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 $ (9,163) $ (7,366)
Net loss from discontinuing operations 4,757 8
Reconciliation of net loss to net cash used in operating activities, continuing operations:    
Stock-based compensation 278 366
Amortization of operating lease right-of-use assets 98 117
Depreciation and amortization expense 142 126
Change in fair value of share-settlement obligation derivative 250
Change in fair value of warrant liability (214)
Change in fair value of 2020 Convertible Note with fair value election 4
Accretion of debt discount 173
Loss on conversion of debt 2,518
Changes in operating assets and liabilities net of impacts of business combination:    
Trade accounts and other receivables (151) 138
Inventory (22) 6
Prepaid expenses and other current assets 213 (110)
Accounts payable (279) (727)
Obligations under operating leases (98) (117)
Accrued expenses and other current liabilities 714 251
Net cash used in operating activities, continuing operations (3,511) (4,577)
Net cash used in operating activities, discontinuing operations (461) (8)
Net cash used in operating activities (3,972) (4,585)
Cash Flows from Investing Activities:    
Equipment purchases (30) (26)
Cash acquired from acquisition 30,163
Net cash (used in) provided by investing activities, continuing operations (30) 30,137
Net cash used in investing activities, discontinuing operations (30)
Net cash (used in) provided by investing activities (60) 30,137
Cash Flows from Financing Activities:    
Issuance of common stock, net of issuance costs (97) 4
Issuance of Series C Preferred Stock, net of issuance costs 1,786
2020 Convertible Note proceeds 5,022
Principal payments on long-term debt (82)
Principal payments on obligations under finance leases (34)
Net cash (used in) provided by financing activities, continuing operations (131) 6,730
Net cash used in financing activities, discontinuing operations (5)
Net cash (used in) provided by financing activities (136) 6,730
Net (decrease) increase in cash and cash equivalents (4,168) 32,282
Cash and cash equivalents, and restricted cash beginning of the period 20,608 792
Cash and cash equivalents, and restricted cash end of the period 16,440 33,074
Cash and cash equivalents 16,440 32,337
Restricted cash 737
Total cash and cash equivalents and restricted cash 16,440 33,074
Supplemental disclosure of cash flow information from continuing operations:    
Cash paid for interest 7
Cash paid for income taxes 1
Non-cash investing activities from continuing operations:    
Fair value of non-cash merger consideration 59,920
Right-of-use asset obtained in exchange for new lease 1,189
Non-cash financing activities from continuing operations:    
Conversion of Preferred Stock to Common Stock upon Merger 30,793
Conversion of 2020 Convertible Notes and Accrued Interest to Common Stock upon Merger 16,190
Reclass warrant liability to equity upon Merger $ 421

Source