Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net loss $ (8,224) $ (3,337)
Adjustments to reconcile net loss to net cash used in in operating activities:    
Depreciation and amortization expense 550 294
Amortization of debt issuance costs 35 85
Stock-based compensation 1,444 172
Bad debt expense (50) 345
Gain on debt forgiveness - from Paycheck Protection Program note payable 0 (1,364)
Change in fair value of warrant liabilities 0 893
Other non-cash (98) (17)
Change in operating assets and liabilities:    
Accounts receivable (1,789) (1,135)
Inventory (2,555) (8,271)
Prepaid expenses and other current assets 1,525 (1,053)
Other assets (6) (486)
Accounts payable (472) 2,296
Accrued liabilities (430) 499
Contract liabilities 1,450 1,936
Other liabilities (26) (6)
Net cash used in operating activities (8,646) (9,149)
Cash flows from investing activities    
Cash paid for asset acquisition 0 (8,758)
Purchases of property and equipment (265) (99)
Capitalized software development costs (174) (152)
Net cash used in investing activities (439) (9,009)
Cash flows from financing activities    
Borrowings on line of credit, net 6,500 1,000
Repayments of long-term debt 0 (833)
Proceeds from issuance of preferred stock and warrants, net of issuance costs 0 13,309
Proceeds from exercise of employee stock options 0 70
Taxes paid related to restricted stock unit net share settlement (4) 0
Advances received under financing arrangements 2,620 0
Net cash provided by financing activities 9,116 13,546
Net increase (decrease) in cash 31 (4,612)
Cash at beginning of period 4,883 7,008
Cash at end of period 4,914 2,396
Supplemental disclosure of cash flow information:    
Interest paid 91 131
Taxes paid 5 37
Noncash investing and financing activities    
Deferred offering costs in accounts payable and accrued liabilities 0 314
Accrued preferred stock issuance costs 0 83
Vesting of early exercised stock options 561 5
Right of use assets recorded upon adoption of ASC 842 5,197 0
Employee promissory notes issued for stock option exercises 0 3,453
Forgiveness of Paycheck Protection Program 0 1,364
Issued shares of redeemable convertible preferred stock in connection with acquisitions $ 0 $ 1,000