Receivable, Net	7,717		3,979
Prepaid Expenses and Other Current Assets	4,366		3,873
Inventory	14,503		8,840
Total Current Assets	52,465		49,216
Operating Lease Right-of-Use Assets, Net	8,168		8,960
Finance Lease Right-of-Use Assets, Net	2,545		1,900
Long Term Investments	2,251		2,327
Property, Plant and Equipment, Net	215,179		215,686
Intangible Assets, Net	20,868		21,213
Other Assets	4,367		4,473
TOTAL ASSETS	$	305,843	$	303,775
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Current Liabilities:
Accounts Payable and Accrued Liabilities	$	33,739	$	26,932
Income Taxes Payable	7,712		7,879
Contingent Shares and Earnout Liabilities	33,132		34,589
Shares Payable	5,825		8,570
Current Portion of Operating Lease Liabilities	1,269		1,452
Current Portion of Finance Lease Liabilities	681		387
Current Portion of Notes Payable	7,552		7,550
Total Current Liabilities	89,910		87,359
Operating Lease Liabilities, Net of Current Portion	7,127		7,704
Finance Lease Liabilities, Net of Current Portion	1,799		1,520
Other Non-Current Liabilities	6,624		5,443
Notes Payable, Net of Current Portion	53,699		56,513
TOTAL LIABILITIES	159,159		158,539
MEZZANINE NON-CONTROLLING INTEREST:
GH Group, Inc. Preferred Series B Shares (no par value, 55,000 shares authorized, 49,969 shares issued and outstanding as of June 30, 2024 and December 31, 2023)	60,881		57,545
GH Group, Inc. Preferred Series C Shares (no par value, 5,000 shares authorized, 5,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023)	5,927		5,608
GH Group, Inc. Preferred Series D Shares (no par value, 15,000 shares authorized, 15,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023)	15,000		15,000
SHAREHOLDERS' EQUITY:
Multiple Voting Shares (no par value, unlimited shares authorized, 4,754,979 shares issued and outstanding as of June 30, 2024 and December 31, 2023)	—		—
Subordinate Voting Shares (no par value, unlimited shares authorized, 66,528,007 and 61,986,686 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)	—		—
Exchangeable Shares (no par value, unlimited shares authorized, 7,842,380 and 8,953,951 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)	—		—
Additional Paid-In Capital	294,325		280,696
Accumulated Deficit	(199,270)		(190,935)
Total Shareholders' Equity Attributable to the Company	95,055		89,761
Non-Controlling Interest	(30,179)		(22,678)
TOTAL SHAREHOLDERS' EQUITY	146,684		145,236
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	305,843	$	303,775


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
			As Restated, Note 3				As Restated, Note 3
Revenues, Net	$	53,938	$	44,665	$	84,038	$	72,220
Cost of Goods Sold (Exclusive of Depreciation and Amortization Shown Separately Below)	25,264		20,293		42,838		35,274
Gross Profit	28,674		24,372		41,200		36,946
Operating Expenses:
General and Administrative	17,366		13,055		30,894		24,441
Sales and Marketing	682		997		1,159		1,649
Professional Fees	1,860		2,200		5,523		3,700
Depreciation and Amortization	3,723		3,570		7,439		7,406
Impairment Expense for Goodwill	—		—		—		14,144
Impairment Expense for Intangible Assets	—		1,328		—		6,854
Total Operating Expenses	23,631		21,150		45,015		58,194
Income (Loss) from Operations	5,043		3,222		(3,815)		(21,248)
Other (Income) Expense:
Interest Expense	2,593		2,547		4,799		4,627
Interest Income	—		—		—		(45)
(Gain) Loss on Equity Method Investments	94		(36)		76		2,228
(Gain) Loss on Change in Fair Value of Derivative Asset	(32)		143		(145)		130
(Gain) Loss on Change in Fair Value of Contingent Liabilities and Shares Payable	(7,910)		19,100		(1,445)		22,510
Other Expense, Net	56		1,127		93		1,370
Total Other (Income) Expense, Net	(5,199)		22,881		3,378		30,820
Income (Loss) From Operations Before Provision for Income Taxes	10,242		(19,659)		(7,193)		(52,068)
Provision for Income Taxes	203		5,293		1,037		7,667
Net Income (Loss)	10,039		(24,952)		(8,230)		(59,735)
Net Income to Non-Controlling Interest	43		100		105		63
Net Income (Loss) Attributable to the Company	$	9,996	$	(25,052)	$	(8,335)	$	(59,798)

