v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net loss $ (4,241) $ 593
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization expense 270 109
Amortization of debt issuance costs 13 46
Stock-based compensation 822 72
Bad debt expense (49) 0
Gain on debt forgiveness - from Paycheck Protection Program note payable 0 (1,364)
Other non-cash 61 17
Change in operating assets and liabilities:    
Accounts receivable (1,138) (616)
Inventory 740 (4,666)
Prepaid expenses and other current assets 343 (2,706)
Other assets (39) 199
Accounts payable 501 1,977
Accrued liabilities (1,216) 950
Contract liabilities 640 379
Other liabilities 4 1
Net cash used in operating activities (3,289) (5,009)
Cash flows from investing activities    
Purchases of property and equipment (302) (112)
Capitalized software development costs (20) 0
Net cash used in investing activities (322) (112)
Cash flows from financing activities    
Borrowings on line of credit, net 3,000 0
Repayments of long-term debt 0 (417)
Proceeds from issuance of preferred stock and warrants, net of issuance costs 0 13,479
Net cash provided by financing activities 3,000 13,062
Net (decrease) increase in cash (611) 7,941
Cash at beginning of period 4,883 7,008
Cash at end of period 4,272 14,949
Supplemental disclosure of cash flow information:    
Interest paid 10 68
Taxes paid 2 9
Noncash investing and financing activities    
Vesting of early exercised stock options 329 0
Right of use assets recorded upon adoption of ASC 842 $ 5,197 0
Employee promissory notes issued for stock option exercises   $ 1,046

Source