THE REAL GOOD FOOD COMPANY, INC. Consolidated Statements of Cash Flows (In thousands) Year Ended December31, 2022 2021 Cash flows from operating activities: Netloss .................................................................. $(45,666) $(67,093) Adjustments to reconcile net loss to net cash used in operating activities: Depreciationandamortization ............................................ 3,201 1,140 Amortizationofloancosts ............................................... 248 1,551 Non-Cashinterestanddebtfees ........................................... 3,571 3,197 Remeasurement of liabilities associated with business combinations . . . . . . . . . . . . . . — 179 EquityCompensationexpense ............................................ 6,581 28,725 Changeinfairvalueofconvertibledebt .................................... — 8,925 Changes in operating assets and liabilities: Accountsreceivable .................................................... (11,349) (5,504) Inventories ........................................................... (22,855) (7,749) Otherassets........................................................... 1,278 (2,000) Accounts payable, accrued expenses and lease liabilities . . . . . . . . . . . . . . . . . . . . . . . 7,709 11,874 Netcashusedinoperatingactivities ................................... (57,282) (26,755) Cash flows from investing activities: Acquisitionofbusiness,netofcashacquired .................................... — (2,205) Purchaseofpropertyandequipment ........................................... (3,725) (2,534) Netcashusedininvestingactivities.................................... (3,725) (4,739) Cash flows from financing activities: Proceeds from initial public offering, net of offering costs . . . . . . . . . . . . . . . . . . . . . . . . . . — 55,754 Proceedsfromconvertiblenotes .............................................. — 35,000 Proceedsfromlineofcreditborrowings ........................................ 52,896 19,417 Paymentsonlineofcreditborrowings .......................................... (4,854) (44,281) Payments on acquisition related Contingent consideration . . . . . . . . . . . . . . . . . . . . . . . . . . (7,349) (3,000) Paymentsonacquisitionrelatedtermloan ....................................... (835) (280) Paymentsonrelatedpartydebt................................................ — (1,273) Paymentsonfinanceleaseliabilities ........................................... (999) (126) Netcashprovidedbyfinancingactivities ............................... 38,859 61,211 Net increase (decrease) in cash and restricted cash ............................. $(22,148) $ 29,717 Beginning cash and restricted cash ........................................... 29,745 28 Ending cash and restricted cash ............................................. $ 7,597 $ 29,745 Supplemental disclosures of cash flow information: ............................. — — Cashpaidforinterest ....................................................... $ 1,117 $ 1,059 Supplemental disclosures of noncash investing and financing activities: Net liabilities assumed from business combination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 11,463 Lease liabilities arising from obtaining right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . . . . 27,252 12,422 Purchase of property and equipment in AP and accrued liabilities . . . . . . . . . . . . . . . . . . . . 197 3,565 Conversion of convertible notes to Class A and Class B Common shares . . . . . . . . . . . . . . — 43,750 See accompanying notes to the Consolidated Financial Statements. 53
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