Income (Loss) Per Share - Basic	$	0.08	$	(0.39)	$	(0.22)	$	(0.92)
Income (Loss) Per Share - Diluted	$	0.08	$	(0.39)	$	(0.22)	$	(0.92)

Weighted-Average Shares Outstanding - Basic	73,807,711		71,092,510		73,522,518		71,673,212
Weighted-Average Shares Outstanding - Diluted	82,232,068		71,092,510		73,522,518		71,673,212


	Units	Units	Units							$ Amount		$ Amount		$ Amount
	Multiple Voting Shares	Equity Shares	Exchangeable Voting Shares	Additional Paid- In Capital		Accumulated Deficit		TOTAL EQUITY ATTRIBUTABLE TO SHAREHOLDERS		Mezzanine Non- Controlling Equity Preferred Series B		Mezzanine Non- Controlling Equity Preferred Series C		Mezzanine Non- Controlling Equity Preferred Series D		Non- Controlling Interest		TOTAL SHAREHOLDERS' EQUITY
BALANCE AS OF DECEMBER 31, 2023	4,754,979	61,986,686	8,953,951	$	280,696	$	(190,935)	$	89,761	$	57,545	$	5,608	$	15,000	$	(22,678)	$	145,236
Net Income (Loss)	—	—	—	—		(18,331)		(18,331)		—		—		—		62		(18,269)
Share-Based Compensation from Options and Restricted Stock Units	—	—	—	3,272		—		3,272		—		—		—		—		3,272
Shares Issued for Exercise of Warrants	—	27,400	—	—		—		—		—		—		—		—		—
Shares Issued for Conversion of Exchangeable Shares	—	481,689	(481,689)	—		—		—		—		—		—		—		—
Shares Issued for Vesting of Restricted Stock Units	—	195,710	—	—		—		—		—		—		—		—		—
Shares Issued for Exercise of Options	—	65,883	—	149		—		149		—		—		—		—		149
Distributions to Non-Controlling Interest Holders	—	—	—	—		—		—		—		—		—		(47)		(47)
Dividends - Preferred Shareholders	—	—	—	—		—		—		1,627		155		—		(3,720)		(1,938)
BALANCE AS OF MARCH 31, 2024	4,754,979	62,757,368	8,472,262	284,117		(209,266)		74,851		59,172		5,763		15,000		(26,383)		128,403
Net Income	—	—	—	—		9,996		9,996		—		—		—		43		10,039
Share-Based Compensation from Options and Restricted Stock Units	—	—	—	3,621		—		3,621		—		—		—		—		3,621
Shares Issued for Exercise of Warrants	—	27,356	—	100		—		100		—		—		—		—		100
Shares Issued for Conversion of Exchangeable Shares	—	629,882	(629,882)	—		—		—		—		—		—		—		—
Shares Issued for Vesting of Restricted Stock Units	—	1,147,022	—	—		—		—		—		—		—		—		—
Shares Issued for Exercise of Options	—	153,520	—	369		—		369		—		—		—		—		369
Shares Issued for 2023 Bonus	—	286,406	—	2,715		—		2,715		—		—		—		—		2,715
Shares Issued for Vested GH Group Non-Qualified Options	—	1,433,810	—	2,757		—		2,757		—		—		—		—		2,757
Shares Issued for Payment of Interest on Convertible Debentures	—	92,643	—	646		—		646		—		—		—		—		646
Distributions to Non-Controlling Interest Holders	—	—	—	—		—		—		—		—		—		(31)		(31)
Dividends - Preferred Shareholders	—	—	—	—		—		—		1,709		164		—		(3,808)		(1,935)
BALANCE AS OF JUNE 30, 2024	4,754,979	66,528,007	7,842,380	$	294,325	$	(199,270)	$	95,055	$	60,881	$	5,927	$	15,000	$	(30,179)	$	146,684


	Previously Reported		Reclassifications			Adjustments			As Corrected
ASSETS
Current Assets:
Cash	$	19,690	$	—		$	—		$	19,690
Restricted Cash	3,000		—			—			3,000
Accounts Receivable, Net	3,589		—			—			3,589
Prepaid Expenses and Other Current Assets	4,317		(241)		(1)	(239)		(2)	3,837
Inventory	16,699		(801)		(1)	(366)		(2)	15,532
Total Current Assets	47,295		(1,042)			(605)			45,648
Operating Lease Right-of-Use Assets, Net	10,269		—			—			10,269
Finance Lease Right-of-Use Assets, net	1,943		—			—			1,943
Long Term Investments	2,018		—			—			2,018
Property, Plant and Equipment, Net	211,134		—			—			211,134
Intangible Assets, Net	29,570		—			170		(4)	29,740
Goodwill	17,228		—			6,426		(4)	23,654
Deferred Tax Asset	1,569		—			222		(5)	1,791
Other Assets	3,573		1,042		(1)	—			4,615
TOTAL ASSETS	$	324,599	$	—		$	6,213		$	330,812
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES:
Current Liabilities:
Accounts Payable and Accrued Liabilities	$	28,032	$	—		$	—		$	28,032
Income Taxes Payable	14,736		—			51		(5)	14,787
Contingent Shares and Earnout Liabilities	32,714		—			—			32,714
Shares Payable	8,595		—			—			8,595
Current Portion of Operating Lease Liabilities	1,169		—			—			1,169
Current Portion of Finance Lease Liabilities	337		—			—			337
Current Portion of Notes Payable	49		—			—			49
Total Current Liabilities	85,632		—			51			85,683
Operating Lease Liabilities, Net of Current Portion	9,253		—			—			9,253
Finance Lease Liabilities, Net of Current Portion	1,602		—			—			1,602
Other Non-Current Liabilities	5,013		—			(1,490)		(5)	3,523
Notes Payable, Net of Current Portion	63,632		—			—			63,632
TOTAL LIABILITIES	165,132		—			(1,439)			163,693
MEZZANINE NON-CONTROLLING INTEREST:
GH Group, Inc. Preferred Series B Shares (no par value, 55,000 shares authorized, 49,969 shares issued and outstanding as of June 30, 2023 and December 31, 2022)	54,519		—			—			54,519
GH Group, Inc. Preferred Series C Shares (no par value, 5,000 shares authorized, 5,000 and 4,700 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	5,319		—			—			5,319
SHAREHOLDERS' EQUITY:
Multiple Voting Shares (no par value, unlimited shares authorized, 4,754,979 shares issued and outstanding as of June 30, 2023 and December 31, 2022)	—		—			—			—
Subordinate Voting Shares (no par value, unlimited shares authorized, 60,565,114 and 55,653,855 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	—		—			—			—
Exchangeable Shares (no par value, unlimited shares authorized, 9,464,676 and 12,566,550 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	—		—			—			—
Additional Paid-In Capital	269,866		—			—			269,866
Accumulated Deficit	(160,100)		—			7,636			(152,464)
Total Shareholders' Equity Attributable to the Company	109,766		—			7,636			117,402
Non-Controlling Interest	(10,137)		—			16			(10,121)
TOTAL SHAREHOLDERS' EQUITY	159,467		—			7,652			167,119
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	324,599	$	—		$	6,213		$	330,812


	June 30, 2024		December 31, 2023
Raw Materials	$	1,196	$	1,192
Work-in-Process	7,810		3,327
Finished Goods	5,497		4,321
Total Inventory	$	14,503	$	8,840


	5042 Real Estate Investment, LLC		Reeform, LLC		Lompoc TIC, LLC		TOTAL
Balance at December 31, 2023	$	1,971	$	164	$	192	$	2,327
Gain (Loss) on Equity Method Investments	96		(164)		(8)		(76)
Balance at June 30, 2024	$	2,067	$	—	$	184	$	2,251


	June 30, 2024		December 31, 2023
Land	$	70,888	$	70,888
Buildings	153,963		143,207
Furniture and Fixtures	1,055		827
Leasehold Improvements	14,878		14,680
Equipment and Software	10,318		9,498
Construction in Progress	4,456		10,166
Total Property, Plant and Equipment	255,558		249,266
Less Accumulated Depreciation and Amortization	(40,379)		(33,580)
Property, Plant and Equipment, Net	$	215,179	$	215,686


	June 30, 2024		December 31, 2023
Definite Lived Intangible Assets
Customer Relationships	$	587	$	587
Intellectual Property	4,777		4,777
Total Definite Lived Intangible Assets	5,364		5,364
Less Accumulated Amortization	(2,666)		(2,321)
Definite Lived Intangible Assets, Net	2,698		3,043
Indefinite Lived Intangible Assets
Cannabis Licenses	18,170		18,170
Total Indefinite Lived Intangible Assets	18,170		18,170
Total Intangible Assets, Net	$	20,868	$	21,213


2024 (Remaining)	$	368
2025	723
2026	603
2027	470
2028	123
Thereafter	411
Total Future Amortization Expense	$	2,698


	June 30, 2024		December 31, 2023
Accounts Payable	$	10,620	$	5,540
Accrued Liabilities	14,577		13,123
Accrued Payroll and Related Liabilities	4,687		5,351
Sales Tax and Cannabis Taxes	3,855		2,918
Total Accounts Payable and Accrued Liabilities	$	33,739	$	26,932


Balance at December 31, 2023	$	34,589
Change in Fair Value of Contingent Liabilities	6,453
Balance at March 31, 2024	41,042
Change in Fair Value of Contingent Liabilities	(7,910)
Balance at June 30, 2024	$	33,132


Balance at December 31, 2022	$	14,657
Change in Fair Value of Contingent Liabilities	3,402
Balance at March 31, 2023	18,059
Contingent Shares Issued	(4,446)
Change in Fair Value of Contingent Liabilities	19,101
Balance at June 30, 2023	$	32,714


	Operating Leases				Finance Leases
	Third Parties		Related Parties		Third Parties		Total
2024 (Remaining)	$	704	$	428	$	466	$	1,598
2025	1,399		554		972		2,925
2026	1,373		571		768		2,712
2027	1,127		588		585		2,300
2028	537		606		198		1,341
Thereafter	1,601		2,321		—		3,922
Total Future Minimum Lease Payments	6,741		5,068		2,989		14,798
Less: Imputed Interest	(1,833)		(1,580)		(509)		(3,922)
Present Value of Lease Liability	4,908		3,488		2,480		10,876
Less: Current Portion of Lease Liability	(888)		(381)		(681)		(1,950)
Present Value of Lease Liability, Net of Current Portion	$	4,020	$	3,107	$	1,799	$	8,926


	June 30, 2024		December 31, 2023
Term loan payable maturing in November 30, 2026, bearing interest at 12.00 percent per annum	$	45,625	$	49,375
Convertible Debentures	16,006		16,006
Other	407		435
Total Notes Payable	62,038		65,816
Less: Unamortized Debt Issuance Costs and Loan Origination Fees	(787)		(1,753)
Net Amount	61,251		64,063
Less: Current Portion of Notes Payable	(7,552)		(7,550)
Notes Payable, Net of Current Portion	$	53,699	$	56,513


	Principal Payments
2024 (Remaining)	$	3,777
2025	7,558
2026	34,436
2027	16,267


Total Future Minimum Principal Payments	$	62,038


	June 30, 2024
Current Assets	$	234
Non-Current Assets	4,257
Total Assets	$	4,491

Current Liabilities	$	5
Non-Current Liabilities	236
Total Liabilities	$	241

Revenues, Net	$	120
Net Income Attributable to Non-Controlling Interest	$	74


	Number of Stock Options	Weighted- Average Exercise Price
Outstanding as of December 31, 2023	1,435,794	$	2.84
Exercised	(236,568)	2.85
Outstanding as of June 30, 2024	1,199,226	2.84


Security Issuable	Exercise Price		Expiration Date	Stock Options Outstanding
Equity Shares	$	2.26	October 2024	495,617
Equity Shares	3.08		April 2025	105,906
Equity Shares	3.08		January 2026	522,703
Equity Shares	4.60		October 2026	75,000
				1,199,226


			Number of Restricted Stock Units
Unvested as of December 31, 2023			2,533,575
Granted			2,565,425
Vested			(1,342,732)
Forfeited			(13,333)
Unvested as of June 30, 2024			3,742,935


			Number of Stock Appreciation Rights Units
Outstanding as of December 31, 2023			135,916
Exercised			(61,948)
Forfeited			(6,762)
Outstanding as of June 30, 2024			67,206


	Number of Warrants	Weighted- Average Exercise Price
Outstanding as of December 31, 2023	47,318,882	$	9.56
Exercised	(142,090)	5.14
Expired	(2,654,445)	10.00
Outstanding as of June 30, 2024	44,522,347	9.54


	For the Three Month Income (Loss) Per Share		For the Six Month Loss Per Share
	As of June 30,		As of June 30,
	2024	2023	2024	2023
Stock Award Plans	—	3,098,766	4,942,161	3,098,766
Warrants	30,664,500	44,318,882	44,522,347	44,318,882
Convertible Debt	2,247,414	4,363,709	2,247,414	4,363,709
Total	32,911,914	51,781,357	51,711,922	51,781,357


	Three Months Ended June 30, 2024
	Retail		Wholesale Biomass		CPG		Corporate and Other		Total
Revenues, Net	$	10,885	$	39,074	$	3,979	$	—	$	53,938
Cost of Goods Sold	5,723		16,448		3,093		—		25,264
Gross Profit	5,162		22,626		886		—		28,674
Operating Expenses:
General and Administrative	3,386		3,670		573		9,737		17,366
Sales and Marketing	482		49		8		143		682
Professional Fees	—		47		(1)		1,814		1,860
Depreciation and Amortization	378		2,938		190		217		3,723
Income (Loss) from Operations	916		15,922		116		(11,911)		5,043
Other (Income) Expense:
Interest Expense	42		16		6		2,529		2,593

Loss on Equity Method Investments	—		—		—		94		94
Gain on Change in Fair Value of Derivative Asset	—		—		—		(32)		(32)
Gain on Change in Fair Value of Contingent Liabilities and Shares Payable	—		—		—		(7,910)		(7,910)
Other (Income) Expense, Net	43		38		(1)		(24)		56
Total Other (Income) Expense Net	85		54		5		(5,343)		(5,199)
Income (Loss) Before Income Taxes	$	831	$	15,868	$	111	$	(6,568)	$	10,242
Total Assets as of June 30, 2024	$	23,465	$	233,922	$	10,831	$	37,625	$	305,843


	Three Months Ended June 30, 2023
	Retail		Wholesale Biomass		CPG		Corporate and Other		Total
Revenues, Net	$	10,073	$	30,638	$	3,954	$	—	$	44,665
Cost of Goods Sold	4,587		11,991		3,715		—		20,293
Gross Profit	5,486		18,647		239		—		24,372
Operating Expenses:
General and Administrative	3,315		2,382		1,279		6,079		13,055
Sales and Marketing	529		291		(19)		196		997
Professional Fees	11		92		43		2,054		2,200
Depreciation and Amortization	355		2,720		174		321		3,570
Impairment Expense for Intangible Assets	—		—		—		1,328		1,328
Income (Loss) from Operations	1,276		13,162		(1,238)		(9,978)		3,222
Other (Income) Expense:
Interest Expense	15		8		3		2,521		2,547

Gain on Equity Method Investments	—		—		—		(36)		(36)
Loss on Change in Fair Value of Derivative Asset	—		—		—		143		143
Loss on Change in Fair Value of  Contingent Liabilities and Shares Payable	—		—		—		19,100		19,100
Other Expense, Net	24		47		59		997		1,127
Total Other Expense Net	39		55		62		22,725		22,881
Income (Loss) Before Income Taxes	$	1,237	$	13,107	$	(1,300)	$	(32,703)	$	(19,659)
Total Assets as of December 31, 2023	$	27,054	$	220,054	$	12,774	$	43,893	$	303,775


	Six Months Ended June 30, 2024
	Retail		Wholesale Biomass		CPG		Corporate and Other		Total
Revenues, Net	$	20,806	$	55,000	$	8,232	$	—	$	84,038
Cost of Goods Sold	10,391		26,166		6,281		—		42,838
Gross Profit	10,415		28,834		1,951		—		41,200
Operating Expenses:
General and Administrative	6,780		5,496		764		17,854		30,894
Sales and Marketing	825		53		18		263		1,159
Professional Fees	9		99		33		5,382		5,523
Depreciation and Amortization	753		5,803		380		503		7,439
Income (Loss) from Operations	2,048		17,383		756		(24,002)		(3,815)
Other (Income) Expense:
Interest Expense	83		28		12		4,676		4,799

Loss on Equity Method Investments	—		—		—		76		76
Gain on Change in Fair Value of Derivative Asset	—		—		—		(145)		(145)
Gain on Change in Fair Value of Contingent Liabilities and Shares Payable	—		—		—		(1,445)		(1,445)
Other (Income) Expense, Net	42		49		13		(11)		93
Total Other Expense Net	125		77		25		3,151		3,378
Income (Loss) Before Income Taxes	$	1,923	$	17,306	$	731	$	(27,153)	$	(7,193)


	Six Months Ended June 30, 2023
	Retail		Wholesale Biomass		CPG		Corporate and Other		Total
Revenues, Net	$	19,446	$	45,105	$	7,669	$	—	$	72,220
Cost of Goods Sold	8,679		20,293		6,302		—		35,274
Gross Profit	10,767		24,812		1,367		—		36,946
Operating Expenses:
General and Administrative	6,424		4,342		1,562		12,113		24,441
Sales and Marketing	874		318		48		409		1,649
Professional Fees	66		159		106		3,369		3,700
Depreciation and Amortization	587		5,650		351		818		7,406
Impairment Expense for Goodwill	—		—		—		14,144		14,144
Impairment Expense for Intangible Assets	—		—		—		6,854		6,854
Income (Loss) from Operations	2,816		14,343		(700)		(37,707)		(21,248)
Other (Income) Expense:
Interest Expense	15		18		6		4,588		4,627
Interest Income	—		—		—		(45)		(45)
Loss on Equity Method Investments	—		—		—		2,228		2,228
Loss on Change in Fair Value of Derivative Asset	—		—		—		130		130
Loss on Change in Fair Value of Contingent Liabilities and Shares Payable	—		—		—		22,510		22,510
Other Expense, Net	23		216		117		1,014		1,370
Total Other Expense Net	38		234		123		30,425		30,820
Income (Loss) Before Income Taxes	$	2,778	$	14,109	$	(823)	$	(68,132)	$	(52,068)


EBITDA			Net Income (Loss) (GAAP) adjusted for interest and financing costs, income taxes, depreciation, and amortization. This non-GAAP measure represents our current operating profitability and ability to generate cash flow.

Adjusted EBITDA			EBITDA (non-GAAP) adjusted for share-based compensation, stock appreciation rights expense, change in equity method investments, impairment expense for goodwill and intangible assets, change in fair value of derivative instruments, change in fair value of contingent liabilities and shares payable and certain debt-related fees. This non-GAAP measure represents our current operating profitability and ability to generate cash flow excluding non-recurring, irregular or one-time expenditures in order improve comparability.


	Revenues		Net Income (Loss) Before Non-Controlling Interest		Earnings (Loss) Per Share-Basic Attributable to the Company		Earnings (Loss) Per Share-Diluted Attributable to the Company
June 30, 2024	$	53,938	$	10,039	$	0.08	$	0.08
March 31, 2024	30,100		(18,269)		(0.30)		(0.30)
December 31, 2023	40,429		(38,115)		(0.58)		(0.58)
September 30, 2023	48,187		(210)		(0.10)		(0.10)
June 30, 2023	44,665		(24,952)		(0.39)		(0.39)
March 31, 2023	27,555		(34,783)		(0.52)		(0.52)
December 31, 2022	29,936		(13,912)		(0.28)		(0.28)
September 30, 2022	27,281		15,255		0.05		0.04


	2024		2025		2026-2027		After 2027		Total
	(remaining)
Notes Payable to Third Parties	$	3,777	$	7,558	$	50,703	$	—	$	62,038
Lease Obligations	1,598		2,925		5,012		5,263		14,798
Total Contractual Obligations	$	5,375	$	10,483	$	55,715	$	5,263	$	76,836


Equity Shares						Issued and Outstanding
Subordinate Voting Shares (SVS)						9,304,392
Restricted Voting Shares (RVS)						4,549,413
Limited Voting Shares (LVS)						52,685,991
						66,539,796